Royalty Gas definition

Royalty Gas means the Quantity or Volume of Royalty Bearing Gas that the State is required to take in kind as its Fixed Royalty.

Royalty Gas means the amount of Available Natural Gas which will generate an amount of Proceeds equal to the actual payment of the Royalty in respect of Gas produced within the Contract Area.

Royalty Gas means that portion of Federal lease or agreement production equal to the lease royalty rate.

Examples of Royalty Gas in a sentence

• Assignee appoints Assignor as the Assignee's agent and representative to market and deliver or cause to be marketed and delivered all Term Royalty Gas and to collect and receive all payments therefrom under any gas purchase agreement or contract without deduction (except to the extent Chargeable Costs are deducted for any month).

• Term Royalty Proceeds shall be calculated by multiplying the volume of Term Royalty Gas (on an mcf basis) for the applicable month by the Sales Price less the Chargeable Costs associated with such Term Royalty Gas for the applicable month.

• As the Assignee's agent and representative, Assignor shall receive all payments for the sale of the Term Royalty Gas and account to Assignee, receive and make all communications with the purchaser of such Gas, and otherwise act and speak for the Assignee in connection with the sale of the Term Royalty Gas.

• Term Royalty Gas shall be calculated in accordance with the following formula: With respect to any Producing Well: NINETY PERCENT (90%) X (ASSIGNOR'S NET SHARE OF GAS PRODUCED DURING THAT MONTH).

• Assignor shall market or shall cause to be marketed Assignor's Net Share of Gas (including the Term Royalty Gas) in good faith in accordance with the Reasonably Prudent Operator Standard and Section 4.02(d).

• Effective on the effective date of any Transfer of any Subject Interest subject to this Section 11.01, Term Royalty Gas and Term Royalty Proceeds shall thereafter be computed separately with respect to such Subject Interests, and the assignee, buyer, transferee, or grantee of such Subject Interests shall thereafter serve as the Assignee's agent and representative under Article IV with respect to such interests and shall pay all corresponding Term Royalty Proceeds directly to Assignee.

• The foregoing sentence does not restrict the right of Assignor to deduct Chargeable Costs in calculating the volumes of the Term Royalty Gas or Term Royalty Proceeds.

• It shall not be necessary for Assignee to join Assignor in the execution of any division order, transfer order, or other instrument, agreement, or document relating to the sale of the Term Royalty Gas.

• Assignee shall be bound by such arrangements, shall permit Assignor's Net Share of Gas (including the Term Royalty Gas) to be processed by Assignor or its contractor, but shall have no right to any liquid or liquefiable hydrocarbons obtained by such processing or to the proceeds from the sale thereof, except, to the extent Assignor receives any such proceeds from the sale of any liquid or liquefiable hydrocarbons, Assignor shall pay to Assignee its proportionate share of such proceeds.

• If Assignor receives any amounts of money from the sale of Term Royalty Gas that is subject to controversy or, in the reasonable opinion of counsel for Assignor, possible controversy, Assignor shall promptly deposit the money with a Third Person escrow agent in a segregated interest-bearing account.

More Definitions of Royalty Gas

Royalty Gas means the amount of Available Natural Gas which will generate an amount of Proceeds equal to the actual payment of the Royalty in respect of Gas produced within the Contract Area. (kkkk) “Royalty Oil” means the amount of Available Crude Oil which will generate an amount of Proceeds equal to the actual payment of the Royalty in respect of Oil produced within the Contract Area. (llll) “Selected Exploration Prospect” means the Exploration Prospect selected by the Service Provider to test with an Exploration Well to be funded 100% by the Service Provider. (mmmm) “Service Provider” means XXXXX or any Nigerian registered company which XXXXX may nominate to undertake any of the technical services envisaged under this Agreement and their permitted assigns. (nnnn) “Sidetracking” means the directional control and intentional deviation of a well from existing borehole direction so as to change the bottom hole location unless done to straighten the hole or to drill around junk in the hole or to overcome other mechanical difficulties. Sidetrack and other derivatives shall be construed accordingly. (oooo) “Standard Temperature and Pressure” means a temperature of sixty degrees Fahrenheit (60F) and at a pressure of fourteen decimal six nine six pounds per square inch absolute (14.696 psia). (pppp) “Tax Gas” means the amount of Available Natural Gas which will generate an amount of Proceeds equal to the actual payment of Gas CITA. (qqqq) “Tax Oil” means the amount of Available Crude Oil which will generate an amount of Proceeds equal to the actual payment of PPT. (rrrr) “Testing” means an operation intended to evaluate the capacity of a Zone to produce Hydrocarbons. Test and other derivatives shall be construed accordingly. (ssss) “Voting Interest” means the undivided voting percentage interest of a party held from time to time as more particularly set out in Article 6.3(b) hereof. (tttt) “Work Program and Budget” means a work program for Joint Operations and budget therefore as described and approved in accordance with Article 7. (uuuu) “Zone” means a geological stratum containing, or thought to contain, an accumulation of Hydrocarbons separately producible from any other accumulation of Hydrocarbons. Unless otherwise expressly stated, all references to Articles are to Articles in this Agreement (but not Exhibit A) and all references to Clauses and Sections are to Clauses and Sections in the Accounting Procedure. ARTICLE 2