Farmout Agreement. Except as modified by the terms of this Agreement, the Terms and conditions of the Farmout Agreement together with its operating provisions shall control the operation of the parties and shall be deemed to be incorporated herein.
Farmout Agreement. Borrower shall cause the “Farmor” under the Farmout Agreement to deliver to Borrower each assignment earned under the Farmout Agreement in recordable form in the time and manner provided for in the Farmout Agreement, but in no event later than 45 days after such assignment has been earned under the Farmout Agreement. Contemporaneously with the receipt of any such assignment, Borrower shall notify Administrative Agent of its receipt thereof and cause such assignment to be duly and properly recorded and the interests subject of such assignment to be subject to Lender Liens pursuant to documentation in form and substance satisfactory to Administrative Agent.
Farmout Agreement. For each well drilled in which the Farmee is entitled, and elects, to participate, API Canada and the Farmee shall enter into a farmout agreement in the form to be agreed between the parties.
Farmout Agreement. The Farmout Agreement is valid and in existence.
Farmout Agreement. This Agreement is expressly subject to the Farmout Agreement. If there is any conflict between the terms of this Agreement and the Farmout Agreement, the Farmout Agreement shall control. (See attached Exhibit B)
Farmout Agreement. An agreement describing how a third-party may earn a working interest in a well, lease, or unit; may precede the execution of a Joint Operating Agreement* Joint Operating Agreement (JOA) A joint operating agreement governs the relationship between working interest owners in the well, lease, or unit. *Farmout Agreements may require the farmor and farmee enter into a JOA; often with one attached to the Farmout Agreement Incentives Farmor Farmee Lease Preservation Lease Salvage Shift drilling costs Obtain Information Quickly acquire acreage Utilize capital, time Operating Advantage Operate in new area Basic Structure Common Clauses Before Payout (BPO) vs. After Payout (APO) Identify Subject Lands Drilling of Test Well(s)
Farmout Agreement. Concurrently with the First Closing on this PSA (the “First Closing Date”) Brxxxxx xnd Quest will enter into a Farmout Agreement (the “Farmout Agreement”) pursuant to which Brxxxxx xill grxxx xo Quest certain drilling and other rights in and to the oil and gas leases owned by Brxxxxx xn Potter County, Pennsylvania, including, but not limited to those set out on the Schedule of Oil and Gas Leases attached as Exhibit A (the “Leases”).
Farmout Agreement. Borrower shall cause the “Farmor” under the Farmout Agreement to deliver to Borrower each assignment earned under the Farmout Agreement in recordable form in the time and manner provided for in the Farmout Agreement, but in no event later than 45 days after such assignment has been earned under the Farmout Agreement (provided that with respect to any assignments earned but not delivered as of the Closing Date, Borrower shall have 45 days from the Closing Date to obtain such assignments from the Farmor). Contemporaneously with the receipt of any such assignment, Borrower shall notify Agent of its receipt thereof and cause such assignment to be duly and properly recorded and the interests subject of such assignment to be subject to Lender Liens pursuant to documentation in form and substance satisfactory to Agent.
Farmout Agreement. Promptly following satisfaction of the Condition Subsequent, HSR and UXP agree to enter into a Farmout Agreement covering the Dakota Formation under the lands and wellbores identified on Schedule II attached hereto, by reference made a part hereof. Under the agreement, HSR shall grant to UXP the right to commence, on or before December 31, 2000: (i) operations for the deepening to the Dakota Formation in any of the eleven (11) wellbores identified on Schedule II, and (ii) operations for the recompletion of the Dakota Formation in any of the six (6) wellbores identified on Schedule II. HSR will reserve a non-convertible overriding royalty interest, proportionately reduced, equal to the difference between leasehold burdens existing as of the date of this Agreement and twenty percent (20%). UXP is under no obligation to commence any of the operations. The only loss for failure to conduct an operation shall be the loss of any assignment pursuant hereto associated with such operation. UXP shall take over operations of a well to conduct the deepening or recompletion operation therein, and return operations to HSR once UXP's operations are completed. After UXP has recouped from the proceeds of all production produced, sold, and allocated to the Dakota Formation in a well, after deducting all burdens payable out of production and all production taxes, 100% of the costs incurred by UXP to either deepen or recomplete such well, including operating costs during such recoupment period, HSR shall backin for a twenty-five percent (25%) working interest, proportionately reduced by HSR's original interest in the Dakota Formation in such well. Payout shall be on a well-by-well basis. The allocation formula to be used shall be the same formula as previously used under the Development Agreement. The farmout shall contain such other standard provisions as HSR and UXP reasonably require.
