Partnership Position definition

Partnership Position means the working interest of the Partnership in Project W▇▇▇▇ drilled in the Project Areas, as established under the Program Agreement and as adjusted for Participating Interests, for AFE variances under the True-Up Account to be maintained hereunder and for the reversionary interest of DPI in each Project Area after Payout under the terms of the Program Agreement.
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Examples of Partnership Position in a sentence

  • Any variation between anticipated and actual Participating Interests shall also be reflected in proportionate adjustments to the Partnership Position and the DPI Position in those Project W▇▇▇▇.

  • DPI will bear any drilling and completion costs for the Program Position in the Project W▇▇▇▇ exceeding their JOA Price and will be entitled to retain the surplus as part of its compensation hereunder, subject to proportionate adjustments to the Partnership Position and the DPI Position in the last 30% of the Project W▇▇▇▇ in each Project Area in accordance with the provisions for the True-Up Account under the Prospect Assignment.

  • Any net deficit balance in the True-Up Account for all Project W▇▇▇▇ will be borne by DPI and applied to proportionately increase the DPI Position in the last Project W▇▇▇▇, with a proportionate decrease in the Partnership Position in those Project W▇▇▇▇.