Wells Clause Samples
The "Wells" clause defines the rights and obligations of the parties regarding the drilling, operation, and maintenance of wells on a property or within a lease area. It typically outlines who is responsible for drilling new wells, maintaining existing ones, and the standards or timelines that must be met. For example, it may specify the minimum number of wells to be drilled, the depth or location requirements, and procedures for plugging or abandoning wells. This clause ensures that both parties understand their respective responsibilities, thereby preventing disputes and ensuring efficient resource development.
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Wells. Fargo Funds also shall h▇▇▇ ▇elivered to Registrant a certificate dated as of the Closing Date and executed in its name by its Secretary or Treasurer (or Assistant Secretary or Treasurer), in form reasonably satisfactory to Registrant, stating that it has approved the Acquired Fund's Acquired Assets as being consistent with the Acquiring Fund's investment objectives, policies and restrictions and that the Acquired Fund's Acquired Assets may otherwise be lawfully acquired by the Acquiring Fund.
Wells. To Texoil's Knowledge, (i) all of the Texoil Wells which have b▇▇▇ ▇rilled and completed on the Texoil Oil and Gas ▇▇▇▇▇ests have been drilled and completed within the boundaries of the Texoil Leases or within the limit otherwise permitted by contract, pooling or unit agreement and by laws; (ii) and all drilling and completion, and plugging and abandonment, of such wells and all development and operations on the Texoil Oil and Gas Int▇▇▇▇▇s have been conducted in compliance with all applicable laws, ordinances, rules, regulations and permits, and judgments, orders and decrees of any governmental authority. To Texoil's Knowledge, there are no wells located on the Texoil Leases (other than the Texoil Wells) which ▇▇▇▇ not been plugged and abandoned in accordance with al▇ ▇▇▇s, statutes, ordinances, decrees, requirements, orders, judgments, rules and regulations of, including all licenses and permits issued by governmental authorities. To Texoil's Knowledge, none of the Texoil Wells is subject to penalty or reduced allowables after the date hereo▇ ▇▇▇ause of any overproduction or other violation of applicable laws, rules, regulations or permits or judgments, orders or decrees of any governmental authority which would prevent any of such Texoil Wells from being entitled to its full legal and regular allowable from ▇▇▇ after the date hereof as prescribed by any governmental authority.
Wells. As of the Operator Ch▇▇▇▇ Date, each of the wells included in the Assets ▇▇▇ been drilled and completed within the acreage limits permitted by contract, pooling, or unit agreement and by Law, and all drilling and completion of such wells and all related develo▇▇▇▇▇ and operations had been conducted in compliance in all material respects with all Laws. As of the Operator Change Date, no such well was subject to penalties on allowables after the Effective Time because of any overproduction.
Wells. 1) ...... OCS-G 3194 A-1 2) ...
Wells. Other than certai▇ ▇▇▇itoring wells relating to the en▇▇▇▇▇mental remediation, Seller represents, to the best of Seller’s actual knowledge, that there are no wells located at the Pro▇▇▇▇▇.
Wells. All oil, condensate ▇▇ natural gas wells, water source wells, ▇▇▇ water and other t▇▇▇▇ of injection wells, either located on th▇ ▇▇▇ and Gas Properties or held for use in connection with the Oil and Gas Properties under a Surface Contract (as hereinafter defined), whether producing, operating, shut-in or temporarily abandoned, but excluding all permanently abandoned wells and all wells that, p▇▇▇▇ to the Ef▇▇▇▇▇ve Time, must be plugged and abandoned in accordance with the rules or regulations of any regulatory authority (the "Wells").
Wells. Prior to the satisfac▇▇▇▇ of Operator's drilling requirements in Section 2.01, Operator shall not, and shall cause its Affiliates not to, nor permit any other Person to, drill any well on the Subject Development Lands in the AMI Areas that will not be a Development Well hereunder; provided however that any Development Well that does not constitute a Completed Development Well shall not be deemed a violation of this Section 2.09, so long as such Development Well is drilled in compliance with Section 2.13.
Wells. All of Seller's right, title and interest i▇ ▇▇▇ to (including fixtures and improvements) producing, non-producing and shut-in oil and gas wells and saltwater disposal or injection wells lo▇▇▇▇▇ on the Leases that are described on ▇▇▇▇▇it "B" (hereinafter "Wells");
Wells. Producing, non-produc▇▇▇, shut-in and abandoned oil and gas wells, salt water disposal w▇▇▇▇, injection wells and w▇▇▇▇ wells ▇▇▇▇▇ed on the p▇▇▇▇▇ty or property interests described in EXHIBIT "A" hereto and used in connection with the properties or interests described in subsections (a)-(f) above.
Wells. Each oil or gas well located on the Oil and Gas Propert▇▇▇ ▇s: (a) except as otherwise disclosed on Schedule 5.1(b), if such oil or gas well is listed on a Reserve Report, capable of producing in paying quantities, (b) properly permitted, (c) to the best of Borrower's knowledge, in compliance with all applicable Laws, except as otherwise disclosed on Schedule 5.15 attached hereto, and (d) within the production tolerances allocated by the governmental entity or tribal authority having appropriate jurisdiction. Except as otherwise disclosed on Schedule 5.1(b), all of the leaseholds, in which there are located Mineral Interests of a Borrowing Base Entity with respect to which one or more wells are listed on a Reserve Report as having a NYMEX Value of $▇▇,000 or more, are producing Hydrocarbons in commercial quantities (except for up to 10 wells which otherwise would be producing Hydrocarbons in commer▇▇▇▇ quantities that have been off production for not more than 3 months during the immediately preceding 12 month period for routine maintenance, testing or repairs, temporary pipeline interruption, minor reworking operations or minor production enhancement operations). Each of each Borrowing Base Entity's producing wells listed on Schedule 5.1