LOR 7 Well Sample Clauses

The "LOR 7 Well" clause defines the specific terms and conditions related to the drilling, operation, or management of a designated well, often identified as "Well 7" in a Letter of Recommendation (LOR) or similar contractual context. This clause typically outlines responsibilities for drilling schedules, performance standards, or reporting requirements associated with this particular well. For example, it may specify timelines for completion, safety protocols, or allocation of costs and revenues tied to Well 7. Its core function is to ensure that all parties have a clear understanding of their obligations and expectations regarding the development and operation of this specific well, thereby reducing ambiguity and potential disputes.
LOR 7 Well. Notwithstanding anything to the contrary in this Agreement and subject to the terms and conditions of such contract operating agreement delivered pursuant to Section 8.01(f), Buyer and Seller agree that the LOR 7 Well shall be retained by Seller and excluded from the purchase and sale contemplated by this Agreement. Buyer agrees that (a) the adjustment to the Purchase Price in respect of the exclusion of the LOR 7 Well from the purchase and sale contemplated by this Agreement shall be Three Hundred Fifty Thousand Dollars ($350,000.00) and (b) no further adjustments to the Purchase Price shall be made on account of the exclusion of the LOR 7 Well from the purchase, sale and assignment contemplated by this Agreement. (e) The PSA is hereby amended by adding a new section 8.01(f) as follows:
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LOR 7 Well. Notwithstanding anything to the contrary in this Agreement and subject to the terms and conditions of such contract operating agreement delivered pursuant to Section 8.01(f), (a) Buyer and Seller agree that the LOR 7 Well shall be retained by Seller and excluded from the purchase and sale contemplated by this Agreement, and (b) Buyer agrees that no reduction to the Purchase Price shall be made on account of the exclusion of the LOR 7 Well from the purchase, sale and assignment contemplated by this Agreement.
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LOR 7 Well. Buyer shall have duly executed and delivered on or prior to the Closing Date, a contract operating agreement with respect to the LOR 7 Well in form and substance reasonably satisfactory to the Parties, which agreement shall contain provisions, among others, requiring Buyer, at Seller’s election, to operate the LOR 7 Well, obligating Buyer to pay all lease operating expenses in connection with the LOR 7 Well, which lease operating expenses shall not be reimbursable by Seller and entitling Seller to all revenue and proceeds attributable to the LOR 7 Well (provided that Seller shall be responsible for any production tax or ad valorem tax applicable to the production from the LOR 7 Well attributable to Seller’s interest).
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Related to LOR 7 Well

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