Selection of Successor. Upon resignation or removal of OPERATOR, a successor OPERATOR shall be selected by an affirmative vote of two (2) or more PARTIES having a combined WORKING INTEREST of fifty-one percent (51%) or more; however, if the removed or resigned OPERATOR fails to vote or votes only to succeed itself, the successor OPERATOR shall be selected by an affirmative vote of the PARTIES having a combined WORKING INTEREST of fifty-one percent (51%) or more of the remaining WORKING INTEREST after excluding the WORKING INTEREST of the removed or resigned OPERATOR.
Appears in 4 contracts
Samples: Joint Operating Agreement (Ridgewood Enengy K Fund LLC), The Purchase and Sale Agreement (Primeenergy Corp), Joint Operating Agreement (Ridgewood Energy K Fund LLC)
Selection of Successor. Upon resignation or removal of OPERATOROperator, a successor OPERATOR Operator shall be selected by an affirmative vote of two (2) or more PARTIES Parties having a combined WORKING INTEREST Working Interest of fifty-one percent (51%) or more; however, if the removed or resigned OPERATOR fails to vote or votes only to succeed itself, the successor OPERATOR shall be selected by an affirmative vote of the PARTIES having a combined WORKING INTEREST of fifty-one percent (51%) or more of the remaining WORKING INTEREST after excluding the WORKING INTEREST Working Interest of the removed or resigned OPERATOROperator.
Appears in 2 contracts
Samples: Offshore Operating Agreement (Ridgewood Energy L Fund LLC), Offshore Operating Agreement (Ridgewood Enengy K Fund LLC)
Selection of Successor. Upon resignation or removal of OPERATOROperator, a successor OPERATOR Operator shall be selected from among the Parties by an affirmative vote of two one (21) or more PARTIES Parties having a combined WORKING INTEREST Working Interest of fifty-one percent (5151 %) or more; however. If the resigned or removed Operator is not entitled to vote, if the removed or resigned OPERATOR fails to vote vote, or votes only to succeed itself, then the successor OPERATOR Operator shall be selected by an the affirmative vote of the PARTIES having Parties owning a combined WORKING INTEREST Working Interest of fifty-one percent (5151 %) or more of the remaining WORKING INTEREST Working Interest after excluding the WORKING INTEREST Working Interest of the removed or resigned OPERATOR.the
Appears in 1 contract
Samples: Offshore Operating Agreement (Ridgewood Energy P Fund LLC)
