Wellbore Interest definition

Wellbore Interest means, for each Subject Well, a specified percentage of AEE's right, title and interest in and to: (i) the applicable Subject Well and associated wellbore and all Hydrocarbons and other substances produced therewith, (ii) all equipment, contracts and other personal property and fixtures associated with such Subject Well and (iii) the oil and gas leases described in Exhibit A insofar and only insofar as such leases cover the right to produce from the wellbore of such Subject Well from the Commencement Date for such Subject Well.
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Examples of Wellbore Interest in a sentence

  • Contemporaneously with Closing, Seller shall execute, acknowledge and deliver to Issuer a Precautionary Wellbore Interest Deed of Trust, Mortgage, Assignment of As-Extracted Collateral, Security Agreement, Fixture Filing and Financing Statement, substantially in the form attached hereto as Exhibit G (a "Precautionary Mortgage") describing the Wellbore Interests as collateral, and such Precautionary Mortgage shall be recorded in the local land records where the ▇▇▇▇▇ are located.

  • For each Carry Well, until the earlier of the date Payout has occurred or the effective date of a Wellbore Assignment delivered to USG pursuant to Section 2.5 for such Carry Well, USG shall be entitled to the AEE Proceeds of Production attributable to the Earned Wellbore Interest with respect to such Carry Well (a "Non-Assignment Repayment").

  • The term “Carried Working Interest” means that the Assignor shall bear the Carried Costs (defined below) attributable to Assignee’s Wellbore Interest prior to the point of delivery of production from the Wellbore to the tanks for oil and to the first meter on the wellsite for gas.

  • Within ten Business Days after AEE's receipt of a written election from USG to receive a Wellbore Assignment for such Carry Well, AEE shall execute, acknowledge and deliver to USG a Wellbore Assignment conveying the Earned Wellbore Interest for such Carry Well, effective as of the first day of the month following AEE's receipt of such notice until the Termination Date.

  • The Issuer will apply the proceeds of the sale of the Notes hereunder (a) to acquire the Wellbore Interests by acquiring 100% of the transferable interests of the Guarantors, (b) to fund the Liquidity Reserve Account in an amount equal to the Liquidity Reserve Account Initial Deposit, and (c) to pay transaction costs associated with the issuance of the Notes and the acquisition of the Wellbore Interest.

  • Subject to Section 2.6, the obligations of USG to make any payment and any re-assignment of the Earned Wellbore Interest to AEE pursuant to Section 3.1 and the provisions of Article 9 (excluding Section 9.11 which shall be limited as set forth therein) shall survive the termination of this Agreement.

  • In the event AEE fails to pay any amounts owed in accordance with this paragraph, USG shall have the right to withhold any reassignment due to AEE of any Earned Wellbore Interest and further withhold AEE's share of production attributable thereto and apply proceeds from the sale thereof as an offset against the total delinquent amount due under this Agreement until such time as 100% of the delinquent amounts has been recouped.

  • For the avoidance of doubt, USG shall not be entitled to an assignment of a Wellbore Interest with respect to any Subject Well that is not completed as a well capable of producing oil or gas and the intent to Plug and Abandon has been filed or will be filed within thirty (30) days with the relevant Governmental Authority following cessation of drilling operations.

  • Other than liens or encumbrances arising by, through or under USG in the ordinary course of business (“Ordinary Course Liens”), USG agrees to not subject any Carry Well to any lien or encumbrance or any hydrocarbon sales contracts, production payments or other forward-sales contracts arising nor will USG create or assign to any third party any overriding royalty, net profits, interest or other non-cost bearing interest covering such Earned Wellbore Interest.

Related to Wellbore Interest

  • Income interest means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.

  • Subject Interest has the meaning assigned to such term in the recitals.

  • Subject Interests means Assignor’s undivided interests in the Subject Lands as described on Exhibit A, whether as lessee under leases, as an owner of the Subject Minerals (or the right to extract such Minerals) or otherwise, by virtue of which undivided interests Assignor has the right to conduct exploration, drilling, development and Mineral production operations on the Subject Lands, or to cause such operations to be conducted, or to participate in such operations by paying and bearing all or any part of the costs, risks and liabilities of such operations, to drill, test, complete, equip, operate and produce ▇▇▇▇▇ to exploit the Minerals. The “Subject Interests” (a) may be owned by Assignor pursuant to leases, deeds, operating, pooling or unitization agreements, orders or any other instruments, agreements or documents, recorded or unrecorded, (b) include any and all extensions or renewals of leases covering the Subject Lands (or any portion thereof) obtained by Assignor, or any Affiliate thereof, within six (6) months after the expiration or termination of any such lease, and (c) are subject to the Permitted Encumbrances. For the avoidance of doubt, the “Subject Interests” do not include: (i) Assignor’s interests in the Excluded Assets; (ii) Assignor’s rights to substances other than Minerals; (iii) Assignor’s rights to Minerals (other than Assignee Minerals) under contracts for the purchase, sale, transportation, storage, processing or other handling or disposition of Minerals; (iv) Assignor’s interests in, or rights to Minerals (other than Assignee Minerals) held in pipelines, gathering systems, storage facilities, processing facilities or other equipment or facilities; or (v) any additional or enlarged interests in the ▇▇▇▇▇, Subject Lands or Subject Minerals acquired by Assignor after the Closing Time, except (1) as may result from the operation of the terms of the instruments creating the Subject Interests, or (2) as may be reflected in extensions and renewals covered by the preceding sentence.

  • Asset Interest is defined in Section 2.1(b).

  • Joint Venture Interests means assets of the Company and its Subsidiaries constituting an equity investment in real estate assets or other properties, or in an entity holding real estate assets or other properties, jointly owned by the Company and its Subsidiaries, on the one hand, and one or more other Persons not constituting Affiliates of the Company, on the other hand, excluding any entity or properties (i) which is a Subsidiary or are properties if the co-ownership thereof (if in a separate entity) would constitute or would have constituted a Subsidiary, or (ii) to which, at the time of determination, the Company’s manager at such time or an Affiliate of the Company’s manager at such time provides management services. In no event shall Joint Venture Interests include equity securities that are part of a class of equity securities that are traded on a national or regional securities exchange or a recognized over-the-counter market or any investments in debt securities, mortgages or other Debt.