Prospect Area definition
Prospect Area means the geographic area encompassing the Prospect.
Prospect Area means a single, or set of, geologic or geophysical leads or ideas within the Eagle Ford Trend Area identified by the Exploration Program
Prospect Area means the area containing the Option Lands and the area in which the Parties agree to jointly acquire lands, pursuant to the terms and conditions as set out in Article VII. The Prospect Area is identified in the map attached as Schedule “C”;
Examples of Prospect Area in a sentence
This Agreement shall remain in effect for so long as the Lease or any portion thereof covering the Prospect Area remains in effect or the Operating Agreement as to the Prospect Area remains in effect, whichever is later; provided, however, that the obligations under the Confidentiality Agreement shall survive termination of this Agreement.
Production from each well drilled on a Prospect Area will be owned pursuant to the terms of this Agreement and the Operating Agreement for such Prospect Area.
Newfield shall be designated as the Operator of each Prospect Area, and all operations conducted on a Prospect Area shall be performed in accordance with and shall be subject to the terms and provisions of this Agreement and the Operating Agreement attached hereto as Exhibit “A” (“Operating Agreement”).
It is the intent of the Parties that there shall be a separate Operating Agreement for each Prospect Area.
In connection with any drilling and/or production operations on a Prospect Area, the Operator shall carry the type and amount of insurance required by the Operating Agreement for such Prospect Area.
More Definitions of Prospect Area
Prospect Area means each area under the heading “Prospect Area” on Exhibit A.
Prospect Area. An area of areal extent that shall neither cover less than one hundred (100) hectares for all minerals nor exceed twenty-five thousand (25,000) hectares for all minerals, including diamonds that the Operator identifies as having potentially exploitable mineral occurrences. Contiguous Prospect Areas may be reserved subject to the approval of the Ministry. Land Rental fees are payable on a yearly basis and the Operator retains the ground on the basis of expenditure and work completed each year as approved by the Ministry.
Prospect Area means a specified geographical area which has been mutually agreed to by the Parties which is thought to be prospective for finding oil and/or gas or other hydrocarbons. A party’s interpretation shall be substantiated by available ell logs, seismic and geological data deemed to be sufficient to logically and reasonable support such an idea.
Prospect Area has the meaning set forth in Section 1.4(a)1.
Prospect Area means an area that reasonably appears prospective for oil and/or gas exploration, as defined by subsurface structures, stratigraphic traps, faults, water contracts and other productive limits. Unless otherwise agreed by all
Prospect Area means an oil or gas exploration area deemed by the Company, in its sole discretion, to warrant treatment under the Agreement as a separate incentive pool for Participants, together with the Company’s legal rights to explore for, develop, and produce oil or gas therefrom, whether by lease, license, usufruct, concession, farm-in, joint operation or participation, or other interests or rights. A Prospect Area may, for convenience, include one or more whole leases, usufructs, or other legal parcels. The acquisition of additional legal rights that increase the Company’s interest in a particular previously designated Prospect Area may, at the discretion of the Company at the time of such acquisition, be either added to the existing Prospect Area or designated as a separate Prospect Area. A Prospect Area may also consist of, at the discretion of the Company, acquired interests in prospects, producing properties, or other oil and gas projects or opportunities. The Company’s designation of a Prospect Area shall be conclusive and shall be subject to modification only by the Company, in its sole and absolute discretion, provided that no such modification shall alter, impair, or diminish any Conveyed Royalty Interest of any Participant.
Prospect Area. The term "Prospect Area," as used in this Agreement, means the following area in Uintah and Duchesne Counties, Utah: Sections 13-36 of Township 9 South, Range 19 East; S/2 of Township 9 South, Ranges 15, 16, 17 and 18 East; and All of Township 10 South, Ranges 15, 16, 17, 18 and 19 East. Within the Prospect Area, Pannonian owns one State lease and four Federal leases (the "Existing Leases") that are specifically described in Schedule 1 to this Agreement, covering approximately 4,098.19 acres and further described on Exhibit "A" attached to and made a part hereof by this reference; Pannonian is the farmee under a Farmout Agreement dated May 1, 2000 (as amended by three separate amendments dated September 7, 2000, September 12, 2000, and November 15, 2000, (the "Medallion Farmout") from Medallion Exploration, as farmor, covering approximately 1,780.12 acres and further described on Exhibit "B" attached to and made a part hereof by this reference; Pannonian is the farmee under a Farmout Agreement dated September 12, 2000 (the "Shenandoah Farmout") from Shenandoah Operating Company and Pendragon Energy Partners, as farmors, covering approximately 25,422.70 acres and further described on Exhibit "C" attached to and made a part hereof by this reference; Pannonian is negotiating a farmout agreement (the "Proposed ▇▇▇▇▇ Farmout") with ▇▇▇▇▇ Petroleum Corporation and others, as farmors, which is anticipated to cover approximately 320 acres; Pannonian is negotiating a farmout agreement (the "Proposed Inland Resources Farmout") with Inland Resources, Inc., as farmor, which is anticipated to cover certain as yet undetermined interests held by Inland Resources, Inc.; and Pannonian is negotiating an agreement for the acquisition of leases covering approximately 12,000 acres, insofar as such leases cover depths from the top of the Mancos formation to the center of the earth (the "Hill Leases"), from ▇▇▇▇▇▇ ▇. ▇▇▇▇, although Pannonian now has only an oral right of first refusal in respect of these leasehold interests.