Seller's Interest. Seller covenants and warrants that it will convey to Buyer at closing an undivided Ninety percent (90%) of the entire working interest in Leases together with outstanding overriding royalty interest burdening said working interest, which interests shall collectively represent not less than the Net Revenue Interest (“NRI”) in each of the Leases set forth on Exhibit “A.” An undivided Ninety percent (90%) of any overriding royalty interests, production payments, net revenue interest or other right, title or interest in and to the Leases (except landowner royalty interests) which are owned by Seller or any affiliate, or representative of Seller shall be transferred to Buyer on the Effective Date and said interest shall be merged into the working interest and become a part thereof on the Effective Date.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Viking Energy Group, Inc.), Purchase and Sale Agreement (Viking Energy Group, Inc.)