Oil in Storage. All oil in storage at the Effective Time, including working inventory, belongs to Seller. “Oil in Storage” for purposes of this Agreement, will mean all oil which was produced from the Properties and which was, on the Effective Time, stored in tanks located on the Properties (or located elsewhere but used by Seller to store oil produced from the Properties prior to delivery to oil purchasers) and above pipeline connections shall be deemed to have been produced before the Effective Time. Oil inventories will be valued based on the realized price received by Seller for oil sales, from the Properties on the Effective Date.
Oil in Storage. The Purchase Price shall be increased by the amount of the estimated amount to be received by Buyer for Seller’s interests in the quantity of saleable oil in storage on the Effective Date (if any), net of all applicable taxes and net of any charges attributable to such oil that are deducted under the contract between NOGI and the oil purchaser before remitting payment, which estimated amount shall be corrected to the actual amount received in the Final Settlement Statement (defined below);
Oil in Storage. All Oil in storage at the Effective Time, including working inventory, belongs to ExxonMobil. Title to Oil in storage for both ExxonMobil-operated Interests and Interests operated by others will transfer to Buyer as of the Effective Time. ExxonMobil, at its sole option, may include as “Oil in storage” all Oil in the system downstream of the wellhead at the Effective Time, including Oil in stock tanks, wash tanks, heater treaters, flowlines, and pipelines. For ExxonMobil-operated Interests, at the Effective Time ExxonMobil will (a) at its sole option, either run or gauge the Oil in storage, and (b) read and replace all gas meter charts. If the Effective Time is after the Execution Date, Buyer may be present for these operations. ExxonMobil will use measured Oil inventories in the closing settlement statement, if available or, if not available, then estimated Oil inventories. The estimates will be based on the average month-end inventories of the three most recent calendar months prior to the Effective Time. If there is a difference between the value of the estimated Oil in storage and the value of inventories run or gauged at the Effective Time, ExxonMobil may include the difference in the final settlement statement. Oil inventories will be priced, at ExxonMobil’s option, at either (A) ExxonMobil’s posted price at the Effective Time for Oil of like grade and gravity in the field where the relevant Interest is located; (B) if there is no ExxonMobil-posted price for the field, then the average of the two highest prices, as determined by ExxonMobil, posted by other purchasing companies in the field or locality where the Interest is located, for Oil of like grade and gravity, in effect at the Effective Time; (C) the applicable posted price, with appropriate gravity adjustments; or (D) the price received for the Oil from the purchaser (or an estimate of the price). For Interests operated by others, ExxonMobil will include in the closing settlement statement the quantity of Oil in storage at the Effective Time as represented by the Operator or as obtained from information filed with the applicable regulatory agency. The value of Oil in storage for Interests operated by others will be determined on the same basis as that used to determine the value of Oil inventories for ExxonMobil-operated Interests.
Oil in Storage. (a) All Oil in storage at the Effective Time, including working inventory, belongs to XTO Energy. Title to Oil in storage for both XTO Energy-operated Interests and Interests operated by others will transfer to Buyer as of the Effective Time.
Oil in Storage. (a) All Oil in storage at the Effective Time, including working inventory, belongs to ExxonMobil. Title to Oil in storage for both ExxonMobil-operated Interests and Interests operated by others will transfer to Buyer as of the Effective Time.
Oil in Storage. (a) All Oil in storage at the Effective Time, including working inventory, attributable to the Beta Interests, shall belong to Noble. Subject to Buyer's payment for such Oil as set forth below, title to Oil in storage that was produced from the Beta Unit and is attributable to the Beta Interests will transfer to Buyer at the Closing, but effective as of the Effective Time.
Oil in Storage. All Oil in storage at the Effective Time, including working inventory, belongs to Seller. Title to Oil in storage both for Interests previously operated by Manti and Interests operated by others will transfer to Buyer as of the Effective Time. The term "Oil in storage" shall carry the definition set forth in Section 11.01 of the ExxonMobil Agreement, and Oil in storage shall be measured and valued in the same manner as it is measured and valued in Section 11.01 of the ExxonMobil Agreement.
Oil in Storage. The Purchase Price shall include rights to all of Seller’s quantity of saleable oil in storage located in or on the Subject Property on the Effective Date; and
Oil in Storage. (a) All Oil in storage at the Effective Time, including working inventory, attributable to the Beta Interests, shall belong to Aera. Subject to Buyer's payment for such Oil as set forth below, title to Oil in storage that was produced from the Beta Unit and is attributable to the Beta Interests will transfer to Buyer at the Closing, but effective as of the Effective Time.
Oil in Storage. All Oil in storage at the Effective Time, including working inventory, belongs to Seller. All storage tanks shall be gauged as of 7:00am, local time, or as close thereto as possible. Any oil so shown to be in storage shall be valued at the price last paid by purchases during the last month of sales, less any applicable taxes, royalties and/or other required payments. Seller shall have the right to have a representative present at the gauging of all tanks.
