Net Overriding Royalty Interest definition

Net Overriding Royalty Interest is defined in Section 2.1.

Examples of Net Overriding Royalty Interest in a sentence

  • For example, the Net Overriding Royalty Interest for the month of January (which normally includes revenues for the sale of Oil and Gas produced in November) will be paid on or before the seventh (7th) Business Day of February.

  • Prior to the expiration of the Project Term, Ramshorn may transfer or assign any portion of its rights and obligations hereunder and the Net Overriding Royalty Interest to any such "qualified institutional buyer"; provided, however, such assignment or transfer must be approved by El Paso, which approval shall not unreasonably be withheld.

  • Ramshorn may transfer or assign any portion of its rights and obligations hereunder, the Net Overriding Royalty Interest and/or the After Payout Overriding Royalty Interest to any Affiliate of Ramshorn.

  • The purchase price for the Net Overriding Royalty Interest is the Investment Percentage of the amount of El Paso's proportionate share (based upon El Paso's working interest in each Subject Well) of the total Investment Costs of the Subject Wells commenced during the Project Term, and which were incurred on xx xxfore the Project Completion Date.

  • The Company therefore complies with the current legislation on environmental protection and protection and conducts its activities inspired by the correct use of resources and respect for the environment, promoting the adoption of the highest standards of quality, safety and environmental protection.

  • If there are other xxxxx in such pooled acreage or unit in which El Paso acquires an interest as the result of such pooling or unitization and such capital cost adjustment, then El Paso shall assign a Net Overriding Royalty Interest in such xxxxx to Ramshorn.

  • During such suspension of the Net Overriding Royalty Interest, the Net Profits for the Subject Xxxxx shall be deemed to be zero.

  • For each month, the Net Overriding Royalty Interest for the Subject Xxxxx shall be paid to Ramshorn on the seventh (7th) Business Day of the month following such month.

  • Upon conversion of the Net Overriding Royalty Interest as provided in Section 2.5(b), Ramshorn waives all remedies for any breach of the foregoing representation.

  • This Agreement shall terminate ninety (90) days after the Payout Date; provided, however, any obligation to pay money under this Agreement accruing to the Net Overriding Royalty Interest or After Payout Overriding Royalty Interest or to convey or re-convey any interest in a Subject Lease or Subject Well shall not terminate.

Related to Net Overriding Royalty Interest

  • Overriding Royalty Interest means an interest in the oil and gas produced pursuant to a specified oil and gas lease or leases, or the proceeds from the sale thereof, carved out of the working interest, to be received free and clear of all costs of development, operation, or maintenance.

  • Royalty Interest is defined in Section 1.01.

  • Royalty interest owner means a person or the estate of a person, other than a working interest owner, who owns the right to or interest in any portion of the oil and/or gas, or proceeds from the sale thereof, from a tract.

  • Net Smelter Returns means the Gross Value of all Minerals, less the following costs, charges and expenses paid or incurred by Payor with respect to the refining and smelting of such Minerals:

  • Net Revenue Interest means, with respect to any Property, the interest in and to all Hydrocarbons produced, saved, and sold from or allocated to such Property after giving effect to all royalties, overriding royalties, production payments, carried interests, net profits interests, reversionary interests, and other burdens upon, measured by, or payable out or production therefrom.

  • Royalty Payments has the meaning set forth in Section 7.3.1.

  • Net Smelter Return means the aggregate proceeds received by the Optionee from time to time from any smelter or other purchaser from the sale of any ores, concentrates, metals or any other material of commercial value produced by and from the Property after deducting from such proceeds the following charges only to the extent that they are not deducted by the smelter or other purchaser in computing the proceeds:

  • Royalty means an interest in an oil and gas lease that gives the owner of the interest the right to receive a portion of the production from the leased acreage (or of the proceeds of the sale thereof), but generally does not require the owner to pay any portion of the costs of drilling or operating the wells on the leased acreage.

  • Royalty owner means any owner of oil and gas in place, or oil and gas rights, to the extent that the owner is not an operator as defined in subsection (17) of this section;

  • Leasehold interest means the interest of the lessor or the lessee under a lease contract.

  • Royalty Agreement means the amended royalty agreement between the Partnership, Vermilion, 1209963 Alberta Ltd. and the Trust dated January 22, 2003 providing for the creation of the Royalty;

  • Net Profits Interest means an interest in a Producing Property which entitles the holder thereof to a share of the gross revenues from oil and gas production from the Producing Property less all operating, production, development, transportation, transmission and marketing expenses, severance, sales, ad valorem and excise taxes (including the windfall profit tax) attributable to such production.

