Seismic Costs definition
Seismic Costs means, with respect to Basic Geophysical Data, all moneys expended in respect of an Exploratory Prospect for the purchase of seismic data, the shooting and processing or reprocessing of seismic data and collection of information and any other costs associated therewith;
Seismic Costs means all expenses incurred in the gathering and acquisition of the Seismic Data, seismographic processing and/or reprocessing, data review and interpretation, data duplication, access agreements to authorize seismic activity and damage payments.
Seismic Costs means all costs and expenses paid or incurred by the Partnership or the General Partner on or after the Closing to repair, retrofit or upgrading the Original Properties to cause the Original Properties to be in compliance with all federal, state, county and city statutes, laws, ordinances, orders, rules and regulations related to seismic safety and compliance as such statutes, laws, ordinances, orders, rules and regulations existed as of the Closing; provided, however, that the total amount of all Seismic Costs shall not exceed $200,000.
Examples of Seismic Costs in a sentence
Nevertheless, all amounts on account of Seismic Costs which would otherwise have been distributed to the Limited Partners but for the provisions of this Section 5.6 shall be treated as having been distributed to the Limited Partners pursuant to Sections 5.1A(1), 5.1A(2) or 5.2 for all purposes under this Agreement.
The amount so reserved or paid (or reimbursed to the General Partner) in each calendar quarter shall equal the greater of either (a) $25,000; or (b) the amount which, when added to all amounts previously reserved or paid (or reimbursed to the General Partner) equals the total amount of all Seismic Costs incurred by the Partnership and the General Partner to the date of such quarterly distribution.
When all Seismic Costs have been paid (or reimbursed to the General Partner) in full, any funds remaining in such Seismic Costs reserve shall be distributed to the Original Limited Partners pro rata in accordance with their respective Limited Partner Percentage Interests.
The Seismic Costs shall be incurred and paid (or reimbursed to the General Partner) in such order as the General Partner may determine in its sole and absolute discretion.
Should the timing of Seismic Costs and payment of the Seismic Funds be such that the Seismic Fund Account would have in excess of $2,000,000 at one time, ZEI and FX shall jointly deposit the excess funds (i.e., those over $2,000,000) into a joint signature account.
More Definitions of Seismic Costs
Seismic Costs shall have the same meaning as in the ▇▇▇▇▇/Fairfield Agreement, which are the costs incurred by Fairfield to acquire and process the 3-D Data in the 3-D Survey, the salaries and benefits of the Fairfield employees used in the field on a per diem basis, actual invoice costs billed to Fairfield by third party contractors and subcontractors, the invoiced cost of materials and supplies and any rental equipment, the salaries and benefits of Fairfield employees used to process the 3-D Data and the supervision and quality control thereof, costs for 3-D Data storage and reproduction including workstation time and plotter charges, and an allocated share of the insurance premiums paid by Fairfield for the coverage required to be maintained by this Agreement and of the costs associated with Fairfield's Lafayette, Louisiana data acquisition and division offices, such share to be allocated based on the number of crews and number of projects being supervised out of that office, but in no event more than 1/3 of the total cost of that division office. The allocation of division office costs and of insurance premiums shall begin when field operations relating to the 3-D Survey commence and continue so long as Fairfield's personnel are conducting operations in the Subject Area for the 3-D Survey. Seismic Costs shall also include a component for depreciation of equipment but only for equipment owned by Fairfield and used to conduct the 3-D Survey. Depreciation shall be calculated on a straight line 24 month basis as to geophones and
Seismic Costs shall include all items referred to in this Section 1.
