Examples of Replacement Well in a sentence
If any present or future income tax laws of the state or states in which any Wellbore, Down-Spaced Well, or Replacement Well is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A,” of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each Party shall make such election as may be permitted or required by such laws.
If PSE USA makes a permitted conveyance of interests in a Wellbore, Replacement Well, or Down-Spaced Well, it shall, at Pioneer USA’s request, take such actions as necessary to bind the assignee of such conveyance to this Agreement.
Notwithstanding the foregoing, should Participant elect not to participate in such a Replacement Well and GWPC elects to commence such a Replacement Well, Participant shall forfeit all rights in and to such Replacement Well.
Participant shall remain responsible for all costs of plugging and abandoning the original Prospect Well, but Participant shall have no obligations or liability with respect to such Replacement Well, and GWPC shall defend, hold harmless and indemnify Participant in connection with same.