AMI Acreage definition

AMI Acreage means a Lease or Interest acquired by either Participants or Burlington after the date of this Agreement.
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AMI Acreage means all government sections within which Seller owns Leases at the time of the Closing, and all contiguous and cornering government sections thereto, but specifically excluding all of Sections 2 and 5 of Township 7 North, Range 60 West, 6th P.M. All acquisitions after the date hereof of leases within the AMI by the parties hereto shall be governed by the provisions of AMI Agreement. attached hereto as Appendix 5 and incorporated herein.
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AMI Acreage has the meaning set forth in Section 5.1(b).
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Examples of AMI Acreage in a sentence

  • Burlington shall have the option to acquire 50% of the AMI Acreage acquired by Participants in any such Lease or Interest, proportionately reduced to the Lease or Interest acquired, by paying their 50% share of the bonus costs associated with the acquisition of the AMI Acreage acquired.

  • Participants shall pay, within thirty (30) days from receipt of an invoice, 50% of the bonus monies paid for the acquisition of the AMI Acreage.

  • Failure by Burlington to respond within the above-specified 30-day period shall be deemed an election by Burlington not to acquire their proportionate part of the AMI Acreage described in the said notice.

  • It is agreed that if Participants elect to acquire an interest in any AMI Acreage so acquired by Burlington under this paragraph, said AMI Acreage will be owned 50% by Burlington and 50% by Participants.

  • In the event Participants should acquire any AMI Acreage covering land with in the AMI, Participants shall promptly notify Burlington in writing of the acquisition of such AMI Acreage.

  • Burlington shall pay, within thirty (30) days from receipt of an invoice, 50% of the bonus monies paid for the acquisition of the AMI Acreage.

  • Failure by Participants to respond within the above-specified 30-day period shall be deemed an election by Participants not to acquire their proportionate part of the AMI Acreage described in the said notice.

  • If any AMI Acreage is acquired through a farmout agreement, exploration agreement or any other agreement that requires a well to be drilled in order to earn a Lease or Interest in the particular AMI Acreage, then any party who elects not to participate in the first well drilled under such agreement will forfeit any and all rights to earn any AMI Acreage acquired under such farmout or exploration agreement.

  • Participants shall have the option to acquire 50% of the AMI Acreage acquired by Burlington in any such Lease or Interest, proportionately reduced to the Lease or Interest acquired, by paying their 50% share of the bonus costs associated with the acquisition of the AMI Acreage acquired.

  • Should Participants elect to acquire its interest, such AMI Acreage shall be assigned free of any Subsequently Created Burdens or any reservations or exceptions in excess of the Lease Burdens provided for in the Lease or burdening such Interest on the date such were acquired by Burlington.