Acreage Consideration definition
Acreage Consideration is defined in Section 3.02.
Examples of Acreage Consideration in a sentence
For the purposes of this agreement, the term "Total Prospect Costs" shall be defined as (i) the reasonable Acreage Consideration and G&G costs (each as defined or set forth in the Participation Agreement (hereinafter described) pertaining to each specific Project Well), and (ii) the actual costs of all drilling, testing, completing and equipping (including the costs of installing any gas gathering facilities and the wellhead production meter) of or for a Project Well.
If an Earning Well is proposed on a New Prospect Lease, Stratex shall not be obligated to pay the Acreage Consideration set forth above in Section 3.02 with respect thereto.