Examples of Participating Area in a sentence
The allocation plan must be revised whenever a Participating Area is expanded or contracted.
The effective date of any Participating Area established after the commencement of ac- tual production of Unitized Substances shall be the first of the month in which is ob- tained the knowledge or information on which the establishment of said Partici- pating Area is based, unless a more appro- priate effective date is proposed by the Unit Operator and approved by the authorized of- ficer.
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A Working Interest Owner may exer- cise the right to surrender, when such right is vested in it by any non-Federal lease, sub- lease, or operating agreement, provided that each party who will or might acquire the Working Interest in such lease by such sur- render or by forfeiture is bound by the terms of this Agreement, and further provided that no relinquishment shall be made of such land within a Participating Area without the prior written consent of the non-Federal Les- sor.
For the purpose of determining any benefits accruing under this Agreement, each Tract of Unitized Land shall have allo- cated to it such percentage of said produc- tion as the number of acres in the Tract in- cluded in the Participating Area bears to the total number of acres of Unitized Land in said Participating Area.