Target Formations definition

Target Formations means the depths and formations underlying and located within Kingfisher and Canadian Counties, Oklahoma conveying all rights below the base of the ▇▇▇▇▇▇▇ which generally include the stratigraphic equivalent depths found in the ▇▇▇▇▇▇ Oil Company, ▇▇▇▇▇▇-1 well (API # 35-073-243300000), located in Section ▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇▇▇ County, Oklahoma, with that stratigraphic equivalent (being the base of the ▇▇▇▇▇▇▇ and top of the Mississippi) found on the electric log at the measured vertical depth of 7,642 feet. The Parties recognize that the actual depths of the Target Formations will vary across the Real Property Interests.

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Target Formations means, collectively, the Middle Spraberry Shale Formation, the Lower Spraberry Shale Formation, the Wolfcamp A Formation, and the Wolfcamp B Formation, and each, individually, a “Target Formation”.

Target Formations means, collectively, the Upper ▇▇▇▇▇▇▇▇▇ Formation, the Lower ▇▇▇▇▇▇▇▇▇ Formation, the Wolfcamp A Formation, and the Wolfcamp B Formation, and each, individually, a “Target Formation”.

Examples of Target Formations in a sentence

• Schedule 2.2 sets forth the agreed allocation of the Unadjusted Purchase Price among the Leases set forth on Exhibit A-1 (as between the Target Formations for each Lease, the term “Property” as used in this Section 2.2 will refer separately to each such Target Formation of each such Lease, as each such Target Formation is further limited with respect to such Lease in the columns “FROM DEPTH” through “TO FORMATION” on Exhibit A-1) and the ▇▇▇▇▇ set forth in Exhibit A-2.

• Notwithstanding the foregoing, and unless the Parties otherwise agree, to qualify as a horizontal well hereunder, once the wellbore reaches the Target Formations in no event shall the lateral length of such horizontal wellbore be less than 1,600 feet in length within the Target Formations; provided, however, that Farmee shall be permitted to drill Obligation ▇▇▇▇▇ that are vertical but such vertical ▇▇▇▇▇ shall count as only 0.5 of an Obligation Well required to be drilled pursuant to Section 1(a) hereof.

• As between the Parties hereto, Farmee shall assume all of the obligations of Farmor under the Leases with respect to the Target Formations.

More Definitions of Target Formations

Target Formations means all depths from the Top of the Bone Spring Formation as found at 6,917 feet measured depth (or the stratigraphic equivalent thereof, recognizing that actual depths may vary across the relevant Assets) to the Top of the Wolfcamp Conglomerate as found at 10,270 feet measured depth (or the stratigraphic equivalent thereof, recognizing that actual depths may vary across the relevant Assets), in each case, in the Jetta – ▇▇▇▇ #4 Well, API Number ▇▇-▇▇▇-▇▇▇▇▇, located in Sec. ▇▇, ▇▇▇. ▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇.

Target Formations means (a) with respect to a Well listed on Exhibit A, the depths currently open to production from such Well as of the Execution Date, and (b) with respect to a Lease, that portion of the geological formations included within the depths described for such Lease on Exhibit A.

Target Formations means, collectively, the Upper Spraberry Formation, the Lower Spraberry Formation, the Wolfcamp A Formation, and the Wolfcamp B Formation, and each, individually, a “Target Formation”.

Target Formations means (a) with respect to each Well, any currently producing formation(s) for such Well and (b) with respect to each Section, the Sussex Formation, ▇▇▇▇▇▇▇ Formation, Niobrara Formation and Frontier Formation, as applicable (except, to the extent applicable, for any depth limitations expressly set forth on Exhibit B).