Common use of RETAINED OWNERSHIP TO BE ASSIGNED BACK Clause in Contracts

RETAINED OWNERSHIP TO BE ASSIGNED BACK. XTREME acknowledges that the BJS Trust shall retain, and, therefore, following the assignment or in conjunction therewith, shall receive the balance of the Net Revenue Interest greater than the Seventy-Five (75%) Percent conveyed to XTREME as the Working Interest less any Net Revenue Interest held by another owner as an over-riding royalty interest or mineral rights royalty interest, which retained interest shall be assigned or reserved as an "Over-riding Royalty Interest." Assignor has previously agreed to convey a percentage of the Over-riding Royalty Interest assigned or retained as provided herein to affiliates of XTREME. XTREME shall not be responsible for division or allocation of this "ORRI" to Assignor and others.

Appears in 2 contracts

Samples: Agreement for Sale (Xtreme Oil & Gas, Inc.), Xtreme Oil & Gas, Inc.

AutoNDA by SimpleDocs

RETAINED OWNERSHIP TO BE ASSIGNED BACK. XTREME acknowledges that the BJS Trust shall retain, and, therefore, following the assignment or in conjunction therewith, shall receive the balance of the the, Net Revenue Interest greater than the Seventy-Five (75%) Percent conveyed to XTREME as the Working Interest less any Net Revenue Interest held by another owner as an over-riding royalty interest or mineral rights royalty interest, which retained interest shall be assigned or reserved as an "Over-riding Royalty Interest." Assignor has previously agreed to convey a percentage of the Over-riding Royalty Interest assigned or retained as provided herein to affiliates of XTREME. XTREME shall not be responsible for division or allocation of this "ORRI" to Assignor and others.

Appears in 1 contract

Samples: Agreement for Sale (Xtreme Oil & Gas, Inc.)

AutoNDA by SimpleDocs

RETAINED OWNERSHIP TO BE ASSIGNED BACK. XTREME acknowledges that the BJS Trust shall retain, and, therefore, following the assignment or in conjunction therewith, shall receive the balance of the Net Revenue Interest greater than the Seventy-Five Eight (7578%) Percent conveyed to XTREME as the Working Interest less any Net Revenue Interest held by another owner as an over-riding royalty interest or mineral rights royalty interest, which retained interest shall be assigned or reserved as an "Over-riding Royalty Interest." Assignor has previously agreed to convey a percentage of the Over-riding Royalty Interest assigned or retained as provided herein to affiliates of XTREME. XTREME shall not be responsible for division or allocation of this "ORRI" to Assignor and others.

Appears in 1 contract

Samples: Agreement for Sale (Xtreme Oil & Gas, Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.