Working Interest in the Lease definition

Working Interest in the Lease means one or more individuals or entities who have obtained, with prior approval from the Lessor, an interest in the Lease to explore, develop, and produce the oil and/or gas under the leased premises.
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Examples of Working Interest in the Lease in a sentence

  • Should any PARTY desire to sell, farmout or otherwise dispose al all or any part of its Working Interest in the Lease, it shall promptly give written notice to the other PARTIES giving complete information relative to the proposed disposition.

  • Any agreements subsequent to the date hereof creating any overriding royalty, production payment, net proceeds interest, net profits interest, carried interest or any other interest carved out of a Working Interest in the Lease shall specifically make such interests inferior to the rights of the Parties to this Agreement.

  • Should any PARTY desire to sell, farmout or otherwise dispose of all or any part of its Working Interest in the Lease, it shall promptly give written notice to the other PARTIES giving complete information relative to the proposed disposition, including the price or value fixed for the interest and the name and address of the prospective transferee, who must be ready, willing and able to accept such sale, farmout or other disposition.

  • Should any PARTY desire to sell, farmout or otherwise dispose of all or any part of its interests under this Agreement, or its Working Interest in the Lease, it shall promptly give written notice to the other PARTIES giving complete information relative to the proposed disposition, which shall included the name and address of the proposed purchaser (who must be ready, willing and able to purchase), the purchase price and all other terms of the offer.

  • Any agreements creating any overriding royalty, production payment, net proceeds interest, net profits interest, carried interest or any other interest carved out of a Working Interest in the Lease shall specifically make such interests inferior to the rights of the Parties to this Agreement.

  • Should any PARTY desire to sell, farmout or otherwise dispose all or any part of its Working Interest in the Lease, it shall promptly give written notice to the other PARTIES giving complete information relative to the proposed disposition.

  • The Seller hereby sells, grants and devises to the Purchaser a 100% undivided right, title and interest in and to the Seventy-Five Percent (75%) Working Interest in the Lease in consideration the Purchaser issuing 500,000 shares of the Purchaser’s restricted common stock to the Seller upon the closing of this Agreement plus $5,000 dollars cash.