  • Royalties means all royalties, fees, expense reimbursement and other amounts payable by a Loan Party under a License.

  • NSR means net smelter return.

  • Royalty Payment has the meaning set forth in Section 6.1.

  • Royalty Year means, (i) for the year in which the First Commercial Sale occurs (the “First Royalty Year”), the period commencing with the first day of the Calendar Quarter in which the First Commercial Sale occurs and expiring on the last day of the Calendar Year in which the First Commercial Sale occurs and (ii) for each subsequent year, each successive Calendar Year.

  • Oil and Gas Interests means: (a) direct and indirect interests in and rights with respect to oil, gas, mineral and related properties and assets of any kind and nature, direct or indirect, including, without limitation, working, royalty and overriding royalty interests, mineral interests, leasehold interests, production payments, operating rights, net profits interests, other non-working interests, contractual interests, non-operating interests and rights in any pooled, unitized or communitized acreage by virtue of such interest being a part thereof; (b) interests in and rights with respect to Hydrocarbons and other minerals or revenues therefrom and contracts and agreements in connection therewith and claims and rights thereto (including oil and gas leases, operating agreements, unitization, communitization and pooling agreements and orders, division orders, transfer orders, mineral deeds, royalty deeds, oil and gas sales, exchange and processing contracts and agreements and, in each case, interests thereunder), and surface interests, fee interests, reversionary interests, reservations and concessions related to any of the foregoing; (c) easements, rights-of-way, licenses, permits, leases, and other interests associated with, appurtenant to, or necessary for the operation of any of the foregoing; (d) interests in oil, gas, water, disposal and injection xxxxx, equipment and machinery (including well equipment and machinery), oil and gas production, gathering, transmission, compression, treating, processing and storage facilities (including tanks, tank batteries, pipelines and gathering systems), pumps, water plants, electric plants, gasoline and gas processing plants, refineries and other tangible or intangible, movable or immovable, real or personal property and fixtures located on, associated with, appurtenant to, or necessary for the operation of any of the foregoing; and (e) all seismic, geological, geophysical and engineering records, data, information, maps, licenses and interpretations.

  • Profits Interest means an interest in the Company that is intended to be classified as a profits interest within the meaning of Internal Revenue Service Revenue Procedure 93-27 and 2001-43 (or the corresponding requirements of any subsequent guidance promulgated by the Internal Revenue Service or other Law) for U.S. federal income tax purposes, including the Class C Common Incentive Units.

  • Working Interest means an interest in oil and/or gas in the unit area by virtue of a lease, operating agreement, fee title, or otherwise, including a carried interest, the owner of which is obligated to pay, either in cash or out of production or otherwise a portion of the unit expense.

  • Recorded Leasehold Interest means a Leasehold Property with respect to which a Record Document has been recorded in all places necessary or desirable, in Collateral Agent’s reasonable judgment, to give constructive notice of such Leasehold Property to third-party purchasers and encumbrancers of the affected real property.

  • Oil and Gas Leases means all leases, subleases, licenses or other occupancy or similar agreements (including any series of related leases with the same lessor) under which a Person leases, subleases or licenses or otherwise acquires or obtains rights to produce Hydrocarbons from real property interests.

  • Undeveloped Property means all Assessor’s Parcels of Taxable Property which are not Developed Property.

  • Leasehold Interests means all of each Borrower’s right, title and interest in and to, and as lessee, of the premises identified on Schedule 4.19(A) hereto.

  • Undeveloped Land means, (i) all Real Property set forth on Schedule 1.01D to the 2008 Credit Agreement, (ii) all undeveloped land acquired after the Closing Date and (iii) any operating property of the Borrower or any Subsidiary that is subject to a casualty event that results in such property ceasing to be operational.

  • Subject Interest has the meaning assigned to such term in the recitals.

  • Sublicense Income means any payments that Company receives from a Sublicensee in consideration of the sublicense of the rights granted Company under Section 2.1., including without limitation license fees, royalties, milestone payments, and license maintenance fees, but excluding the following payments: (a) payments made in consideration for the issuance of equity or debt securities of Company at fair market value, and (b) payments specifically committed to the development of Licensed Products.