Adjustments for Revenues and Expenses. Appropriate adjustments shall be made between Buyer and Seller so that (i) Buyer will bear all expenses which are incurred in the operation of the Properties after the Effective Date (including, without limitation, all drilling costs, all capital expenditures, all overhead charges under applicable operating agreements (regardless of whether such operating agreements are with third parties or related entities and regardless of whether Seller is the operator or a non-operator)), and all other overhead charges actually charged by Seller (and for which Seller bills third parties for their respective shares) or charged to Seller by third parties, and operating expenses), and Buyer will receive all proceeds (net of applicable production, severance, and similar taxes) from sales of oil, gas and/or other minerals which are produced from (or attributable to) the Properties and which are produced after the Effective Date, and (ii) Seller will bear all expenses which are incurred in the operation of the Properties before the Effective Date and Seller will receive all proceeds (net of applicable production, severance, and similar taxes) from the sale of oil, gas and/or other minerals which were produced from (or attributable to) the Properties and which were produced before the Effective Date. It is agreed that, in making such adjustments: (i) oil which was produced from the Oil and Gas Properties and which was, on the Effective Date, stored in tanks located on the Oil and Gas Properties (or located elsewhere but used by Seller to store oil produced from, or attributable to, the Oil and Gas Properties prior to delivery to oil purchasers) and above pipeline connections shall be deemed to have been produced before the Effective Date, (ii) ad valorem and similar taxes assessed for periods prior to the Effective Date shall be borne by Seller and ad valorem taxes assessed for periods on or after the Effective Date shall be borne by Buyer, (iii) ad valorem and similar taxes assessed with respect to a period which the Effective Date splits shall be prorated based on the number of days in such period which fall on each side of the Effective Date (with the day on which the Effective Date falls being counted in the period after the Effective Date), (iv) casualty losses shall be handled in accordance with Section 15, and (v) no consideration shall be given to the local, state or federal income tax liabilities of any party.
Adjustments for Revenues and Expenses. Appropriate adjustments to the Base Purchase Price and the Purchase Price, as applicable, shall be made between Buyer and Seller so that:
Adjustments for Revenues and Expenses. The Purchase Price shall be adjusted in accordance with the following:
Adjustments for Revenues and Expenses. Appropriate adjustments shall be made between Buyer and Seller so that:
Adjustments for Revenues and Expenses. Appropriate adjustments to the Cash Purchase Price shall be made between Buyer and Seller so that:
Adjustments for Revenues and Expenses. The Base Purchase Price shall be adjusted for revenues and expenses as follows (without duplication):
Adjustments for Revenues and Expenses. (a) Buyer will bear all expenses which are attributable to the Companies, the Properties or the CAM Centrahoma JV Interest on or after the Effective Time and Buyer will receive all revenues (including any refunds of prepaid expenses (including prepaid insurance premiums) and net of applicable ad valorem and real property Taxes pursuant to subsection (b)(ii) below) which are attributable to the Companies, the Properties or the CAM Centrahoma JV Interest on or after the Effective Time.
Adjustments for Revenues and Expenses. (a) Buyer will bear all expenses which are incurred in the operation of the Companies and the Properties on or after the Purchase Price Adjustment Date and Buyer will receive all revenues and all documented reimbursements by the Companies to Buyer of amounts expended by Buyer or Seller after the Purchase Price Adjustment Date for continuing operations of the Companies in the ordinary course of business (net of applicable ad valorem and real property Taxes pursuant to subsection (b)(ii) below) which are attributable to the Companies and Properties on or after the Purchase Price Adjustment Date.
Adjustments for Revenues and Expenses. The Base Purchase Price will be decreased in an amount equal to all distributions to Seller which have been made from the Programs which relate to income earned and capital transactions after the Effective Date. Purchaser shall make the initial determination of the appropriate adjustment to be made under this Section, with Purchaser's determination to be subjected to procedures to be performed by the Accountants as specified by the Purchaser. Such determination after review shall be conclusive on all parties.
Adjustments for Revenues and Expenses. Adjustments shall be made between Buyer and Seller so that (i) Buyer will bear all expenses which are incurred in the operation of the Properties from and after the Effective Date, including, without limitation, all drilling costs, all capital expenditures, and all overhead charges due third party operators under applicable operating agreements and Buyer will receive all proceeds (net of applicable production, severance, and similar taxes) from sales of oil, gas and/or other minerals which are produced from (or attributable to) the Properties from and after the Effective Date, and (ii) Seller will bear all expenses which are incurred in the operation of the Properties before the Effective Date (provided, however, that Seller shall not be liable for the Agreed Payables), and Seller will receive all proceeds (net of applicable production, severance, and similar taxes) from the sale of oil, gas and/or other minerals which were produced from (or attributable to) the Properties and which were produced before the Effective Date. It is agreed that in making such adjustments, the Base Purchase Price shall be adjusted upward by an amount equal to the value of all oil, gas and natural gas liquids attributable to the Oil and Gas Properties that were in storage or pipelines as of the Effective Date and such value shall be based on the price Seller received for such production in February of 2006 if sold, or, in the case where such production was not sold during that month, such production shall be valued at a value based upon the average market price posted in the area for oil, gas or natural gas liquids of similar quality and grade in effect as of the Effective Date less all applicable royalties, taxes, gravity adjustments and transportation expenses necessary to market such production. It is further agreed that in making such adjustments, (A) ad valorem and similar taxes assessed for periods prior to the Effective Date shall be borne by Seller and ad valorem taxes assessed for periods on or after the Effective Date shall be borne by Buyer, (B) ad valorem and similar taxes assessed with respect to a period which the Effective Date splits shall be prorated based on the number of days in such period which fall on each side of the Effective Date (with the day on which the Effective Date falls being counted in the period after the Effective Date), (C) for the period between the Effective Date and Closing, Buyer shall bear only those expenses which are chargeable under th...
