Aspect Assets definition

Aspect Assets means the Oil and Gas Interests and other assets of Aspect identified on Schedule 3.01 and the Exhibits thereto; it being understood that (a) such Oil and Gas Interests and other assets represent less than 100% of Aspect's interest in the properties identified due to partial interests being retained by Aspect, and (b) Aspect retains and reserves unto itself all Working Interests and Net Revenue Interests in the Oil and Gas Interests located in the Prospect Areas and other assets not specifically identified on Schedule 3.01, including any Net Revenue Interest available from the Working Interest conveyed to Frontier after applicable (i) royalties, (ii) overriding royalties, (iii) other burdens out of production, and (iv) the Net Revenue Interest contributed to Frontier; provided, however, that all Oil and Gas Interests located in the Prospect Areas acquired hereafter and/or not listed on Schedule 3.01 shall be owned in the same pro rata percentages as the properties currently listed in Schedule 3.01.
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Examples of Aspect Assets in a sentence

  • If, as of the Closing Date, Aspect has not paid Operating Costs with respect to the Group B Aspect Assets equal in amount to the Agreed Group B Amount, Aspect shall, notwithstanding the conveyance of the Group B Aspect Assets to Frontier, continue to be liable for the Operating Costs with respect to the Group B Aspect Assets until the aggregate expenditures by Aspect are equal to the Agreed Group B Amount.

  • The Aspect Assets represent no more than fifty percent (50%) of the Aspect's net asset value.

  • From the date hereof to the Closing Date, except to the extent Frontier and Esenjay shall otherwise consent, Aspect shall operate the business of Aspect as it relates to the Aspect Assets substantially as presently operated and only in the ordinary course.

  • The Aspect Employees own an overriding royalty interest in certain of the Oil and Gas Interests included in the Aspect Assets.

  • In exchange for the Aspect Assets, Frontier shall issue and deliver to Aspect 29,648,636 shares of Frontier Common Stock, subject to adjustment pursuant to Sections 3.02(a) and 3.02(f) hereof, if applicable.

  • Each of the parties shall obtain the consent of the other parties prior to drilling any new ▇▇▇▇▇ on the Oil and Gas Interests of Frontier or the Oil and Gas Interests included in the Esenjay Assets and the Aspect Assets.

  • As of the Effective Date and with respect to the Aspect Assets, Aspect agrees to retain and release the other parties from all claims, costs, expenses, liabilities and obligations attributable to the period of time prior to the Effective Date.

  • The parties acknowledge and agree that, in determining the value of the Group B Aspect Assets, such value assumes that Aspect has or will pay Operating Costs with respect to such Group B Aspect Assets of $5,989,000 (the "Agreed Group B Amount").

  • At such time as Aspect has paid Operating Costs attributable to the Group B Aspect Assets equal to the Agreed Group B Amount (whether before or after the Closing Date), Frontier shall be liable for all Operating Costs with respect to the Group B Aspect Assets in excess of the Agreed Group B Amount, regardless of when such Operating Costs were or are incurred, and Frontier agrees to assume and timely pay such Operating Costs.

  • At the option of Aspect and subject to the mutual agreement of the parties hereto, the Aspect Assets may be contributed to Frontier subject to a liability to JEDI in the amount of $3.8 million and, in such event, Frontier shall assume such debt to JEDI and agrees to discharge the liability associated therewith.