Net Acres means, as computed separately with respect to each leasehold, (a) the number of gross acres in the lands covered by such leasehold, multiplied by (b) the undivided percentage interest in oil, gas and other minerals covered by such leasehold in such lands, multiplied by (c) Producer’s working interest or undivided interest in such leasehold.”
Net Acres means the total number of acres owned by the applicable Shipper and its affiliates in the Development Area equal to the aggregate number (calculated on a tract by tract basis) of, as to any parcel, tract or aggregate thereof, the product of (a) the number of surface acres of land that are described in such parcel, tract or aggregate thereof (i.e. gross acres), multiplied by (b) the undivided interest in the fee minerals, non-executives interests and other mineral fee interests in such lands burdened by the applicable oil and gas lease(s), multiplied by (c) such Shipper’s and its affiliates’ aggregate working interest in such lease(s).
Net Acres means the total amount of land which can be used for development.
Examples of Net Acres in a sentence
Trust 0.0329% Tract No. 3 Lease Serial Number: NMNM 017222 Lessor: Bureau of Land Management Name of Lessees of Record: Chevron USA, Inc 75.00% RKC Inc 25.00% Description of Land Committed: Township 24 South, Range 00 Xxxx, X.X.X.X. Section 34: S/2 XX Xxxx County, New Mexico Number of Net Acres: 80 acres Name of Working Interest Owners: Marathon Oil Permian LLC 25.00% Chevron USA Inc 50.00% RKC, Inc 25.00% 100.00% Name of ORRI Owners: Xxxxxxx X.
More Definitions of Net Acres
Net Acres means the percentage of total acres an owner owns out of a specific number of acres or specified area.
Net Acres means (a) with respect to any oil and gas lease in which Producer (or an Affiliate of Producer) has an interest, (i) the number of gross acres in the lands covered by such oil and gas lease, multiplied by (ii) the undivided percentage interest in oil, gas and other minerals covered by such oil and gas lease, multiplied by (iii) Producer’s (or its Affiliate’s) working interest in such oil and gas lease, and (b) with respect to any mineral fee interest of Producer (or an Affiliate of Producer), (i) the number of gross acres in the lands covered by such mineral fee interest, multiplied by (ii) the undivided percentage interest of Producer (or its Affiliate) in oil, gas and other minerals in such lands.
Net Acres means (a) with respect to any oil and gas lease in which Shipper has an interest, (i) the number of gross acres in the lands covered by such oil and gas lease, multiplied by (ii) the undivided percentage interest in oil, gas and other minerals covered by such oil and gas lease, multiplied by (iii) Shipper’s working interest in such oil and gas lease, and (b) with respect to any mineral fee interest of Shipper, (i) the number of gross acres in the lands covered by such mineral fee interest, multiplied by (ii) the undivided percentage interest of Shipper in oil, gas and other minerals in such lands.
Net Acres means (a) with respect to any oil and gas lease in which Producer has an interest, (i) the number of gross acres in the lands covered by such oil and gas lease, multiplied by (ii) the undivided percentage interest in oil, gas and other minerals covered by such oil and gas lease, multiplied by (iii) Producer’s working interest in such oil and gas lease, and (b) with respect to any mineral fee interest of Producer, (i) the number of gross acres in the lands covered by such mineral fee interest, multiplied by (ii) the undivided percentage interest of Producer in oil, gas and other minerals in such lands.
Net Acres means the percentage of total acres an owner owns or has leased out of a particular number of acres, or a specified tract. An owner who has 50% interest in 100 acres owns 50 net acres;
Net Acres means, as calculated separately with respect to each Real Property Interest, (a) the number of gross acres of land covered by such leasehold interest, multiplied by (b) the lessor’s interest in the Marcellus Formation Hydrocarbons and, if such land lies within the Utica Area, the Utica Formation Hydrocarbons in the lands covered by such leasehold interest, multiplied by (c) the Seller’s undivided interest in such leasehold interest (provided, however, if items (b) and (c) vary as to different areas of such lands covered by such leasehold interest, a separate calculation shall be performed with respect to each such area).
Net Acres means, as computed separately with respect to each Real Property Interest, (a) the number of gross acres of land covered by such leasehold interest, multiplied by (b) the lessor’s undivided interest in Hydrocarbons covered by such leasehold interest, multiplied by (c) the Seller’s undivided interest in such leasehold interest, provided that if items (b) and/or (c) vary as to different areas of lands covered by such leasehold interest, a separate calculation shall be made for each such area.