New Xxxxx. (a) Contemporaneously with the completion of the Norwegian Merger, the Parent shall procure that New Xxxxx and/or the Parent delivers to the Agent the documents and evidence listed in part B of schedule 11 together with such other documents, evidence and legal opinions as the Agent shall require so that New Xxxxx assumes all obligations then owed to the Agent, the Arranger, the Security Trustee and the Banks by Norkabel provided that such obligations shall not exceed the Norwegian Loan Amount.
New Xxxxx. Notwithstanding anything to the contrary set forth in this Agreement, Buyer shall be entitled to all proceeds from the sale of Hydrocarbons from the New Xxxxx from each of the New Xxxxx’ first date of production, net of Seller’s proportionate share of Property Costs for the New Xxxxx paid by Seller, without regard to when they were incurred, and shall be responsible for all Property Costs and other costs attributable to the ownership and operation of the New Xxxxx, without regard to when such Property Costs and other costs attributable to the ownership and operation of the New Xxxxx were incurred.
New Xxxxx. Subject to the terms and conditions hereof and in accordance with the terms of the Operating Agreement, Participants agree to participate in the drilling, completion (or plugging and abandonment), equipping, and operations of New Xxxxx to be located within the Project Area in accordance with their respective Proportionate Shares. Each New Well shall be drilled to a depth or formation, at a horizontal distance (if applicable), at a location, on an applicable drilling and spacing unit (provided any drilling or spacing unit other than a 320-acre unit must be mutually agreed upon by the Participants) with the estimated dry hole and completed well costs, and as otherwise specified on the Authorization for Expenditure (“AFE”) as prepared and submitted by NDL to Participants pursuant to Paragraph II.A.4. The Participants acknowledge the AFE is an estimate and that they will be responsible for actual completed well (or dry hole) costs. Each New Well shall be drilled in accordance with the terms and conditions of the Operating Agreement.
New Xxxxx. New monitoring xxxxx will either be constructed in the upper aquifer, lower aquifer, or Santa Xxxxxxxxx Formation aquifer (as defined in Attachment 1). New xxxxx shall not be constructed as composite xxxxx. The exact depth and perforation intervals of these xxxxx will be determined from site-specific data collected during the drilling of the boreholes for the xxxxx. New monitoring xxxxx will be constructed with minimum 4-inch diameter casing in order to allow for collection of groundwater samples. Each new monitoring well will be constructed with a steel above-ground riser equipped with a protective locking cap for keeping the wellhead secure. The above-ground riser will be surrounded by cement-filled steel bollards for further protection. A dedicated reference point shall be established and marked on the top of the monitoring well casing. All groundwater level measurements shall be obtained relative to the reference point. The elevation of the reference point shall be surveyed to an accuracy of 0.1 foot relative to mean sea level (NAVD88) by a California licensed land surveyor.
New Xxxxx. The officers and directors of New Xxxxx at the AC Effective Time shall be the officers and directors of Xxxxxxx-Xxxxxx immediately prior to the AC Effective Time, until such officers and directors are duly changed pursuant to Section 6.2.
New Xxxxx. New Well shall mean any well proposed to be drilled or re-entered on the Real Property after the Effective Date hereof other than a well to be proposed by Venoco at the MJ-60 LW # 1. With respect to any New Xxxxx proposed to be drilled on the Real Property or on lands pooled with the Real Property in which Xxxxxxx elects to participate, Xxxxxxx shall be assigned an interest equal to 50% of the Interests currently owned by Venoco in the well bore of such New Well and Xxxxxxx shall be obligated to pay its proportionate share of the cost of such New Well. All such assignments shall be made within Fifteen days of the date any such New Well is spud. To the extent there are any liens or encumbrances, other than Permitted Encumbrances, on the Real Property involved, all such assignments shall be accompanied by releases of any such liens or encumbrances as they relate to the wellbore interest to be assigned. To the extent either party does not participate in any New Well such party will be subject to the independent penalty provisions of three hundred percent or other relevant penalty provisions as implemented pursuant the operative provisions in any Joint Operating Agreement governing operations on the New Well.
New Xxxxx. The On-Project Plan and funds to implement the Plan shall not be used to develop new xxxxx unless KWAPA or other proponent of the well first shows no adverse impact as defined in Section 15.2.4.A.i to the satisfaction of the Klamath Basin Coordinating Council. The On-Project Plan, plan funds, and Participants in plan implementation shall not employ surface water forbearance agreements that allow new production irrigation xxxxx on property subject to a forbearance agreement or similar encumbrance
New Xxxxx. No new xxxxx will be permitted to be developed on the Property, with the sole exceptions of: (1) xxxxx that may be permitted by the State of Arizona and developed by the City for municipal potable water utility purposes, including recovery of recharged effluent; and (2) xxxxx producing non-potable water necessary for the continuation of agriculture and/or livestock ranching on the undeveloped portions of the Property or the remaining property owned by HJFT.
