Proration Unit definition

Proration Unit. As to Prospect Xxxxx, shall mean X.X. Xxxx South forty acres only (40) acres surrounding each well, the X.X. Xxxx (South 40) acres to be as nearly in the form of a square as is practical; however, the shape is to be determined by Survey Map, and Operator in its sole discretion, giving due regard to Participant’s interest in the Prospect Well and the owners of the remainder of the leased lands on which the Proration Unit is located. In any event, the Proration Unit shall be of a configuration so as to be in compliance with all spacing rules and orders established for the field in which the Xxxxx are located.

Proration Unit means the area in a pool that can be effectively and efficiently drained by one well as determined by the division or commission (see Subsection B of Section 70-2-17 NMSA 1978) as well as the area assigned to an individual well for the purposes of allocating allowable production pursuant to a prorationing order for the pool.

Proration Unit means the area in a pool that can be effectively and efficiently drained by one well as determined by the division or commission (see [NMSA 1978, Section-7-0 2 17(B)] Subsection B of Section 70-2-17 NMSA 1978) as well as the area assigned to an individual well for the purposes of allocating allowable production pursuant to a prorationing order for the pool. [A-proration-unit shall be the same-size and shape as a spacing unit. All proration units are spacing units but not all spacing units are proration units.]

Examples of Proration Unit in a sentence

• Operator shall deliver Participant an Assignment including each of the Leases as to the lands comprising the Proration Unit surrounding each of the Prospect Xxxxx drilled and completed in which Participant is entitled to an Assignment.

• Operator shall deliver Participant an Assignment including each of the Leases as to the lands comprising the Proration Unit surrounding each of the Prospect Wxxxx drilled and completed in which Participant is entitled to an Assignment.

• The Term Assignment shall contain a reservation of a twenty-five percent (25%) back-in after payout working interest, which shall be applicable to each Well and its associated Governmental Proration Unit drilled on behalf of Participant (“Reserved Back-In Interest”).

• The Board Member shall promptly notify the Secretary of the Series in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding which may be subject to indemnification or advancement of expense pursuant to this Agreement, but no delay in providing such notice shall in any way limit or affect the Board Member’s rights or the Series’ obligations under this Agreement.

• Upon termination of the Term Assignment as set forth herein, the Leasehold Interests not included to a Governmental Proration Unit will revert to Next Bridge.

More Definitions of Proration Unit

Proration Unit means and refer to the lands allocated to a well by Operator for a regular location under the laws of the State of Michigan. For vertical xxxxx drilled to test the Shale Formation not less than 40 acres of land shall be allocated to such xxxxx. The location and boundaries of the proration units are in the sole and absolute discretion of Operator. Operator may delegate such discretion to the Operator. The Proration Unit for a particular well may comprise all or part of a pooled unit created under the pooling authority of the applicable leases, which pools and combines the particular leases and lands for production from the particular well.

Proration Unit means, for any Subject Well (i) the acreage unit size as shown in the pooling or unit designation for such Subject Well filed in the real property records in the county in which such Subject Well is located, or if no such designation is filed, as permitted with the state regulatory agency (or as shown on the issued well permit) for such Subject Well; provided that if no such acreage size is provided pursuant to any of the foregoing, then “Proration Unit” means, for any Subject Well, the minimum acreage unit size permitted by applicable law for such Subject Well and (ii) the producing formation or targeted producing formation for such Subject Well.

Proration Unit means, for any Subject Well, the minimum acreage unit size permitted by applicable law for such Subject Well and (ii) the producing formation or targeted producing formation for such Subject Well.

Proration Unit means the well’s actual proration unit as assigned by

Proration Unit for a particular well may comprise all or part of a pooled unit created under the pooling authority of the applicable leases, which pools and combines the particular leases and lands for production from the particular well.

Proration Unit means all lands and acreage dedicated, assigned, or allocated to the proration, spacing or production unit established for a Well, in accordance with the rules and regulations of the applicable conservation authority, in order to obtain the maximum production allowable from such well. To the extent that the Owner’s ownership interests in any of the lands or Proration Units are subject to depth limitations, all Xxxxx situated on such lands or Proration Units are currently producing from those depths to which the Owner’s ownership interests are limited. Exhibit A contains a legal description for each Well listed on Table II.

Proration Unit means the area in a pool that can be effectively and efficiently drained by one well as determined by the division or commission (see Subsection B of Section 70-2-17 NMSA 1978) as well as the area assigned to an individual well for the purposes of allocating allowable production pursuant to a prorationing order for the pool. [A proratkm unit shall-be-the-same size and shape os a spacing unib-AU-preration units are spacing-units but not all spacing units arc preration-unife]