Earned Assignment. Upon drilling the Initial Earning Well to the Contract Depth and completing that well as a well capable of producing oil and/or gas in Paying Quantities, Dejour/Brownstone shall deliver to Laramie an assignment, as set forth in Section 6, below, of an undivided 70% of Dejour/Brownstone's right, title and interest in the Leases, as to the Earned Acreage, as defined in Section 6.3, below, for the Initial Earning Well, as to all depths. The term "Paying Quanties" means the production of hydrocarbons from a wellbore in amounts greater than 300 barrels or 1,800 Mcf over the first 30 days of production.. There is no Earned Acreage with respect to a well that does not produce in Paying Quantities. Upon drilling the Initial Earning Well to the Contract Depth and completing that well as a well capable of producing oil and/or gas, but the well fails to produce in Paying Quantities, Dejour/Brownstone shall deliver to Laramie an assignment, as set forth in Section 6, below, of an undivided 100% of Dejour/Brownstone's right, title and interest in the wellbore, the associated production equipment, the associated hydrocarbon production through such wellbore, the surface rights necessary to operate and produce the well and the Leases, insofar and only insofar as to the quarter quarter section (40 acres, more or less) or comparable legal subdivision on which the well bottomhole is located, as to all depths.
Earned Assignment. If Farmee (a) drills the Initial Test Well and the First Exxxxxx Lateral in accordance with all the provisions of this Agreement, (b) completes and equips the same as a well capable of producing oil and/or gas in commercial quantities, and (c) complies fully with all the provisions of this Agreement and subject to all the reservations and other exceptions hereinafter provided, Farmor will, insofar as Farmor has the right to do so and subject always to the terms and conditions of the Hxx Xxxxx Acreage, assign to Farmee a Seventy Percent (70%) of Eight-Eighths (8/8ths) right, title and working interest in and to the Hxx Xxxxx Acreage, retaining an overriding royalty interest being the difference between all royalty burdens and Twenty-Five Percent (25%) therein delivering to Farmee a Fifty-Two and One-Half Percent (52.50%) of Eight-Eighths (8/8ths) Net Revenue Interest in and to the Hxx Xxxxx Acreage from the surface of the earth down to the stratigraphic equivalent of the base of the deepest producing formation in the Initial Test Well and the First Exxxxxx Lateral, less and except, any and all rights in and to the Buda Formation, and insofar and only insofar as to Forty (40) acres surrounding the well in as near a square or rectangle as possible depending on the length of the lateral well bore displacement. Farmee may request any assignment earned hereunder in writing within thirty (30) days from the completion of the earning well. Farmor shall promptly execute such assignment, of the earned acreage, to Farmee, as provided for herein.
Earned Assignment. As soon as practicable after Xxxxxx is satisfied that Farmee has complied with all of its obligations under this Agreement with regard to the Phase I Earning Xxxxx, including the well specifications provided in Section 2.1(a), and has reached total depth in the second Phase I Earning Well, but regardless of whether a Phase I Earning Well is completed as a producer of oil and/or gas in paying quantities or is plugged and abandoned as a dry hole, Xxxxxx shall deliver to Farmee a drill site acreage assignment as described in Section 2.3(b).
Earned Assignment. Upon drilling the Initial Earning Well to the Contract Depth and completing that well as a well capable of producing oil and/or gas in Paying Quantities, AMOG shall deliver to Axiom an assignment, as set forth in Section 6, below, of an undivided 75% of AMOG's right, title and interest in the Leases, as to the Earned Acreage, as defined in Section 6.3, below, for the Initial Earning Well, as to all depths. The term "Paying Quantities" means the production of hydrocarbons from a wellbore in amounts greater than 200 barrels or 200 Mcf over the first 30 days of production. There is no Earned Acreage with respect to a well that does not produce in Paying Quantities. Upon drilling the Initial Earning Well to the Contract Depth and completing that well as a well capable of producing oil and/or gas, but the well fails to produce in Paying Quantities, AMOG shall deliver to Axiom an assignment, as set forth in Section 6, below, of an undivided 100% of AMOG's right, title and interest in the wellbore, the associated production equipment, the associated hydrocarbon production through such wellbore, the surface rights necessary to operate and produce the well and the Leases, insofar and only insofar as to the quarter quarter section (40 acres, more or less) or comparable legal subdivision on which the well bottomhole is located, as to all depths.
Earned Assignment. 6.1 Depending upon whether or not the Initial Test Well is drilled to the Objective Depth and subject to each such party’s satisfaction of all terms and obligations set forth in this Agreement, Fidelity shall execute and deliver to Northstar and Ridgewood respective assignments of interests in the Lease, as follows:
