Common use of AMI Clause in Contracts

AMI. (a) An Area of Mutual Interest (“AMI”) is hereby formed and created between the Parties, which includes only the area described in Exhibit H. The AMI shall remain in force and effect until December 31, 2014. After December 31, 2014, the AMI may be extended by the mutual agreement of the Parties, but, absent such an extending agreement, the AMI shall thereafter be limited to those units, Lands or Leases that contain Subject Interests and in which both the Buyer and either Seller continue to have an ownership interest and only for so long as the Buyer and either Seller retains an ownership interest therein. As set forth in detail below, the Parties shall be entitled to participate in all Interests acquired after the Effective Date by any Party on the basis set forth below: Buyer 40% Sellers 60%, except where Buyer makes an acquisition in accordance with 13.07(b)(ii), in which case the percentages shall be reversed and Buyer shall be entitled to participate with 60% and Sellers with 40% (b) Sellers and Buyer agree that Panther shall lead and manage all acquisition activity (including, but not limited to leasing, contractual rights to earn, acreage swaps, purchases of producing properties and prospect purchases) within the AMI as between Sellers and Buyer, and Buyer will not initiate acquisition activity, directly or indirectly, except as in coordination with, and at the direction of Panther. Notwithstanding the foregoing, Sellers recognize that Buyer is actively engaged in acquisition activity, and may acquire interests within the AMI in connection with a larger activity. Nothing in this Agreement prevents or limits such activity by Buyer, where (i) the majority of the interest involved in such larger activity lies outside of the AMI, or (ii) the interest involved in such larger activity contains a producing property acquisition component with a purchase price equal to or in excess of $100 million dollars. Buyer must comply with Section 13.07(d) in the event of such any acquisition.

AMI. (a) An Area of Mutual Interest (“AMI”) is hereby formed and created between the Parties, which includes only the area described in Exhibit H. The AMI shall remain in force and effect until December 31, 2014. After December 31, 2014, the AMI may be extended by the mutual agreement of the Parties, but, absent such an extending agreement, the AMI shall thereafter be limited to those units, Lands or Leases that contain Subject Interests and in which both the Buyer and either Seller continue to have an ownership interest and only for so long as the Buyer and either Seller retains an ownership interest therein. As set forth in detail below, the Parties shall be entitled to participate in all Interests acquired after the Effective Date by any Party on the basis set forth below: Buyer 40% Sellers 60%, except where Buyer makes an acquisition in accordance with 13.07(b)(ii), in which case the percentages shall be reversed and Buyer shall be entitled to participate with 60% and Sellers with 40% (b) Sellers and Buyer agree that Panther shall lead and manage all acquisition activity (including, but not limited to leasing, contractual rights to earn, acreage swaps, purchases of producing properties and prospect purchases) within the AMI as between Sellers and Buyer, and Buyer will not initiate acquisition activity, directly or indirectly, except as in coordination with, and at the direction of Panther. Notwithstanding the foregoing, Sellers recognize that Buyer ▇▇▇▇▇ is actively engaged in acquisition activity, and may acquire interests within the AMI in connection with a larger activity. Nothing in this Agreement prevents or limits such activity by Buyer, where where (i) the majority of the interest involved in such larger activity lies outside of the AMI, or (ii) the interest involved in such larger activity contains a producing property acquisition component with a purchase price equal to or in excess of $100 million dollars. Buyer must comply with Section 13.07(d13.07 (d) in the event of such any acquisition.