Net Revenue Interest. The Restricted Companies own a “net revenue interest” in each of the Mortgaged Properties which is not less than the interest specified in the description of such property in the Collateral Documents, with the term “net revenue interest”, as used herein, meaning the proportionate share of the production of oil, gas or other minerals to which the Restricted Companies are entitled after deduction of all royalties, overriding royalties and other interests payable from or measured by production.
Net Revenue Interest. El Paso represents and warrants that its average aggregate ratio of net revenue interest to working interest for the Subject Xxxxx is not less than seventy percent (70%). Upon conversion of the Net Overriding Royalty Interest as provided in Section 2.5(b), Ramshorn waives all remedies for any breach of the foregoing representation.
Net Revenue Interest. Participant(s) shall acquire from Osage a delivered 78% net revenue interest in the leasehold interest leased by Osage listed on Exhibit B. As to any leases acquired after the acquisition of 10,000 net acres, or closing of this Agreement, which ever comes first, Participant(s) shall be delivered a net revenue of 78% unless the delivered net revenue received by Osage is less than 78%, in which case the leasehold will be assigned to Participant at the same delivered net revenue received by Osage.
Net Revenue Interest. “Net Revenue Interest” means the decimal ownership of the lessee in production from a Lease, after deducting all applicable Lease Burdens.
Net Revenue Interest. The net revenue interest in the Oil and Gas Rights in the Leases shall be x percent (x%). In the event there is any outstanding interest acquired under the existing tracts of land in the Leases described on Exhibit “A”, PARTICIPANT’S share of such interest shall be delivered to PARTICIPANT at x percent (x%) Net Revenue Interest. Other interests acquired shall be covered under the AMI described below.
Net Revenue Interest. The four wxxxx and acreage are subject to various mineral lease owner and overriding royalty burdens totalling 49%. Altus’ net revenue interest associated with its 2% Carried Working Interest will total 1.0200% of revenues derived from the sale of oil and natural gas production, from the initial four wxxxx developed on the Axxxxxxx Lease. Accepted and agreed to the 9th day of November, 2005. /s/ W. Mxxxxx Xxx /s/ Bxxxxx Nastat CodeAmerica Investments, LLC Altus Explorations, Inc. W. Xxxxxx. Cxx, Chairman and CEO Bxxxxx Nastat, President
Net Revenue Interest. Participant shall acquire from SECI a delivered net revenue in all leasehold acquired in the Project Area equal to the delivered net revenue acquired by SECI, less an overriding royalty Interest of 3%. Notwithstanding the foregoing, Participant shall not receive a delivered net revenue of less than 77% unless the delivered net revenue received by SECI is less than 77%, in which case the leasehold will be assigned to Participant at the same delivered net revenue received by SECI.
Net Revenue Interest. Upon payment of all of the items enumerated in Paragraph 2 (supra) B.B.I./Escopeta will deliver to Altus Exploration a .75000 Net Revenue Interest in each of the described leases.
Net Revenue Interest. (a) Prior to the Closing Date, Seller shall be entitled to create in favor of itself or its assigns (by grant or reservation, as Seller may choose) an overriding royalty interest of up to 5% of 100% of 8/8ths of the oil, gas and casinghead gas produced and marketed under the provisions of the Leases, any extension thereof, and any renewals and/or top leases with the understanding that if the Lease covers less than all of the oil and gas in the described land, the portion of production herein reserved as an overriding royalty shall be reduced proportionately. Provided, however, that in no event shall Seller be entitled to take any action that would cause the Net Revenue Interest in any Lease subject to this Agreement to be less than 75% (based on 100% of 8/8ths of the oil, gas production and casinghead gas produced and marketed under the provisions of Leases, any extensions thereof, and renewals, and/or top leases) on the Conveyance Date. The obligation to pay the overriding royalty required by this Agreement will exist for the life of the Leases, plus any extension, renewals and/or top leases of the Leases. For purposes of this Agreement, any leasehold interest acquired by Buyer, its successors or assigns, within one (1) year following the termination, cancellation or surrender of one or more of the Leases will be deemed an “extension or renewal,” The overriding royalty interest shall be in the form of that attached hereto as Exhibit D, which terms are incorporated herein, and shall be effective as of the applicable Conveyance Date.
Net Revenue Interest. Xx Xxso represents and warrants that its average aggregate ratio of net revenue interest to working interest for the Subject Wells is not less than seventy percent (70%). Upon conversion of the Xxx Overriding Royalty Interest as provided in Section 2.5(b), Lehman waives all remedies for any breach of the foregoing representxxxxx.
