Common use of Prospects Clause in Contracts

Prospects. Rozel shall have sole responsibility for the generation of Prospects, and to the extent it generates Prospects, Rozel shall keep Beta informed on a timely basis of such developments. Upon Rozel utilizing Lease Acquisition Funds to acquire a Prospect to Beta, Rozel shall allow Beta to review at Rozel's office such Prospect, subject to Beta entering into a mutually acceptable form of confidentiality agreement with Rozel. Rozel shall notify Beta in writing with a description of the proposed initial test well on any Prospect in which Beta has the right to participate hereunder. Beta shall notify Rozel in writing of Beta's election to participate in such initial test well for Beta's WI within two weeks of Beta's receipt of such notice from Rozel. If Beta fails to so notify Rozel within such two-week period, Beta shall be deemed to have elected not to participate in such initial test well. If Beta participates in such initial test well, the drilling of any subsequent ▇▇▇▇▇ shall be pursuant to the terms of the applicable operating agreement for such Prospect.