Net Mineral Acre definition

Net Mineral Acre means, as to each parcel or tract burdened by an Acquired Lease, the product of (i) the number of surface acres of land that are described in such parcel or tract (i.e. gross acres), multiplied by (ii) the Undivided Interests in the fee minerals, non-executive interests and other mineral fee interests in the lands covered by such parcel or tract burdened by the applicable Acquired Lease, multiplied by (iii) Seller’s aggregate Working Interest in the Subject Formations in such Acquired Lease (provided, however, if items (i) and (ii) of this definition vary as to different areas within any tracts or parcels burdened by such Acquired Lease, a separate calculation shall be performed with respect to each such area).

Net Mineral Acre means the product obtained by multiplying the number of surface acres of land covered by this Lease multiplied by the Lessor’s undivided interest in the oil and gas estate of the Leased Premises. For example, if this Lease covers 100 acres of land and the Lessor owns 100% of the oil and gas estate in such land, then this Lease covers 100 Net Mineral Acres; but, if this Lease covers 100 acres of land and the Lessor owns an undivided 50% interest in the oil and gas estate to such land, then this Lease covers 50 Net Mineral Acres.

Net Mineral Acre means the number of gross acres of minerals under a tract of land covered by an oil, gas and/or mineral lease multiplied by the percentage of minerals covered by such oil, gas and/or mineral lease, multiplied by the working interest percentage Seller owns in such oil, gas and/or mineral lease. By way of example, Seller shall own fifty (50) Net Mineral Acres in an oil, gas and/or mineral lease (i) which covers one hundred (100) acres, (ii) which covers fifty percent (50%) of the minerals under said one hundred (100) acres, and (iii) of which Seller owns one hundred percent (100%) of the working interest.

Examples of Net Mineral Acre in a sentence

• Within ten (10) calendar days after Xxxxxx receives a copy of this Lease executed by Xxxxxx, and in direct exchange for the said executed Xxxxx, the Lessee agrees to pay as advanced delay rentals / a bonus, in proportion to Lessor’s percentage of ownership of the oil and gas estate, the sum of Dollars ($ ) per Net Mineral Acre (as defined below) of the Leased Premises (for a total of $ ) (the “Bonus”).

• The Parties agree that HESS shall pay to ZAZA an amount equal to ten percent (10%) of the Cash Bonus paid per Net Mineral Acre on a Prospect Area, within thirty (30) days upon receipt of written notification from ZAZA that funding out of the fund to be maintained pursuant to Section 3.3 has occurred for each lease purchased in accordance with Section 3.2 below.

• If at any time after the Primary Term, there is a well drilled on the Leased Premises or lands pooled or unitized with the Leased Premises, but production from that well is shut-in for any reason, and the Lease is not otherwise being maintained, then Lessee shall pay to Lessor as a shut-in royalty the sum of Fifty Dollars ($50.00) per Net Mineral Acre of the Leased Premises owned by Lessor per year until such time as production is re-established (or Lessee surrenders the Lease).

• For the purpose of the multiplication to be performed in the above calculations, partial Net Mineral Acres shall be expressed as the decimal percentage of a full Net Mineral Acre they represent.

• As used herein the term "Net Mineral Acre" ---------------- means the total number of acres covered by any Lease times the percentage interest of the fee mineral estate owned in such acres by the lessor or lessors under such Lease, times the working interest owned by Infinity (or which Infinity has the right to assign).

More Definitions of Net Mineral Acre

Net Mineral Acre means, as to each parcel or tract burdened by a Lease, the product of (a) the number of surface acres of land that are described in such parcel or tract (i.e. gross acres), multiplied by (b) the lessor’s aggregated undivided interest, on an 8/8ths basis, in the fee minerals, non-executive interests and other mineral fee interests in the lands covered by such parcel or tract burdened by the applicable Lease, multiplied by (c) the Company’s Working Interest in such Lease (provided, however, if items (a) and (b) of this definition vary as to different areas within any tracts or parcels burdened by such Lease, a separate calculation shall be performed with respect to each such area).

Net Mineral Acre means the full mineral interest in one (1) acre of Option Lands as set forth in Schedule “A”. Where consideration is expressed in this Agreement as being on the basis of dollars per Net Mineral Acre, such amount is based upon the number of Net Mineral Acres included in the Assets to be assigned to Fellows Energy pursuant to this Agreement;

Net Mineral Acre means with respect to each of the Leases: (i) the number of gross acres covered by such Lease, times (multiplied by) (ii) the percentage of the oil, gas and Hydrocarbon mineral fee ownership estate covered by such Lease (as to all depths), times (multiplied by) (iii) the percentage of the estate of the lessee in said Lease (Working Interest) owned by Seller; and

Net Mineral Acre as used herein shall mean with respect to a Lease the (i) undivided interest of Seller in the leasehold estate created by the applicable Lease multiplied by (ii) the number of surface acres covered by the Lease multiplied by (iii) the lessor’s percentage interest in the oil and gas mineral fee estate in the land covered by the Lease.

Net Mineral Acre means the sum of (x) the gross acreage covered by a Lease multiplied by (y) the percentage of the mineral interests in the gross acreage owned by the lessor(s) under such Lease.

Net Mineral Acre means, with respect to any Mineral Interest, an amount equal to (i) the percentage of a Person’s Working Interest in such Mineral Interest multiplied by (ii) the gross acreage of the lands said Mineral Interest covers multiplied by (iii) the percentage of lessor’s mineral interest in such gross acreage. Seller’s Net Mineral Acres are shown in Exhibit A-1.

Net Mineral Acre means, (a) as to each Lease, the product of (i) the number of surface acres of land that are described in such Lease (i.e. gross acres), multiplied by (ii) the undivided interests in the fee minerals, non-executive interests and other mineral fee interests in the lands covered by such Lease, multiplied by (iii) Sellers’ aggregate Working Interest in such Lease (provided, however, if item (i), (ii) or (iii) of subpart (a) of this definition vary as to different areas within any tracts or parcels burdened by such Lease or with any of the depths for such Lease, a separate calculation shall be performed with respect to each such area or depth) and (b) as to each Interest the product of (i) the number of surface acres of land burdened by or included in such Interest (i.e. gross acres), multiplied by (ii) the undivided interests in the Interests in the lands covered by such Interest (provided, however, if item (i) or (ii) of subpart (b) of this definition vary as to different areas within any tracts or parcels burdened by such Interest or with any of the depths for such Interest, a separate calculation shall be performed with respect to each such area or depth).