Area of Mutual Interest. The “ Xxxxxx Well #1” leases and any new lease to be acquired under this agreement, identified within the legal descriptions above, shall be designated as an Area of Mutual Interest (“AMI”) which shall expire on the termination of this Agreement. If any party hereunder acquires any interest within the AMI, the acquiring party will notify the non-acquiring party in writing of the terms of the acquisition and any costs and/or obligations incurred pursuant thereto within fifteen (15) days following the acquisition. The non-acquiring party will elect in writing within thirty (30) days from its receipt of such notice, as to its election to participate or not participate with its proportionate share of the acquisition. Each non-acquiring party’s election to participate will be accompanied by payment of its share of costs associated with the acquisition. If the non-acquiring party elects not to participate with its proportionate share of the acquisition, the acquiring party may retain the interest for its own benefit. The non-acquiring party’s failure to respond and make payment within the designated time frame shall be deemed an election not to participate in the acquisition. If the interest acquired covers lands lying partially inside and partially outside the boundaries of the AMI, the acquiring party shall offer the entirety of such interest to the non-acquiring party. If a non-acquiring party acquires its proportionate share of such interest, the lands lying outside the AMI and covered by the interest acquired, shall become a part of the “ Xxxxxx Well # 1” Lease and any new lease to be acquired subject to this Agreement and the AMI shall be enlarged to include said lands. Each lease, right, title or interest acquired under the terms of this AMI shall be subject solely to the burdens specified in this agreement and shall include specifically the carried working Interest specified in herein above. The prospect needs to be evaluated by Purchaser’s verification efforts with the understanding that a certain amount of risk is involved in the search and joint venture of oil production in this field despite third party geological reports and efforts by Seller to determine that there are economic quantities of oil to be produced from the “Xxxxxx Lease” lease or any new lease to be acquired under this agreement. Seller does not normally deal with individuals or companies who are not other oil companies or experienced service contractors or sophisticated investors, and...
Area of Mutual Interest. (a) The parties hereby agree that each and every mineral claim (including internal fractions) or interest therein which they may stake or otherwise acquire during the currency of this Agreement and which lies in whole or in part within one mile from the outside perimeter of the Property, or which is contiguous to such claims which are otherwise within this area of mutual interest, shall at the option of the other party form a part of the Property. Any party shall, upon acquisition of any such additional claims or interests, forthwith give notice to the other party of same and thereafter the other party shall have thirty days from the date on which the Option is fully exercised within which to give notice of its desire to have such additional claims or interests form part of the Property and to pay to the other party their proportionate share of acquisition costs. The other party shall be responsible to pay its proportionate share of costs of acquiring the additional claims or interests in accordance with its interest in the Property. All title to such additional claims or interests shall be held subject to the terms of this Agreement.
Area of Mutual Interest. 13.1 Third Party Area of Mutual Interest Agreements. McMoRan may be obligated to enter into third party AMI agreements in connection with the acquisition of additional Prospects for the Program. Participant agrees to be bound by the provisions of such AMI agreements.
Area of Mutual Interest. None of the Lands are subject to an agreement which provides for an area of mutual interest, except as specifically identified in Schedule "A";
Area of Mutual Interest. The Parties hereby establish an Area of Mutual Interest "AMI", same to be comprised of the area outlined on the attached Exhibit "A", and which shall cover AMI Interests located therein. This AMI shall continue for a term of seven (7) years, or the expiration of the last Jointly Owned AMI Interest, whichever is earlier.
Area of Mutual Interest a) Article 8.00 of the Farmout and Royalty Procedure will be in effect from the Effective Date until July 31, 2007. Subject to Article 8.00, the Parties will have the right to participate in an acquisition of Mutual Interest Lands in the following percentages: Farmor-50% Farmee-50%. The Encumbrances will apply to the Mutual Interest Lands and shall be paid by the Parties in proportion to their participating interest.
Area of Mutual Interest. None of the Lands are subject to an agreement which provides for an area of mutual interest, except as specifically disclosed to the Purchaser by the Vendor;
Area of Mutual Interest. [Article 8.00] This optional Article 8.00 will X/ will not ___ apply herein.
Area of Mutual Interest. CCBM and RMG hereby establish an AMI, which shall include the entire State of Wyoming and the Powder River Basin of Montana as outlined on Exhibit "H", which is attached hereto and made a part hereof, and subject to pre-existing AMI's between RMG, Quaneco and Suncor. The AMI shall be for a four year term commencing on June 30, 2001 and ending on June 30, 2005 unless otherwise modified by the terms herein or modified by the mutual written consent of the parties. The JOA shall govern operations within the AMI with CCBM and RMG each owning a 50% interest in the AMI.
Area of Mutual Interest. (a) The parties hereby agree that each and every mining claim (including internal fractions) or interest therein which they may locate or otherwise acquire during the currency of this Agreement and which lies in whole or in part within one mile from the outside perimeter of the Property, or which is contiguous to such claims which are otherwise within this area of mutual interest, shall be located the Optionor's name and all title to such additional claims or interests shall be held subject to the terms of this Agreement.