Seismic Costs shall have the meaning set forth in Section 2.3(c) of this Agreement. 1.4 "▇▇▇▇▇ Data" shall mean the digitized well logs, geologic and area maps, reprocessed 2-D seismic data as entered on a "Landmark" work station and available title information on the Subject Area as prepared by or on behalf of ▇▇▇▇▇ and Fairfield. 1.5 "Subject Area" shall mean approximately 166.5 square miles in ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Bay, Texas and located from Port ▇'▇▇▇▇▇▇, Texas on the Northeast corner extending in a roughly rectangular shape 18 miles to the Southwest parallel to the Intracoastal waterway, and then 9.25 miles to the Southeast extending to the offshore boundary of Matagorda Island, then Northeast 18 miles to the northern end of Matagorda Island and then back to the point of beginning, being the area depicted on the map attached hereto as Exhibit A, but specifically excluding the Grass Island Field. 1.6 "3-D Survey" shall mean the new three dimensional seismic survey to be conducted by Fairfield on the Subject Area in accordance with the technical parameters set forth in the ▇▇▇▇▇/Fairfield Agreement. 1.7 "3-D Data" shall mean the three dimensional seismic data to be acquired by Fairfield on the Subject Area in accordance with the ▇▇▇▇▇/Fairfield Agreement, including one copy of the raw data and the processed data relating to the 3-D Survey. 1.8 "3-D Survey Project" shall mean all data acquisition, processing and interpretation activities relating to the 3-D Survey and all exploration, development or exploitation conducted by the Parties in the Subject Area during the Confidentiality Period (as defined in Section 2.2 below).
Seismic Costs means all costs incurred and paid in connection with the Exploration Program, including without limitation costs of acquiring seismic permits, options and licenses attributable to the Area. 2.11. "ReoStar Energy Corporation ("ReoStar")" has the meaning ascribed in the preamble to this Agreement, with a mailing address of ▇▇▇▇ ▇▇▇▇▇ ▇▇., Suite 500, Fort Worth, Texas 76107. 2.12. "Reserved Overriding Royalty Interest" means an overriding royalty interest in and to the Subject Leases equal to the positive difference between (a) Twenty-Five Percent (25%) of 8/8ths and (b) the lessor's royalty burden, determined on a lease by lease basis; in no event, however, to never be less than Three Percent (3%) of 8/8ths. ZaZa will deliver a Seventy-Five Percent (75%) to Seventy-Two Percent (72%) NRI in the Subject Leases using the above parameters. This Reserved Overriding Royalty Interest is to be reserved in favor of ZaZa in all leasehold obtained with respect to this agreement, but it will be proportionately reduced in any leasehold to which the parties to this Agreement own less than One Hundred Percent (100%) of the Working Interest. 2.13. "Seismic Data" means, with respect to each separate and distinct seismic operation on the Prospect Areas, the final gained and ungained migrated three dimensional survey (or two dimensional) stack data obtained in connection with the Exploration Program. 2.14. "Subject Leases" means the Oil, Gas and Mineral Leases covering portions of the Prospect Areas acquired or to be acquired in connection with exploration efforts identified pursuant to this Agreement. Assignments to the Subject Leases shall be made to the Parties prior to or in conjunction with their sale to a third party. 2.15. "▇▇▇▇▇" means all ▇▇▇▇▇ drilled on the Subject Leases, and completed either as a producer or plugged and abandoned as a dry hole. 2.16. "Working Interest" means the cost-bearing leasehold estate and working interest in and to the Subject Leases held by the Parties, subject to applicable participation elections: 2.17. "ZaZa Energy, LLC ("ZaZa")" has the meaning ascribed in the preamble to this Agreement, with a mailing address of ▇▇▇ ▇▇▇▇▇▇▇ ▇▇., ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇.
Seismic Costs means all third party costs incurred by Buyer to acquire and process the 3-D Survey, including but not limited to: (i) costs contemplated in the Seismic Acquisition Agreement, surface damages, Permit fees, contract third party landmen, permit agent fees, seismic dozing and line clearing costs, third party geophysicist fees, the cost of surveying, mapping, and all costs and expenses for damages, if any, arising out of, concerning or incurred by Buyer in the conduct of the Seismic Operations; and (ii) costs and expenses concerning or incurred in the conduct of the processing and interpretation of the Data. Seismic Operations mean all activities that are reasonable and necessary for the acquisition of the 3-D Survey, and the processing and interpretation of the Data.
Seismic Costs means, the costs of the Survey incurred by the Joint Venture in accordance with the JOA;
Seismic Costs means all costs incurred and paid in connection with the Exploration Program, including without limitation costs of acquiring seismic permits, options and licenses attributable to the Area.