Common use of Leasing Procedures Clause in Contracts

Leasing Procedures. The parties to this Agreement will follow ------------------ the same procedures set forth in Section 4.3 of the E&P Agreement with regard to the acquisition of said Leases. It is provided, however, that Petrosearch shall have only ten (10) working days from Petrosearch's receipt of the lease acquisition proposal to pay its share of the Lease Acquisition Costs for each Lease acquired pursuant to the terms of this Agreement rather than the time limit provided in the E&P Agreement. It is further provided that until the Petrosearch Commitment is expended, Petrosearch shall not have the option of electing not to participate in the acquisition of a Lease in the Contract Area prior to the expenditure of the Petrosearch Commitment unless i) Exxon elects not to participate in the acquisition of its proportionate share of the Lease in which case Petrosearch shall have the longer of three (3) days from the time of being notified of Exxon's election or the balance of the ten (10) day election period in order to decide whether or not to participate in the acquisition of the Lease or ii) either Exxon or Harding have elect▇▇ ▇▇ ▇erminate the E&P Agreement. In any event, should Petrosearch elect not to participate in the acquisition of said Lease, the Lease shall thereafter be excluded from the terms of this Agreement. After the expenditure of the Petrosearch Commitment, should Harding elect to a▇▇▇▇▇▇ a Lease in the Contract Area and Petrosearch elect not to participate in the acquisition of that Lease, such Lease shall thereafter be excluded from the terms of this Agreement. Leases acquired by Petrosearch shall be owned in the proportions set forth in 4(b) above.