Working interest owner definition

Working interest owner means a person or the estate of a person who owns an interest in oil and/or gas in the unit area by virtue of a lease, operating agreement, fee title, or otherwise, including a carried interest, the owner of which is obligated to pay, either in cash or out of production or otherwise a portion of the unit expense. “Working interest owner” does not include an unleased mineral owner.

Working interest owner means the owner of an interest in oil or gas burdened with a share of the expenses of developing and operating the property.

Working interest owner means the owner of the applicable Working Interest.

Examples of Working interest owner in a sentence

• Each Working Interest Owner hereby vests its representative and alternate representative with full authority to represent and bind that Working Interest Owner in all matters arising under the Concession Agreement and this Joint Operating Agreement.

• Each Working Interest Owner shall be liable for all Expenditures to the extent of its Working Interest, except as provided for in the Concession Agreement.

• Each Working Interest Owner shall designate its representative and alternate representative by written notice to the other Working Interest Owners stating the name and address of its representative and alternate representative.

• Any Working Interest Owner shall have the right to change its address by giving the other Working Interest Owners and THE PRESIDENT a written notice thereof.

• THE PRESIDENT may, where possible, upon request of a Working Interest Owner, use his good offices to assist in all things necessary to facilitate project financing by a consortium of banks for any portion of the development Expenditure.

More Definitions of Working interest owner

Working interest owner means the owner of a

Working interest owner means a Party owning a Working Interest.

Working interest owner means the owner of an interest in oil or gas burdened

Working interest owner means the owner of an operating interest under an oil and gas lease who has the exclusive right to exploit the oil and gas minerals. Working interests are cost bearing.

Working interest owner means an owner of a Working Interest.

Working interest owner when used herein shall include or refer to Unit Operator as the owner of a Working Interest when such an interest is owned by it.

Working interest owner means a party who owns a Working Interest.