Net Mineral Acres with respect to the mineral estate in lands covered by a particular Lease, means the product of: (a) the percentage mineral interest ownership of the lessor under such Lease; (b) the percentage working interest of Seller; and (c) the total number of gross acres covered by such Lease.
Net Mineral Acres means, as calculated separately with respect to each Lease, (a) the number of gross acres in the lands covered by such Lease, multiplied by (b) the lessor’s undivided percentage interest in oil, gas or other minerals covered by such Lease in such lands, multiplied by (c) Seller’s working interest in such Lease; provided, that if items (b) and/or (c) vary as to different areas of such lands (including depths) covered by such Lease, a separate calculation shall be done for each such area as if it were a separate Lease.
Net Mineral Acres means shall be computed separately for each Lease and shall mean, for each such Lease, the product of the number of gross acres in the lands covered by such Lease, multiplied by (a) the undivided interest in the oil and gas or other mineral interest covered by such Lease in such lands, multiplied by (b) the undivided working interest (expressed as a decimal) in such Lease acquired by or for the benefit of the Parties insofar as it covers such lands (provided that if items (a) and/or (b) vary as to different areas covered by the Lease, a separate calculation shall be done for each such area).
Examples of Net Mineral Acres in a sentence
Seller owns less than the number of Net Mineral Acres as set forth on Exhibit “C”.
The Net Mineral Acres attributable to Leases acquired after the Carried Acreage Cap is reached shall not be included in the calculation of the Well Cap.
The letter asserted that Endeavor had identified Title Defects on a total of 6,522.00 Net Mineral Acres comprising an aggregate Title Defect value of $19,566,000, or 55.9% of the Purchase Price.
To the extent any New Lease is contained within more than one DSU, the price for the Net Mineral Acres of such New Lease contained within each such DSU shall be calculated separately.
With respect to any Lease listed as an “Unearned Lease” on Exhibit D, notwithstanding the fact that Seller has not yet earned an ownership interest in such Lease, Seller’s rights under the Farmout Agreement are such that the number of Net Mineral Acres which Seller has the right to earn pursuant to the Farmout Agreement is less than the number of Net Mineral Acres set forth on Exhibit D under the column headed “Farmout Net Mineral Acres”.
More Definitions of Net Mineral Acres
Net Mineral Acres means, as to each applicable Lease or Unit, the product of (a) the number of gross surface acres of land included or covered by such applicable Lease or Unit, multiplied by (b) the undivided oil and gas mineral fee interest covered by such applicable Lease or Unit, multiplied by (c) the Sellers’ Working Interest in such applicable Lease or Unit.
Net Mineral Acres has the meaning set forth in Section 5.13(b).
Net Mineral Acres means, with respect to each Oil and Gas Lease of the HighPeak Entities in Xxxxxx County and Xxxxxx County, Texas, (i) the number of gross acres in the lands covered by such Oil and Gas Lease, multiplied by (ii) the undivided mineral interest in such lands covered by such Oil and Gas Lease, multiplied by (iii) the applicable HighPeak Entity’s working interest in such Oil and Gas Lease.
Net Mineral Acres means, with respect to any lease, the number of acres attributable to the right, title, and interest in such lease equal to the sum of (a) the gross number of mineral acres covered by each tract of land covered by that lease (as determined by the legal description of the leased premises) multiplied by (b) the undivided fee simple mineral interest (expressed as a percentage) in such tract covered by that lease (as determined by aggregating the fee mineral interests owned by each lessor of that lease in that tract), multiplied by (c) the undivided percentage Working Interest in that lease, then next adding the results obtained for each such tract. For example, if a Lease in which a Company owns an undivided fifty percent (50%) of the lessee’s interest therein covers a 20-acre tract and a separate and distinct 40-acre tract, in which the lessors of that Lease own an undivided one-half (1/2) fee mineral interest and an undivided one-fourth (1/4) fee mineral interest, respectively, then the Lease would cover ten (10) Net Mineral Acres [i.e., (20 x 0.5 x 0.5) + (40 x 0.25 x 0.5) = 10].
Net Mineral Acres means, solely with respect to each Lease, the product of (a) the gross acres included in such Lease, (b) the lessor’s percentage ownership of the oil, gas and other minerals beneath such Lease, and (c) Seller’s undivided percentage ownership of such Lease. By way of example, if Seller owns a one hundred percent (100%) interest in a Lease that covers 100 gross acres, and the lessor of such lease owns an undivided twenty percent (20%) of the lands covered by such lease, then the calculation described herein would yield a result of twenty (20) Net Mineral Acres.
Net Mineral Acres are calculated by multiplying the undivided interest in the minerals covered by a Lease or Seismic Option times the number of gross acres covered by such Lease or Seismic Option times a Party's undivided interest in such Lease or Seismic Option.
Net Mineral Acres means, as calculated separately with respect to each Lease, (a) the number of gross acres in the lands covered by such Lease, multiplied by (b) the lessor’s undivided percentage interest in and to the oil, gas or other mineral estate in and under the Lands covered by such Lease, multiplied by (c) Seller’s undivided Working Interest in such Lease (provided, however, if items (b) and (c) of this definition vary as to different areas within any tracts or parcels burdened by such Leases, a separate calculation shall be performed with respect to each such area), in each instance, as set forth on Exhibit A for each such Lease or separate area within a given Lease.