Common use of Proration of Costs and Revenues Clause in Contracts

Proration of Costs and Revenues. (a) For purposes of determining the amounts of the adjustments to the Purchase Price provided for in Section 2.6, the principles set forth in this Section 2.7(a) shall apply. Buyer shall be entitled to all production of Hydrocarbons from or attributable to the Leases, Lands, and Xxxxx at and after the Effective Time (and all products and proceeds attributable thereto), and to all other income, proceeds, receipts and credits earned with respect to the Assets at or after the Effective Time, and shall be responsible for (and entitled to any refunds with respect to) all Property Expenses incurred at and after the Effective Time. Seller shall be entitled to all Hydrocarbon production from or attributable to Leases, Lands, and Xxxxx prior to the Effective Time (and all products and proceeds attributable thereto), and to all other income, proceeds, receipts and credits earned with respect to the Assets prior to the Effective Time, and shall be responsible for (and entitled to any refunds with respect to) all Property Expenses incurred prior to the Effective Time. “

Proration of Costs and Revenues. (a) For purposes of determining the amounts of the adjustments to the Purchase Price provided for in Section 2.6, the principles set forth in this Section 2.7(a) shall apply. Buyer Assignee shall be entitled to fifty percent (50%) of all production of Hydrocarbons from or attributable to the Leases, Lands, Units and Xxxxx at and after the Effective Time Date (and all products and proceeds attributable thereto), and to fifty percent (50%) of all other income, proceeds, receipts and credits earned with respect to the Assets at or after the Effective TimeDate, and shall be responsible for (and entitled to any refunds with respect to) all Property Expenses Costs (as hereinafter defined) incurred at and after the Effective TimeDate. Seller Assignor shall be entitled to all Hydrocarbon production from or attributable to Leases, Lands, Units and Xxxxx prior to the Effective Time Date (and all products and proceeds attributable thereto), and to all other income, proceeds, receipts and credits earned with respect to the Assets prior to the Effective TimeDate, and shall be responsible for (and entitled to any refunds with respect to) all Property Expenses Costs incurred prior to the Effective TimeDate. “"Earned" and "incurred", as used in this Agreement, shall be interpreted in accordance with generally accepted accounting principles and the Council of Petroleum Accountants Society (XXXXX) standards. "

Proration of Costs and Revenues. (a) For purposes of determining the amounts of the adjustments to the Purchase Price provided for in Section 2.6, the principles Except as otherwise expressly set forth in this Section 2.7(a) shall apply. Agreement, Buyer shall be entitled to all production of Hydrocarbons from or attributable to the Leases, Lands, Oil and Xxxxx Gas Properties at and after the Effective Time Date (and all products and proceeds attributable thereto) and to all other income, proceeds, receipts and credits earned with respect to the Oil and Gas Properties at or after the Effective Date, and shall be responsible for (and entitled to any refunds with respect to) all Property Costs (as defined in Section 2.3(b)) incurred at and after the Effective Date. Seller shall be entitled to all production of Hydrocarbons from or attributable to the Oil and Gas Properties prior to the Effective Date (and all products and proceeds attributable thereto), and to all other income, proceeds, receipts and credits earned with respect to the Assets at or after Oil and Gas Properties prior to the Effective TimeDate, and shall be responsible for (and entitled to any refunds with respect to) all Property Expenses incurred at and after the Effective Time. Seller shall be entitled to all Hydrocarbon production from or attributable to Leases, Lands, and Xxxxx prior to the Effective Time (and all products and proceeds attributable thereto), and to all other income, proceeds, receipts and credits earned with respect to the Assets prior to the Effective Time, and shall be responsible for (and entitled to any refunds with respect to) all Property Expenses Costs incurred prior to the Effective TimeDate. “Earned” and “Incurred”, as used in this Agreement, shall be interpreted in accordance with GAAP and the Council of Petroleum Accountant Societies (XXXXX) standards.