Program Well definition
Examples of Program Well in a sentence
Subject to the other provisions of this Agreement, this Agreement shall become effective as of its date and shall remain in effect so long as gas is produced from any of Shipper's Existing Well Interests, Shipper's Future Well Interests, Future Investment Program Well Interests or Existing Third Party Well Interests in economic quantities without a lapse of more than ninety (90) days.
Any participation by the Executive under this paragraph 3.1 is also conditioned upon the Executive's participation in each Program Well spudded during such Calendar Quarter in an amount equal to the Minimum Participation.
Following commencement of production from a Program Well, the Program Manager shall assign and convey to the Partnership and MD the above-described undivided interests in the Leases proportionally reduced as to the interest acquired by the Program insofar as such Leases pertain to the spacing or proration unit prescribed by regulatory authority for such productive Program Well.
With respect to each Program Well for which MOC is to serve as operator as contemplated in Section 6(b), all operations relating to such Program Well, including without limitation, all costs and expenditures of drilling, testing, completing, and equipping and operating such Program Well shall be conducted pursuant to an Operating Agreement between MOC as operator, and the Participants as non-operator.
Prior to drilling a Program Well on a Prospect, the Program Manager shall cause to be done or be satisfied that there has been done such title examination and other title curative work as the Program Manager, in its sole discretion, shall determine to be necessary or appropriate in accordance with general industry standards.
The Participation by the Executive in each Program Well will be on no better terms than the terms agreed to by unaffiliated third party participants in connection with the acquisition of an interest in such Program Well from the Company or its subsidiary corporations, partnerships or entities.
Such ▇▇▇▇▇ shall be capable of producing natural gas in commercial quantities for delivery into the Gathering System, consistent with past practices, and will constitute Resource Entities' Future Well Interests or Future Investment Program Well Interests, as applicable.
The Resource Entities shall cause a manager of one of the Investment Programs currently existing to be designated as the manager for Investment Programs organized after the date hereof, and agree that the natural gas ▇▇▇▇▇ which are operated by a Resource Entity or an Affiliate and owned by Investment Programs organized after the date hereof shall be deemed to be Future Investment Program Well Interests for purposes of this Agreement.
In the event that ▇▇▇▇▇▇▇ should decide to conduct one or more completion attempts as to a particular Program Well, then such completion attempt shall be conducted by ▇▇▇▇▇▇▇.
All operations conducted with respect to any Program Well shall be governed by and conducted in accordance with the provisions of this Agreement and the applicable JOA.