Target Depth definition
Target Depth shall refer to the stratigraphic equivalent of the interval shown from 9,515 feet to 12,447 feet on the log of the Petrohawk Operating Company—Oxy Fee “24” Lease, Well No. 1 (API No. 42-389-32637), located in Section ▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇▇▇▇, ▇-▇▇▇▇, ▇▇▇▇▇▇ County, Texas, unless otherwise limited on Exhibit A, Schedule 1. For purposes of this Section 5.6, a “net mineral acre” shall mean as to each parcel or tract of land burdened by a Lease, the product of (a) the number of acres of land that are in such parcel or tract (i.e., gross acres), multiplied by (b) the lessor’s undivided interest in the lands covered by such Lease, multiplied by (c) the Seller’s undivided interest in such Lease (provided, however, if items (b) and (c) of the definition vary as to different areas within any tracts or parcels burdened by such Lease, a separate calculation shall be performed with respect to each such area). Notwithstanding the foregoing, the following shall not be considered Title Defects: (1) any matter based solely on lack of information or documents in Seller’s files; (2) any failure to record federal Leases or assignments thereof in county records; (3) any Adverse Environmental Condition, Production Imbalances set forth on Schedule 3.2.5, Permitted Encumbrance, Consents set forth on Schedule 3.2.3 or Preferential Rights set forth on Schedule 3.2.3; (4) defects arising out of lack of survey (unless required by applicable law); (5) defects that have been cured by applicable laws of limitations or prescription; (6) defects in the chain of title consisting of the mere failure to recite marital status in a document or omissions of successions of heirship or estate proceedings, unless Buyer provides affirmative evidence that such failure or omission has resulted in another Person’s superior claim of title; and (7) the expiration of the primary term of any Lease in effect on the Effective Time.
Target Depth means, for each Well listed on Exhibit B, the depth or depths, as the case may be, from which such Well is producing as of the Execution Date.
Target Depth means, (i) for each Well or Unit listed on Exhibit C, the depth or depths, as the case may be, from which such Well or Unit is completed as of the Execution Date and (ii) for each Undeveloped Lease listed on Exhibit C, the Cotton Valley.
Examples of Target Depth in a sentence
The day the well will be deemed to have been drilled shall be the date it reaches Target Depth, as show by the daily drilling reports.
The depth of the Third Option Test Well shall be to the specified depth or to a depth sufficient to test (penetrate) the upper 50 feet of the Precambrian Basement whichever is the greater depth, or to another depth as agreed to by the Parties (with such depth being the "Target Depth").
The depth of the Second Option Test Well shall be to the specified depth or to a depth sufficient to test (penetrate) the upper 50 feet of the Precambrian Basement whichever is the greater depth, or to another depth as agreed to by the Parties (with such depth being the "Target Depth").
Target Depth for such well shall be specified by the Contractor based on due diligence and noted by the MC.
Until March 1, 2007, Noble shall have the right to acquire an Undivided Interest in the Leases by drilling a total of 20 ▇▇▇▇▇ on the Lands to the Target Depth (collectively, the “Earning ▇▇▇▇▇”); such Earning ▇▇▇▇▇ to be drilled under the following time table: 10 ▇▇▇▇▇ drilled on or before December 31, 2006, and 10 ▇▇▇▇▇ drilled on or before March 1, 2007.
More Definitions of Target Depth
Target Depth. (a) for each Well listed on Exhibit C, the depth or depths, as the case may be, from which such Well is completed as of the Execution Date, as described on Exhibit C for such Well and (b) for each Lease listed on Exhibit C, the depth or depths described on Exhibit C for such Lease.
Target Depth means the depth in an oil and gas well as shown on the daily drilling reports indicating that the well has been drilled through the base of the Niobrara formation. The term “base of the Niobrara Formation” means drilling through a depth of 200 feet below the top of the Niobrara Formation as found in the ▇▇▇▇▇▇▇▇▇ ▇-▇▇ ▇▇▇▇, ▇▇/▇▇ of Section 26, T10N, R39W, ▇▇▇▇▇▇▇ County, Nebraska. The day the well will be deemed to have been drilled shall be the date it reaches Target Depth, as show by the daily drilling reports.
Target Depth means, (i) for each Well or Unit listed on Exhibit C , the depth or depths, as the case may be, from which such Well or Unit is completed as of the Execution Date and (ii) for each Undeveloped Lease listed on Exhibit C , the Cotton Valley.
Target Depth means the lesser of (a) 2,000 m; or (b) a depth sufficient to test the Pale Sandstone. In no way shall this definition limit or constrain the Operator from drilling deeper if it deems approriate; "Wilful Misconduct" means, in relation to any provision of this Agreement, such wanton or reckless act or omission not justified by any special circumstances as amounts to a wilful and utter disregard for the harmful and avoidable consequences thereof, but shall not include any error of judgment, mistake, act or omission, whether negligent or not, made by the Operator or any director, employee, agent or contractor of the Operator in the exercise, in good faith of any function, authority or discretion conferred upon the Operator; "Zone" means a geological structure containing or thought to contain a common accumulation of petroleum separately producible from any other common accumulation of Petroleum
Target Depth shall refer to those certain depths described on Exhibit A, Schedule 1 for the Leases. For purposes of this Section 5.6, a “net mineral acre” shall mean as to each parcel or tract of land burdened by a Lease, the product of (a) the number of acres of land that are in such parcel or tract (i.e., gross acres), multiplied by (b) the lessor’s undivided interest in the lands covered by such Lease, multiplied by (c) the Seller’s undivided interest in such Lease (provided, however, if items (b) and (c) of the definition vary as to different areas within any tracts or parcels burdened by such Lease, a separate calculation shall be performed with respect to each such area). Notwithstanding the foregoing, the following shall not be considered Title Defects: (1) any matter based solely on lack of information or documents in Seller’s files; (2) any failure to record state or federal Leases or assignments thereof in county records; (3) any Adverse Environmental Condition, Production Imbalances, Permitted Encumbrance or Consents; (4) defects arising out of lack of survey; (5) the treatment or classification of any horizontal well as an allocation well that crosses more than one Lease or leasehold tract, including (i) the failure of such Leases or leasehold tracts as to such well to be subject to a production sharing agreement or similar agreement, whether in whole or in part and (ii) the allocation of Hydrocarbons produced from such well among such Leases or leasehold tracts based upon the length of the “as drilled” horizontal wellbore open for production, the total length of the horizontal wellbore, or other methodology that is intended to reasonably attribute to each such Lease or leasehold tract its share of such production, except, as to both (i) and (ii), to the extent that Seller has remitted proceeds of production to a third party without the benefit of either a production sharing agreement or a division order executed by such third party; (6) defects that have been cured or remedied by applicable laws of limitations or prescription; (7) any reductions in net revenue interest to reflect changes that accompany the formation of units in accordance with the covenants relating to the interim period in Section 10.1, except with respect to Leases in Units of a Well drilled by Seller or that is commenced or scheduled to be commenced prior to the Closing Date; and (8) defects in the chain of title consisting of the mere failure to recite marital status in a document or o...
Target Depth means the lesser of (a) 2,000m; or (b) a depth sufficient to test the Pale Sandstone. In no way shall this definition limit or constrain the Operator from drilling deeper if it deems appropriate;
Target Depth has the meaning set forth in Section 5.6.1(a).