Examples of Net Mineral Acre in a sentence
The Parties agree that HESS shall pay to ZAZA an amount equal to ten percent (10%) of the Cash Bonus paid per Net Mineral Acre on a Prospect Area, within thirty (30) days upon receipt of written notification from ZAZA that funding out of the fund to be maintained pursuant to Section 3.3 has occurred for each lease purchased in accordance with Section 3.2 below.
For the purpose of the multiplication to be performed in the above calculations, partial Net Mineral Acres shall be expressed as the decimal percentage of a full Net Mineral Acre they represent.
As used herein the term "Net Mineral Acre" ---------------- means the total number of acres covered by any Lease times the percentage interest of the fee mineral estate owned in such acres by the lessor or lessors under such Lease, times the working interest owned by Infinity (or which Infinity has the right to assign).
Subject to the terms and conditions of this Agreement, at Closing (as defined below), as consideration for the purchase of the Yxxxx Interests, Emerald shall pay Yxxxx the sum of $75,493,530.00, which price constitutes $7,000.00 per Net Mineral Acre, as defined below, being conveyed to Emerald (the “Yxxxx Interests Purchase Price”).
The ROFO Notice will constitute a binding offer (the “ROFO Offer”) by such Seller to Transfer to Buyer the Offered Interest at a price not more than Seventeen Thousand Dollars ($17,000) per Net Mineral Acre (proportionally reduced to such Seller’s Working Interest) and upon the same terms and conditions set forth under this Agreement and such offer will be irrevocable for a period ending on the later of (i) ten (10) days following receipt by Buyer and (ii) the Closing Date (such period, the “ROFO Period”).