Net Acres definition

Net Acres means, as computed separately with respect to each Lease, (i) Seller’s Working Interest in the Lease multiplied by (ii) the number of gross acres covered by the Lease multiplied by (iii) the undivided interest in the oil and gas mineral fee estate in the land covered by the Lease.

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Net Acres means the total number of acres owned by the applicable Shipper and its affiliates in the Development Area equal to the aggregate number (calculated on a tract by tract basis) of, as to any parcel, tract or aggregate thereof, the product of (a) the number of surface acres of land that are described in such parcel, tract or aggregate thereof (i.e. gross acres), multiplied by (b) the undivided interest in the fee minerals, non-executives interests and other mineral fee interests in such lands burdened by the applicable oil and gas lease(s), multiplied by (c) such Shipper’s and its affiliates’ aggregate working interest in such lease(s).

Net Acres means the total amount of land which can be used for development.

Examples of Net Acres in a sentence

• Original Producer shall be responsible for tracking the total acreage sold under this Section 16.2(b)(ii) and the number of Net Acres Transferred beginning on the Effective Date and continuing through the end of the Term and shall, upon request of Midstream Co, provide evidence supporting Original Producer’s calculation thereof.

• With respect to each Gathering System, the number of Net Acres owned by the Seller and its Affiliates (not including any member of the Company Group) with respect to such Gathering System as of the date on which the Seller and its Affiliates delivered to the applicable Reserve Engineer the information described in Section 2.27 with respect to the upstream oil and gas assets serviced by such Gathering System is not less than the Closing System Dedicated Net Acres applicable to such Gathering System.

• The actions taken pursuant to this Section 11.4 shall be taken so that the Net Acres and the Net Revenue Interest of, and Buyer’s undivided interest in (or, in the case of Section 11.4(a)(ii)(B), Buyer’s increase in undivided interest in) the Substitute Acreage shall be equivalent on an aggregate basis with the Net Acres and the Net Revenue Interest of, and Buyer’s Working Interest in, the acreage subject to Title Defects for which the substitution remedy under Section 11.2(d)(ii) is exercised.

• Unit # Gross Acres Net Acres Total Deletions Existing Roads Leave Tree Acres Power Line Other 2 94.16 94.16 0.00 3 68.35 64.35 4.00 4.00 4 68.12 68.12 0.00 5 83.20 81.70 1.50 1.50 ROW6 2.90 2.90 0.00 Total 415.68 406.98 8.70 7.20 1.50 0.00 0.00 This timber sale was cruised using the variable plot sampling method.

• The purchase price for the Assets shall be $479,500 (the “Purchase Price”), which represents a purchase price of $1,750 per Net Acre (the “Per Acre Price”), multiplied by the approximately 548 aggregate Net Acres covered by the Leases, multiplied by the 50% of Sellers’ right, title and interest being acquired by Buyer.

More Definitions of Net Acres

Net Acres means the percentage of total acres an owner owns or has leased out of a particular number of acres, or a specified tract. An owner who has 50% interest in 100 acres owns 50 net acres;

Net Acres means the percentage of total acres an owner owns out of a specific number of acres or specified area.

Net Acres means (a) with respect to any oil and gas lease in which Producer (or an Affiliate of Producer) has an interest, (i) the number of gross acres in the lands covered by such oil and gas lease, multiplied by (ii) the undivided percentage interest in oil, gas and other minerals covered by such oil and gas lease, multiplied by (iii) Producer’s (or its Affiliate’s) working interest in such oil and gas lease, and (b) with respect to any mineral fee interest of Producer (or an Affiliate of Producer), (i) the number of gross acres in the lands covered by such mineral fee interest, multiplied by (ii) the undivided percentage interest of Producer (or its Affiliate) in oil, gas and other minerals in such lands.

Net Acres means, as computed separately with respect to each leasehold, (a) the number of gross acres in the lands covered by such leasehold, multiplied by (b) the undivided percentage interest in oil, gas and other minerals covered by such leasehold in such lands, multiplied by (c) Producer’s working interest or undivided interest in such leasehold.”

Net Acres means (a) with respect to any oil and gas lease in which Shipper has an interest, (i) the number of gross acres in the lands covered by such oil and gas lease, multiplied by (ii) the undivided percentage interest in oil, gas and other minerals covered by such oil and gas lease, multiplied by (iii) Shipper’s working interest in such oil and gas lease, and (b) with respect to any mineral fee interest of Shipper, (i) the number of gross acres in the lands covered by such mineral fee interest, multiplied by (ii) the undivided percentage interest of Shipper in oil, gas and other minerals in such lands.

Net Acres means (a) with respect to any oil and gas lease in which Producer has an interest, (i) the number of gross acres in the lands covered by such oil and gas lease, multiplied by (ii) the undivided percentage interest in oil, gas and other minerals covered by such oil and gas lease, multiplied by (iii) Producer’s working interest in such oil and gas lease, and (b) with respect to any mineral fee interest of Producer, (i) the number of gross acres in the lands covered by such mineral fee interest, multiplied by (ii) the undivided percentage interest of Producer in oil, gas and other minerals in such lands.

Net Acres means, as calculated separately with respect to each Real Property Interest, (a) the number of gross acres in the lands covered by such leasehold interest, multiplied by (b) the lessor’s interest in Hydrocarbons covered by such leasehold interest and attributable to the Target Formations, multiplied by (c) the applicable Seller’s undivided Working Interest in such lease, provided that if items (b) and/or (c) vary as to different areas of such lands covered by such leasehold interest, a separate calculation shall be done for each such area as if it were a separate leasehold interest.