Prudhoe Bay Unit definition

Prudhoe Bay Unit means the oil and gas leases subject to the Prudhoe Bay Unit Agreement on January 1, 2005, or as later expanded or contracted.
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Prudhoe Bay Unit is the oil and gas unit situated on the North Slope of Alaska in which the Subject Interests have been heretofore unitized for the production of oil and gas.
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Prudhoe Bay Unit. Agreement shall mean the agreement dated April 1, 1977, as amended, among the State of Alaska and the Prudhoe Bay Unit Working Interest Owners (as defined in said agreement) establishing the Prudhoe Bay Unit.
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Examples of Prudhoe Bay Unit in a sentence

  • The Subject Interests have been heretofore unitized for the production of oil and gas in the Prudhoe Bay Unit.

  • However, as more fully set forth in Section 7.2, Grantor has agreed to pay timely all costs and expenses chargeable to it pursuant to the Prudhoe Bay Unit Operating Agreement and to insure that no such costs and expenses will be chargeable against the Royalty Interest.

  • However, nothing contained in this Section 7.1 shall be deemed to prevent or restrict Grantor from electing not to participate in any operation which is to be conducted under the terms of either the Prudhoe Bay Unit Agreement or the Prudhoe Bay Unit Operating Agreement if such election is made by Grantor in accordance with the Prudent Standard.

  • Grantor shall not be obligated to continue to produce Oil from the Subject Interests in the Prudhoe Bay Unit or to maintain such production at any particular level so long as Grantor acts in accordance with Prudent Standard.

  • The Subject Interests are and shall be subject to the terms and provisions of the Prudhoe Bay Unit Agreement and the Prudhoe Bay Unit Operating Agreement, the Leases, and any other type of contract, conveyance, or Instrument, recorded or unrecorded, relating to the Subject Interests or Grantor’s interest therein in effect at the Effective Date.

  • Gas Cap Participating Area shall have the meaning stated in the Prudhoe Bay Unit Agreement.

  • All other gaseous and liquid hydrocarbons and other marketable substances produced in association with such crude oil and condensate that are recoverable from such formations or from other reservoirs in the Prudhoe Bay Unit and allocated to or otherwise attributable to the Subject Interests, including natural gas liquids, shall be excluded.

  • Oil Rim Area Participation shall have the meaning stated in the Prudhoe Bay Unit Operating Agreement.

  • Oil Rim Participating Area shall have the meaning stated in the Prudhoe Bay Unit Agreement.

  • Grantor and Grantee acknowledge that, pursuant to the terms of the Prudhoe Bay Unit Operating Agreement, if Grantor fails to pay any costs or expenses chargeable to Grantor under the Prudhoe Bay Unit Operating Agreement and the production of Oil is insufficient to pay such costs and expenses, then the Royalty Interest is chargeable with a pro rata portion of such cost and expenses and is subject to the enforcement against it of liens granted to the unit operators of the Prudhoe Bay Unit.


More Definitions of Prudhoe Bay Unit

Prudhoe Bay Unit means the oil and gas leases and described land located on the North Slope of Alaska as may exist from time to time from which oil, gas and associated substances are developed and produced under the terms of the Unit Agreement Prudhoe Bay Unit with the State of Alaska, dated April 1, 1977 and the Unit Operating Agreement Prudhoe Bay Unit by and between the Working Interest Owners of the Prudhoe Bay Unit, dated April 1, 1977, each as amended from time to time.
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Related to Prudhoe Bay Unit

  • FTPS Unit means Units which are purchased through the Fund/SERV(R) trading system or on a manual basis through FTP Services LLC or for which FTP Services LLC is acting as FTPS Unit Servicing Agent.

  • Family Unit means the Employee and his or her Dependents covered under the Plan.

  • sub-unit means, with respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, with respect to euro, means one cent.

  • apartment unit means any residential dwelling unit within a building containing three or more dwelling units where access to each residential unit is obtained through a common entrance or entrances from the street level and the residential units are connected by an interior corridor;

  • Management Unit means an area established by the Commission for management purposes.