Common use of Production, Distribution Clause in Contracts

Production, Distribution. 14.2.1 After deducting the percentage that corresponds to royalties, the rest of the hydrocarbons produced from each Commercial Reservoir is the property of the Parties in a proportion of thirty per cent (30%) for ECOPETROL, and seventy per cent (70%) for THE ASSOCIATE, until the time in which the audited accumulated production in the respective Commercial Reservoir reaches sixty (60) million barrels of standard condition liquid hydrocarbons or nine hundred (900) cubic giga feet of standard condition gaseous hydrocarbons, whatever occurs first. (1 cubic giga feet = 1x10/9/ cubic feet). For Reservoirs exploited under the Sole Risk Method, the distribution of the production, after deducting the royalty percentage, is the property of the Parties in a proportion of (100%) for THE ASSOCIATE, and zero per cent (0%) for ECOPETROL, until the audited accumulated production from the respective Reservoir first reaches either one of the aforementioned production limits.

Production, Distribution. 14.2.1 After deducting the percentage that corresponds to royalties, the rest of the hydrocarbons produced from each Commercial Reservoir is the property of the Parties in a proportion of thirty per cent (30%) for ECOPETROL, ECOPETROL and seventy per cent (70%) for THE ASSOCIATE, until the time in which the audited accumulated production in the respective Commercial Reservoir reaches sixty an amount of five (605) million barrels of standard condition liquid hydrocarbons or nine hundred seventy-five (90075) cubic giga feet of standard condition gaseous hydrocarbons, whatever occurs first. (1 cubic giga feet = 1x10/9/ 1x109 cubic feet). For Reservoirs exploited under the Sole Risk Methodmechanism, the distribution of the production, after deducting the royalty percentage, is the property of the Parties in a proportion of (100%) for THE ASSOCIATE, ASSOCIATE and zero per cent (0%) for ECOPETROL, until the audited accumulated production from the respective Reservoir first reaches either one of the aforementioned production limits.. EMPRESA COLOMBIANA DE PETROLEOS ECOPETROL GUAYUYACO ASSOCIATION CONTRACT Pag. 25

Production, Distribution. 14.2.1 After deducting the percentage that corresponds to royalties, the rest of the hydrocarbons produced from each Commercial Reservoir is the property of the Parties in a proportion of thirty per cent (30%) for ECOPETROL, ECOPETROL and seventy per cent (70%) for THE ASSOCIATE, until the time in which the audited accumulated production in the respective Commercial Reservoir reaches sixty an amount of five (605) million barrels of standard condition liquid hydrocarbons or nine hundred seventy-five (90075) cubic giga feet of standard condition gaseous hydrocarbons, whatever occurs first. (1 cubic giga feet = 1x10/9/ 1x109 cubic feet). For Reservoirs exploited under the Sole Risk Methodmechanism, the distribution of the production, after deducting the royalty percentage, is the property of the Parties in a proportion of (100%) for THE ASSOCIATE, ASSOCIATE and zero per cent (0%) for ECOPETROL, until the audited accumulated production from the respective Reservoir first reaches either one of the aforementioned production limits.