Common use of Additional Leases Clause in Contracts

Additional Leases. If, at any time after Closing but prior to the first anniversary thereof, Buyer or any Seller (by providing notice to Buyer) identifies any oil and gas lease, mineral interest, royalty interest, overriding royalty interest, payments out of production, reversionary rights, contractual rights to production or other interests in any oil and gas lease located in Tyler County, West Virginia in which one or more Sellers owned an interest prior to the Closing but which was not identified on Exhibit A-1 or Exhibit A-2 or as an Excluded Asset (such interest, an “Additional Lease”), then Buyer shall have the right, by providing written notice to the applicable Seller(s) owning an interest therein, to purchase such Additional Lease for a price equal to the product of (a) the Net Mineral Acres in such Additional Lease multiplied by (b) $7,500; provided, however, if Sellers’ Net Revenue Interest in such Additional Lease is less than 84.375% (on an 8/8ths basis), the purchase price for such Additional Lease shall be reduced by an amount equal to the product of (i) purchase price for such Additional Lease, multiplied by (ii) a fraction, the numerator of which is the Net Revenue Interest decrease and the denominator of which is 84.375%. Within ten (10) days of Sellers’ receipt of Buyer’s notice to acquire an Additional Lease, the applicable Sellers shall deliver to Buyer a duly-executed assignment for such Additional Lease in a form substantially similar to the Assignment and effective as of the date of such assignment, and Buyer shall pay to the applicable Sellers the purchase price therefor.

Additional Leases. If, at any time after Closing but prior In addition to the first anniversary thereofLeases, Buyer or any Seller (by providing notice to Buyer) identifies any Sellers are currently acquiring additional oil and gas leaseleases within the AOI set forth in that certain Offer Letter dated August 19, mineral interest2014, royalty interestby and between Sellers and Buyer (“Additional Leases”). Sellers shall offer Additional Leases to Buyer, overriding royalty interest, payments out of production, reversionary rights, contractual rights to production or other interests in any oil and gas lease located in Tyler County, West Virginia in which one or more Sellers owned an interest prior to the Closing but which was not identified on Exhibit A-1 or Exhibit A-2 or as an Excluded Asset (such interestDate with the exception of Additional Leases located in ▇▇▇▇▇ County, an “Additional Lease”), then WV. Buyer shall have the rightright to elect whether or not it desires to acquire the Additional Leases, and if Buyer elects to acquire the Additional Leases, Buyer will do so on the same terms and conditions as provided in this Agreement, in a separate closing to be agreed upon by providing written notice the Parties, provided closing on such Additional Leases shall not be later than sixty (60) days after the Closing Date under this Agreement. With respect to Additional Leases located in ▇▇▇▇▇ County, WV, which are acquired by Seller prior to the applicable Seller(s) owning an interest thereinClosing Date, to purchase such Additional Lease Buyer shall have a right of first refusal for a price equal period of one (1) year from the Closing Date to match any bona fide offer Seller receives for the product Additional Leases located in ▇▇▇▇▇ County, WV. Notwithstanding the foregoing, in the event Seller receives a bona fide offer for all of (a) the Net Mineral Acres in such Additional Lease multiplied its assets or stock, whether by (b) $7,500; providedsale, howevermerger or similar transaction, if Sellers’ Net Revenue Interest in such Additional Lease is less than 84.375% (on an 8/8ths basis), the purchase price for such Additional Lease shall be reduced by an amount equal to the product of (i) purchase price for such Additional Lease, multiplied by (ii) a fraction, the numerator of which is the Net Revenue Interest decrease and the denominator of which is 84.375%. Within ten (10) days of Sellers’ receipt of Buyer’s notice to acquire an Additional Lease, the applicable Sellers shall deliver to Buyer a duly-executed assignment for such Additional Lease in a form substantially similar to the Assignment and effective as of the date of such assignment, and Buyer shall pay not have the aforementioned right of first refusal with respect to Additional Leases located in ▇▇▇▇▇ County, WV. For purposes of this Agreement the applicable Sellers AOI shall comprise the purchase price thereforlands within the Area of Interest described in Exhibit B attached hereto and made a part hereof by this reference.