Examples of Drilling Program in a sentence
The transfer of an undeveloped Lease from the Partnership to an Affiliated Drilling Program must be made at fair market value if the undeveloped Lease has been held for more than two years.
For a discussion of the timing of the realization of such tax benefits, see the discussion in the Prospectus under "Tax Aspects -- Special Features of Oil and Gas Taxation -- Basis and At Risk Limitations." The conclusions set forth above are conditioned on our understanding that there are no agreements, arrangements, undertakings or the like other than those expressly reflected in the Partnership Agreement, the Drilling Program Agreement and the other documents appended to the Prospectus.
Except as noted below, the allocation of income, gains, losses and deductions between the General and Limited Partners and the Managing Partner under each Partnership Agreement and between a Partnership and Mewbourne Development Corporation under each Drilling Program Agreement will be respected for federal income purposes.
The expenditure amount required by Fellows Energy in the Phase Two Drilling Program will include all direct costs incurred by Fellows Energy’s staff or consultants (limited to ten (10%) percent of the total spent) to manage the Phase Two Drilling Program, but will not include any of Fellows Energy’s overhead and managerial costs.
Konst, Ron, 2006, Young-Davidson Project 2006 Drilling Program Sample Preparation and Analytical Quality Assurance Report as of September 25.