Net Mineral Acre definition

Net Mineral Acre means, as to each parcel or tract burdened by a Lease, the product of (a) the number of surface acres of land that are described in such parcel or tract (i.e. gross acres), multiplied by (b) the lessor’s aggregated undivided interest, on an 8/8ths basis, in the fee minerals, non-executive interests and other mineral fee interests in the lands covered by such parcel or tract burdened by the applicable Lease, multiplied by (c) the Company’s Working Interest in such Lease (provided, however, if items (a) and (b) of this definition vary as to different areas within any tracts or parcels burdened by such Lease, a separate calculation shall be performed with respect to each such area).

Net Mineral Acre means the product obtained by multiplying the number of surface acres of land covered by this Lease multiplied by the Lessor’s undivided interest in the oil and gas estate of the Leased Premises. For example, if this Lease covers 100 acres of land and the Lessor owns 100% of the oil and gas estate in such land, then this Lease covers 100 Net Mineral Acres; but, if this Lease covers 100 acres of land and the Lessor owns an undivided 50% interest in the oil and gas estate to such land, then this Lease covers 50 Net Mineral Acres.

Net Mineral Acre means the number of gross acres of minerals under a tract of land covered by an oil, gas and/or mineral lease multiplied by the percentage of minerals covered by such oil, gas and/or mineral lease, multiplied by the working interest percentage Seller owns in such oil, gas and/or mineral lease. By way of example, Seller shall own fifty (50) Net Mineral Acres in an oil, gas and/or mineral lease (i) which covers one hundred (100) acres, (ii) which covers fifty percent (50%) of the minerals under said one hundred (100) acres, and (iii) of which Seller owns one hundred percent (100%) of the working interest.

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”).

More Definitions of Net Mineral Acre

Net Mineral Acre means the full mineral interest in one (1) acre of Option Lands as set forth in Schedule “A”. Where consideration is expressed in this Agreement as being on the basis of dollars per Net Mineral Acre, such amount is based upon the number of Net Mineral Acres included in the Assets to be assigned to Fellows Energy pursuant to this Agreement;

Net Mineral Acre means, as to each parcel or tract burdened by an Acquired Lease, the product of (i) the number of surface acres of land that are described in such parcel or tract (i.e. gross acres), multiplied by (ii) the Undivided Interests in the fee minerals, non-executive interests and other mineral fee interests in the lands covered by such parcel or tract burdened by the applicable Acquired Lease, multiplied by (iii) Seller’s aggregate Working Interest in the Subject Formations in such Acquired Lease (provided, however, if items (i) and (ii) of this definition vary as to different areas within any tracts or parcels burdened by such Acquired Lease, a separate calculation shall be performed with respect to each such area).

Net Mineral Acre means with respect to each of the Leases: (i) the number of gross acres covered by such Lease, times (multiplied by) (ii) the percentage of the oil, gas and Hydrocarbon mineral fee ownership estate covered by such Lease (as to all depths), times (multiplied by) (iii) the percentage of the estate of the lessee in said Lease (Working Interest) owned by Seller; and

Net Mineral Acre as used herein shall mean with respect to a Lease the (i) undivided interest of Seller in the leasehold estate created by the applicable Lease multiplied by (ii) the number of surface acres covered by the Lease multiplied by (iii) the lessor’s percentage interest in the oil and gas mineral fee estate in the land covered by the Lease.

Net Mineral Acre means the Xxxxx-Xxxx Parties’ undivided Working Interest in the leasehold estate created by a Lease, multiplied by the number of gross acres covered by such Lease, multiplied by the lessor’s undivided interest in the oil and gas mineral fee estate in the lands covered by such Lease. For the purpose of making the requisite Tax filings under the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder, the Xxxxx-Xxxx Parties and Buyer agree to allocate the Purchase Price (as adjusted pursuant to the provisions hereof) among the assets of the Xxxxx-Xxxx FB/M Successor and Pillar FB/M Successor, as provided in the Allocated Value. The Xxxxx-Xxxx Parties and Buyer each agree to report the federal, state and local income and other Tax consequences of the transactions contemplated herein, and to prepare and file all Tax Returns in a manner consistent with the terms of the Allocated Value and shall not take any position inconsistent therewith upon examination of any such Tax Return, in any refund claim, in any litigation, investigation or otherwise unless required to do so by applicable law. The Xxxxx-Xxxx Parties and Buyer shall confer and cooperate on any revisions to the Allocated Value, including reporting any matters that require updating (including adjustments to the Purchase Price) to be consistent with the Allocated Value.

Net Mineral Acre means the product of (a) the total gross number of acres of oil and gas in which MNW has an interest, multiplied by (b) the percentage of MNW’s interest therein. (For example, if the Leased Premises contains 20 gross acres of oil and gas, and MNW holds a 50% interest therein, then MNW would own 10 Net Mineral Acres).

Net Mineral Acre means the sum of (x) the gross acreage covered by a Lease multiplied by (y) the percentage of the mineral interests in the gross acreage owned by the lessor(s) under such Lease.