Undeveloped Lease definition
Examples of Undeveloped Lease in a sentence
If NDL acquires any Undeveloped Lease subject to a back-in reversionary interest in favor of any non-affiliate third Party, said Undeveloped Lease shall be subject to NDL’s overriding royalty interest to the extent applicable as described above, but NDL’s overriding royalty interest will not apply to the back-in reversionary interest.
The Assignment shall contain a special warranty, effective as of the Closing Date and surviving indefinitely, by which Seller warrants there is no Title Defect as to each Undeveloped Lease and Well arising by, through or under Seller or any of its affiliates, but not otherwise, subject, however, to the Permitted Encumbrances.
Each Participant receiving an assignment of such Undeveloped Lease shall also bear its Proportionate Share of any back-in reversionary interest in such Undeveloped Lease.
Except as set forth on Schedule 3.13, Seller has no unfulfilled drilling obligations affecting the Leases by virtue of a Related Contract, other than provisions requiring optional drilling as a condition of maintaining or earning all or a portion of an Undeveloped Lease.
Seller’s ownership of the Leases is such that, with respect to an “Undeveloped Lease” identified as such on Exhibit A-3, it clearly entitles Seller to fewer Net Leasehold Acres (defined below) for such Undeveloped Lease than that shown on Exhibit A-3.
Seller’s ownership of an Undeveloped Lease is such that it clearly entitles Seller to receive a decimal share of the oil, gas and other hydrocarbons produced from such Undeveloped Lease, which is less than the decimal share set forth on Exhibit A-3 with respect to such Undeveloped Lease.
If the Asserted Defect is a defect described in Section 6(b)(iii): a downward adjustment equal to the amount determined by multiplying the Value Per Net Acre by an amount equal to the difference between (A) Net Leasehold Acres as shown on Exhibit A-3 and (B) the total number of net undeveloped acres actually determined to exist for such Undeveloped Lease (such adjustment referred to as the “Net Acre Defect Amount”).
For the avoidance of doubt, the Company shall also participate, according to its Working Interest share, in any such Acquisition of any Undeveloped Lease or Oil and Gas Assets by all of the Development Parties.
Undeveloped Lease that covers undeveloped lands, entitles the impossible to not less than at Net Acres specified for such portion of seven Property Subdivision under the column Entity Und.