Net Revenue Interest. The Restricted Companies own a “net revenue interest” in each of the Mortgaged Properties which is not less than the interest specified in the description of such property in the Collateral Documents, with the term “net revenue interest”, as used herein, meaning the proportionate share of the production of oil, gas or other minerals to which the Restricted Companies are entitled after deduction of all royalties, overriding royalties and other interests payable from or measured by production.
Net Revenue Interest. El Paso represents and warrants that its average aggregate ratio of net revenue interest to working interest for the Subject Xxxxx is not less than seventy percent (70%). Upon conversion of the Net Overriding Royalty Interest as provided in Section 2.5(b), Ramshorn waives all remedies for any breach of the foregoing representation.
Net Revenue Interest. Participant(s) shall acquire from Osage a delivered 78% net revenue interest in the leasehold interest leased by Osage listed on Exhibit B. As to any leases acquired after the acquisition of 10,000 net acres, or closing of this Agreement, which ever comes first, Participant(s) shall be delivered a net revenue of 78% unless the delivered net revenue received by Osage is less than 78%, in which case the leasehold will be assigned to Participant at the same delivered net revenue received by Osage.
Net Revenue Interest. All Kirkwood Leasehold shall be subject to the retention of an overriding royalty interest by the Assignor or its designee. Said overriding royalty interest shall equal the difference between the existing burdens (whether or not of record as of the effective date hereof) and nineteen percent (19%).
Net Revenue Interest. The four wxxxx and acreage are subject to various mineral lease owner and overriding royalty burdens totalling 49%. Altus’ net revenue interest associated with its 2% Carried Working Interest will total 1.0200% of revenues derived from the sale of oil and natural gas production, from the initial four wxxxx developed on the Axxxxxxx Lease. Accepted and agreed to the 9th day of November, 2005. /s/ W. Mxxxxx Xxx /s/ Bxxxxx Nastat CodeAmerica Investments, LLC Altus Explorations, Inc. W. Xxxxxx. Cxx, Chairman and CEO Bxxxxx Nastat, President
Net Revenue Interest. The net revenue interest in the Oil and Gas Rights in the Leases shall be x percent (x%). In the event there is any outstanding interest acquired under the existing tracts of land in the Leases described on Exhibit “A”, PARTICIPANT’S share of such interest shall be delivered to PARTICIPANT at x percent (x%) Net Revenue Interest. Other interests acquired shall be covered under the AMI described below.
Net Revenue Interest. Participant shall acquire from SECI a delivered net revenue in all leasehold acquired in the Project Area equal to the delivered net revenue acquired by SECI, less an overriding royalty Interest of 3%. Notwithstanding the foregoing, Participant shall not receive a delivered net revenue of less than 77% unless the delivered net revenue received by SECI is less than 77%, in which case the leasehold will be assigned to Participant at the same delivered net revenue received by SECI.
Net Revenue Interest. If the effect of a Title Defect is a reduction in the NRI below the Designated NRI, and if Buyer, in accordance with Section 5.6 has elected to exclude the affected Lease, the Defect Value shall be the Allocated Value for the entire affected Lease; provided, however, that Seller shall have the right to exclude any Lease affected by such type of Title Defect from this Agreement, retain such Lease and the Purchase Price will be reduced by the Allocated Value for such Lease;
Net Revenue Interest. All Working Interest conveyed hereunder shall be delivered together with a Net Revenue Interest of 80% (i.e. 1% Working Interest will be conveyed with a .8% Net Revenue Interest). It is expressly understood that any royalty due under the leases is included within the .2% deduction, and that Royale reserves to itself, successors, and assigns, the difference between existing burdens and Net Revenue Interest delivered hereunder. Royale, in its sole discretion, may sell, assign, transfer, pledge or hypothecate its interest reserved herein.