Common use of GEOPHYSICAL DATA Clause in Contracts

GEOPHYSICAL DATA. 15.1 Proprietary Seismic Data. ------------------------- Should at any time prior to or during the term of this Agreement, Company or Chevron acquire any proprietary seismic data covering a portion of the Contract Acreage, the acquiring Party will notify and will allow the other Party access to this proprietary seismic data subject to any contractual limitations or restrictions bearing upon such data. The acquiring Party may grant the other Party a license covering that portion of the acquiring Party's proprietary seismic data covering the Contract Acreage upon the other Party's request. The fee to be paid to license the seismic data, and the licensing agreement to be executed between the Parties, will be negotiated at the time the Party elects to license the data. Company or Chevron must submit a written proposal to the acquiring Party prior to the termination of this Agreement proposing the license of a portion of the acquiring Party's data. Failure of Company or Chevron to submit such a proposal, or in the event the Parties are unable to negotiate a mutually agreeable licensing fee and/or licensing agreement, will terminate the acquiring Party's option to consider licensing its data to the other Party. The acquiring Party makes no representation and will have no liability to the other Party regarding the accuracy or completeness of any data disclosed to the other Party hereunder. Any such information or data provided hereunder is provided as a convenience only and an reliance on or use by Company or Chevron is at Company's or Chevron's sole risk.

GEOPHYSICAL DATA. 15.1 Proprietary Seismic Data. ------------------------- ------------------------ Should at any time prior to or during the term of this Agreement, Company Ridgewood or Chevron acquire any proprietary seismic data covering a portion of the Contract Acreage, the acquiring Party will notify and will allow the other Party access to this proprietary seismic data subject to any contractual limitations or restrictions bearing upon such data. The acquiring Party may grant will consider granting the other Party a license covering that portion of the acquiring Party's proprietary seismic data covering the Contract Acreage upon the other Party's request. The fee to be paid to license the seismic data, and the licensing agreement to be executed between the Parties, will shall be negotiated at the time the Party elects to license the data. Company Ridgewood or Chevron must submit a written proposal to the acquiring Party prior to the termination of this Agreement proposing the license of a portion of the acquiring Party's data. Failure of Company Ridgewood or Chevron to submit such a proposal, or in the event the Parties are unable to negotiate a mutually agreeable licensing fee and/or licensing agreement, will shall terminate the acquiring Party's option to consider licensing its data to the other Party. The acquiring Party makes no representation and will shall have no liability to the other Party regarding the accuracy or completeness of any data disclosed to the other Party hereunder. Any such information or data provided hereunder is provided as a convenience only and an any reliance on or use by Company Ridgewood or Chevron is at CompanyRidgewood's or Chevron's sole risk.