Production Acreage definition

Production Acreage is defined in Section 8.b. of this Lease.

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Production Acreage is defined in Article 7.b. of this Agreement.

Production Acreage for purposes of this Lease, is a designated area of land around an oil or gas well containing no more than the minimum amount of acreage as set forth below in Section 8.c., and limited in depth from the surface to one hundred feet (100’) below the deepest commercially producing perforations at which such oil or gas well is then completed as a well capable of producing in Paying Quantities from the Production Acreage, as demonstrated by documentation provided by Lessee at the time the Production Acreage is determined, and as may be modified with respect to depths by Section 8.d. below upon termination of Shallow Rights depths and acreage.

Examples of Production Acreage in a sentence

Each assignee of this Agreement and/or any Designation of Production Acreage, or an interest therein, agrees to be liable for, exonerate, indemnify, defend, hold harmless and release the University Lands Indemnified Parties in the same manner as provided above.
It is hereby expressly prohibited for any Production Acreage earned under the terms of this Agreement to extend to cover any tract of land that is located more than: (i) one hundred and twenty five feet (125’) in a parallel direction from the first or last take point in the subject wellbore; (ii) four hundred feet (400’) in a perpendicular direction from any take point in the subject wellbore.
Developer must take into consideration the productive limits of the producing interval and the configuration of the Subject Lands, and in all circumstances, Developer shall ensure that the acreage assigned to the Production Acreage shall be as close as possible to the form of a square or rectangle, and, if at all possible, Developer shall utilize a Jeffersonian (Qtr./Qtr.) legal description.
All Production Acreage earned under the terms of this Agreement shall be described utilizing a Jeffersonian (Qtr./Qtr.) legal description approved by University Lands.
Upon Completion of a Development Well, Developer shall present to University Lands the following: (i) the date of rig release; (ii) the Completion date; (iii) the date of first production; (iv) the first sales date and (v) a proposed Designation of Production Acreage for each such Development Well for University Lands’ approval, all of which, in each case, must be delivered in writing (electronic mail is acceptable) to University Lands.
If Developer does not present a proposed Designation of Production Acreage within sixty (60) days after the completion of Drilling Operations for a Development Well, University Lands shall have the right to designate the Production Acreage for each such Development Well, which shall be in University Lands’ sole discretion, subject to Article 7.b. and Article 7.c. with respect to the size of such Production Acreage.
If Developer earns a Designation of Production Acreage as provided in Article 1.b. during the Development Term, the term of such Designation of Production Acreage shall commence on the date such Designation of Production Acreage is fully executed by all Parties.
Each proposed Designation of Production Acreage shall identify the Development Well to which it applies (including API number) and shall be accurately and adequately described by (i) a survey, (ii) an adequate legal description as approved by University Lands, and (iii) specification of the depths attributable to it.
Such Production Acreage shall be designated in accordance with Article 7.d. below.
Except as to any Production Acreage which is included in a Designation of Production Acreage, upon the expiration or termination of the Development Term (or Extended Term, if applicable), Developer shall, unless otherwise instructed in writing by University Lands, (i) remove all equipment, including pipelines and utilities, (ii) drain, fill, and level all pits, and (iv) restore the surface of the Subject Lands to the condition it was in before any operations were commenced.

More Definitions of Production Acreage

Production Acreage for purposes of this Lease, is a designated area of land around an oil or gas well containing at least the minimum amount of acreage necessary to obtain from the Railroad Commission a drilling permit for a well under the rules applicable to the field from which such well is producing, and limited in depth to one hundred (100’) feet below the deepest commercially producing perforations at which such oil or gas well is then completed as a well capable of producing Oil and/or Gas in Paying Quantities from the Production Acreage, as demonstrated by documentation provided by Lessee at the time the Production Acreage is determined.

Production Acreage for purposes of this Lease, is a designated area of land around an oil or gas well capable of producing in Paying Quantities containing no more than the amount of acreage set forth below in Section 8.c., and limited in depth from one hundred feet (100’) above the shallowest commercially producing perforations at which such oil or gas well is completed to one hundred feet (100’) below the deepest commercially producing perforations at which such oil or gas well is then completed, as demonstrated by documentation provided by Lessee at the time the Production Acreage is determined.