Before Payout definition

Before Payout as used herein means that the figure next to which this abbreviation appears represents Mortgagor’s net income interest until such time as the operator of the well or ▇▇▇▇▇ situated on the described property has recovered from production from that well or those ▇▇▇▇▇ all costs as specified in underlying farmout assignments or other documents in the chain of title, usually including costs of drilling, completing and equipping a well or ▇▇▇▇▇ plus costs of operating the well or ▇▇▇▇▇ during the recoupment period.

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Before Payout or “BPO” means the Working Interest and/or Net Revenue Interest of a party before the point in time when the Well has recovered from production all costs as specified in underlying farmout, assignments or other documents in the chain of title, usually including costs of drilling, completing and equipping a well or wells plus costs of operating the well or wells during the recoupment period.

Before Payout or “BPO” means the Working Interest and/or Net Revenue Interest of a party before the point in time when the Well has recovered from production all costs as specified in underlying farmout, assignments or other documents in the chain of title, usually including costs of drilling, completing and equipping a well or ▇▇▇▇▇ plus costs of operating the well or ▇▇▇▇▇ during the recoupment period.

Examples of Before Payout in a sentence

• Subject to Clause 3.00 of the Farmout & Royalty Procedure, Farmee will earn 100% of Farmor's interest (an undivided 10% interest in the Drilling Spacing Unit) Before Payout (BPO), reverting to 50% of Farmor's interest (an undivided 5% interest) After Payout (APO).

• Total Unit Interest Before Payout After Payout ------------- ------------ Net Revenue Interest 0.44505841 0.38862266 All payouts are determined pursuant to the terms of that certain Assignment and Conveyance from C.

• Total Unit Interest ------------------- Before Payout After Payout ------------- ------------ Net Revenue Interest 0.47256859 0.39994271 EXHIBIT A Page 55 of 64 All payouts are determined pursuant to the terms of that certain Assignment and Conveyance from C.

• Total Unit Interest ------------------- Before Payout After Payout ------------- ------------ Net Revenue Interest 0.48856586 0.42451424 All payouts are determined pursuant to the terms of that certain Assignment and Conveyance from C.

• Total Unit Interest ------------------- Before Payout After Payout ------------- ------------ Net Revenue Interest 0.48114320 0.41761012 All payouts are determined pursuant to the terms of that certain Assignment and Conveyance from C.

More Definitions of Before Payout

Before Payout. Prospect Well 2 and 3 (see Section II. 2.) Gross Working Interest: 37.5% Net Revenue Interest: 28.125% After Payout: Prospect Well 2 and 3 (see Section II. 2.) Gross Working Interest: 37.5% Net Revenue Interest: 28.125% Description of Oil and Gas Leases and the Lands They Cover.

Before Payout. Prospect Well 1 (see Section II. 1.) Gross Working Interest: N/A until payout Net Revenue Interest: N/A until payout After Payout: Prospect Well 1 (see Section II. 1.) Gross Working Interest: 25.0% Net Revenue Interest: 18.125% Prospect Well 2 and 3 (see Section II. 2.) Before Payout

Before Payout means that period of time commencing at the Effective Date and continuing until that point in time at which Payout occurs.

Before Payout as used herein means that the figure next to which this abbreviation appears represents Mortgagor’s net income interest until such time as the operator of the well or w▇▇▇▇ situated on the described property has recovered from production from that well or those w▇▇▇▇ all costs (or if different than 100% of all costs then the percentages specified in the well schedules attached to the Mortgage) as specified in underlying farmout assignments or other documents in the chain of title, usually including costs of drilling, completing and equipping a well or w▇▇▇▇ plus costs of operating the well or w▇▇▇▇ during the recoupment period.

Before Payout and "After Payout" refer to the Mortgagor's Working Interest and the Mortgagor's Net Revenue Interest "before payout" and "after payout" as defined in the applicable joint operating agreement or other instrument affecting the well or unit as denoted in the Exhibit. Mortgagor's interest may decrease or increase as a result of a reversionary interest, an operation wherein Mortgagor has paid costs attributable to the interest of a non-consenting party or a con senting party has paid costs attributable to the interest of Mortgagor as a non-consenting party, and the consenting party is entitled to recover a percentage of its cost, or other circumstance which triggers an increase or decrease in such interest. Mortgagor makes no undertaking concerning the terms and conditions of the reversion or the status of payout, the costs that may be recovered, whether or when such recovery has occurred or will occur, or, in the case of an election, what election will be made. If more than one reversionary interest, non-consent operation or other circumstance affects a well or unit, "After Payout" refers to the occurrence of the reversion of the last of the reversionary interest, recoupment or such other circumstance. EXHIBIT A COVERING LANDS IN LAFOURCHE PARISH, STATE OF LOUISIANA

Before Payout or “BPO” specifies the Net Revenue Interest and the Working Interest of Mortgagor before the occurrence of a particular event, such as payout of certain costs with respect to a Well or ▇▇▇▇▇, as described in a Lease, assignment or assignments thereof, or one or more of the agreements to which the affected property is subject as shown in this Exhibit A.

Before Payout as used herein means the time before which Grantor has recovered from the proceeds of production from a well all costs of preparing to drill, drilling, completing, equipping and operating such well.