Obligation Well definition

Obligation Well means, as of any date of determination, a well location required to be drilled and/or Fully Producing by a date not later than six months after such date, to hold a lease or satisfy the continuous drilling or drainage provisions of an existing lease owned by Borrower.
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Obligation Well has the meaning set forth in Section 4.2.
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Obligation Well shall include any substitute well therefor.
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Examples of Obligation Well in a sentence

  • PetroShare shall use its commercially reasonable efforts to commence the drilling of the first Obligation Well by October 15, 2013.

  • However, Participants will bear the entire cost, risk and expense of any such operation(s) conducted by Burlington in the Second Unit Obligation Well on behalf of Participants in the Fort Union Formation after Burlington has drilled to a depth of 50 feet below the base of the Fort Union Formation.

  • If Participants elect to complete the Second Unit Obligation Well in the Fort Union Formation and fail to obtain production of Economic Quantities of Hydrocarbons, then Participants shall notify Burlington of such event and of Participants' desire to discontinue such completion operations.

  • Except to the extent that Participants are specifically responsible for costs under the express terms of this Article 3, the Second Unit Obligation Well shall be drilled and completed at Burlington's sole risk and expense.

  • Participants will, within 30 days after receipt of such notice, reimburse Burlington for such costs plus any other costs paid by Burlington and not yet reimbursed by Participants, including but not limited to the drilling, testing, evaluating and completion of the Second Unit Obligation Well in the Fort Union Formation.

  • When Burlington has drilled the Second Unit Obligation Well to a depth of 50 feet below the base of the Fort Union Formation, Burlington will suspend its drilling operation and immediately notify Participants.

  • If Participants elect to complete the Second Unit Obligation Well in the Fort Union Formation and if such completion results in production of Economic Quantities of Hydrocarbons, Participants shall notify Burlington of such event and of Participants' intention to produce oil and or gas from the Fort Union Formation.

  • Burlington will have 24 hours after receipt of this notice in which to elect either (i) to resume drilling and continue drilling at Burlington's sole expense until the Base of the ▇▇▇▇▇ Formation has been penetrated in the Second Unit Obligation Well or (ii) to plug and abandon the well at Participants' sole expense.

  • If Participants elect not to test or attempt a completion in the Fort Union Formation or if Participants fail to notify Burlington of Participant's election prior to the expiration of the 24 hour election period, Burlington may, at its option, resume drilling and continue such operation until the Base of the ▇▇▇▇▇ Formation has been penetrated in the Second Unit Obligation Well.

  • Upon Participant paying the Prospect Fee, together with its share of the costs for the drilling, completion and equipping, or the plugging and abandonment of an Obligation Well, Participant shall be assigned an undivided interest in and to the Leases equal to Participant's Interest of PetroShare's interest in the Existing Leases as to the unit for such Obligation Well, and as to all depths from the surface to the deepest depth drilled in the Obligation Well.


More Definitions of Obligation Well

Obligation Well has the meaning given such term in the Exchange Agreement.
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Obligation Well shall be a well in which the drilling or other proposed operation is necessary in order to comply with any express or implied covenants of a lease and/or leases or an interest subject to the JOA or any operation necessary to maintain a lease or any part thereof under any agreement that will otherwise expire or terminate unless such operations are conducted. The failure of a Party to participate in an operation on an Obligation Well shall result in the forfeiture to the participating parties of all the non-participating Party's right, title and interest in and to the Prospect upon which such Obligation Well is located, save and except any interest in a well on the Prospect previously drilled or drilling in which the Party is then participating.
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Obligation Well means the extension well to be drilled in the Contract Area at the location detailed in Section 5.1 pursuant to the terms of the Contract, which well shall be drilled (i) in accordance with the terms of the Contract, this Agreement and the Joint Operating Agreement, (ii) with a bottom-hole location determined in accordance with Section 5.1, and (iii) to the Objective Depth. The term “Obligation Well” shall include any substitute well therefor.
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Related to Obligation Well

  • Credit Improved Obligation Any Collateral Obligation which, in the judgment of the Collateral Manager (which may not be called into question due to subsequent events or investment determinations made by the Collateral Manager for its other clients or investment vehicles managed by the Collateral Manager), has improved in credit quality after it was acquired by the Issuer; provided that during a Restricted Trading Period, a Collateral Obligation will qualify as a Credit Improved Obligation only if (i) it has been upgraded by S&P at least one rating sub-category (which rating may include a credit estimate) or has been placed and remains on a credit watch with positive implication by S&P since it was acquired by the Issuer, (ii) the Credit Improved Criteria are satisfied with respect to such Collateral Obligation or (iii) a Majority of the Controlling Class consents to treat such Collateral Obligation as a Credit Improved Obligation.

  • Obligation Category means Payment, Borrowed Money, Bond, Loan, or Bond or Loan, only one of which shall be specified in the Standard, and:

  • Sukuk Obligation means any undertaking or other obligation to pay any money given in connection with any issue of trust certificates or other securities intended to be issued in compliance with the principles of Shari’a, whether or not in return for consideration of any kind;

  • Guaranteed Obligation and “Guaranteed Obligations” shall have the meaning assigned thereto in the Guarantee set forth on the signature pages hereto.

  • Relevant Sukuk Obligation means any undertaking or other obligation to pay any money given in connection with the issue of Islamic-compliant certificates, whether or not in return for consideration of any kind, which for the time being are, or are intended to be, or are capable of being, quoted, listed or ordinarily dealt in or traded on any stock exchange, over-the-counter or other securities market.