Petroleum and Natural Gas Rights definition

Petroleum and Natural Gas Rights means the Vendor’s entire interest in those Petroleum Substances underlying the Lands in the respective formations to the extent that the same are described in Schedule “A” and are granted by the Leases, subject to the Permitted Encumbrances, and includes the interest and right of the Vendor in any lands or leases with which those Petroleum Substances have been pooled or unitized;

Petroleum and Natural Gas Rights means all rights to and in respect of the Leased Substances and the Title Documents (but only to the extent that the Title Documents pertain to the Lands), including without limitation the interests set out and described in Schedule "A";

Petroleum and Natural Gas Rights means, in respect of a person, all of its right, title, estate and interest, whether contingent or absolute, legal or beneficial, present or future, vested or not, and whether or not an "interest in land", at such time in and to any, or such as are stipulated, of the following, by whatever name the same are known:

Examples of Petroleum and Natural Gas Rights in a sentence

• Notwithstanding anything in this Agreement, the Grantor shall be entitled to enter into farmout agreements with any Person in respect of the Petroleum and Natural Gas Rights comprised in the Properties, whereby such Person may acquire an interest in such Petroleum and Natural Gas Rights in exchange for the payment of capital costs, or other consideration, incurred with a view to exploit such Petroleum and Natural Gas Rights.

• Upon the date on which any Person earns any interest in the Petroleum and Natural Gas Rights comprised in the Properties pursuant to such a farmout agreement, the interest in the portion of the Royalty to the extent it is calculated with reference to production from or otherwise relates to such Petroleum and Natural Gas Rights shall merge in the interest in such Petroleum and Natural Gas Rights and such interest in the Royalty shall thereupon terminate.

• The adjustments shall constitute an increase or decrease, as the case may be, to the Purchase Price and to the amount allocated to the Petroleum and Natural Gas Rights.

• Notwithstanding anything in this Agreement, the Grantor shall have full right, power and authority to pool or unitize any of the Petroleum and Natural Gas Rights comprised in the Properties with any other Petroleum and Natural Gas Rights without the prior consent of the Royalty Owner, provided that the Grantor, acting in a reasonable and prudent manner, determines that the pooling or unitization and the terms thereof are in accordance with prudent oil and gas industry practises.

• The amount allocated to Petroleum and Natural Gas Rights in Clause 3.5 shall be increased by the additional amount paid by Purchaser to Vendor pursuant to this Clause.

More Definitions of Petroleum and Natural Gas Rights

Petroleum and Natural Gas Rights means the Vendor's Interest in and to all rights to and in respect of the Leased Substances and the Title Documents (but only to the extent that the Title Documents pertain to the Lands);

Petroleum and Natural Gas Rights means rights to explore for, drill for, produce, save and market Petroleum Substances, including fee simple interests in Petroleum Substances and interests granted pursuant to instruments commonly known as Crown or freehold petroleum and/or natural gas leases, licenses or permits, but not Royalty Interests;

Petroleum and Natural Gas Rights means Quattro's entire right, title and interest in and to all rights to and in respect of the Leased Substances and the Title Documents (but only to the extent that the Title Documents pertain to the Lands), including the interests set out and described in Schedule "A";

Petroleum and Natural Gas Rights means the undivided interests described in Schedule "A" including working interests, royalty interests, participation interests or any other interests in respect of the Leases and the Lands or lands with which the Lands are pooled or unitized, whether legal, beneficial or both;

Petroleum and Natural Gas Rights means the entire right, title, estate and interest of Excelaron in and to: (i) rights (whether fee simple interests, leasehold interests or other interests) to drill for and produce, save and market Petroleum Substances from the Project; (ii) royalties, net profits interests and similar interests entitling the holder thereof to a share of the Petroleum Substances produced from Project or from lands pooled or unitized therewith or to a payment calculated by reference to the quantity of such production, the proceeds from the sale thereof or the profits therefrom; and (iii) rights to acquire the foregoing;

Petroleum and Natural Gas Rights means the entire undivided right, title and interest of Vendor at the Effective Date, in and to the Petroleum Substances in the Lands or any lands pooled or unitized therewith and in and to any royalty rights in the Lands, which interests are, including without limitation, those interests set forth in Schedule "A";

Petroleum and Natural Gas Rights means, other than the Excluded Assets, all of Seller’s right, title, estate and interest, whether contingent or absolute, legal or beneficial, present or future, vested or not, and whether or not an "interest in land", of Seller at such time in and to any, or such as are stipulated, of the following, by whatever name the same are known: (i) rights to explore for, drill for, produce, take, save or market Petroleum Substances from or allocated to Seller’s Lands or Lands with which the same have been pooled, unitized or otherwise combined, (ii) rights to a share of the production of Petroleum Substances from or allocated to Seller’s Lands or Lands with which the same have been pooled, unitized or otherwise combined, (iii) rights to a share of the proceeds of, or to receive payments calculated by reference to the quantity or value of, the production of Petroleum Substances from or allocated to Seller’s Lands or Lands with which the same have been pooled, unitized or otherwise combined, (iv) rights of Seller in Lands or documents of title related thereto, including leases, subleases, licenses, permits, reservations, rights and privileges, (v) rights to any tax pools relating to the Leases and Xxxxx; and (vi) rights to acquire any of the above rights described in paragraphs (i) through (iv) of this definition, and includes interests and rights known as working interests, royalty interests, overriding royalty interests, gross overriding interests, production payments, profits interests, net profits interests, revenue interests, net revenue interests and other economic interests.