Prospect Payout definition

Prospect Payout as used herein shall mean, with regard to each Prospect, 9:00 a.m. on the first day of the calendar month following the calendar month during which Contango’s share of all revenues from the sale of oil, gas and other minerals produced from a Prospect, net of Contango’s share of (i) all royalties, overriding royalties (including the JXX XXXX) and other similar lease burdens, (ii) severance taxes, production taxes, excise taxes and other similar taxes levied on or measured by such production and (iii) lease operating expenses attributable to such Prospect first equals or exceeds Contango’s share of all CAPEX expended for the origination and acquisition of such Prospect and the conduct of exploration, development and production operations thereon. At Prospect Payout, JXX shall be entitled to an assignment or automatic reversion of an undivided twenty-five percent (25%) of Contango’s working interest in the Prospect (the “JXX Back-in”). Contango shall maintain books and records tracking the status of Prospect Payout with respect to each Prospect and shall issue quarterly statements to JXX regarding the status of Prospect Payout for each Prospect. Simultaneous with JXX’x assignment to Contango of Contango’s interest in each Prospect, both parties shall execute a mutually acceptable form of memorandum of agreement and record same in the appropriate records of any parish or county within which the Prospect is located (or in the nearest adjacent parish or county in the case of oil and gas leases in the Outer Continental Shelf) to give public notice of the JXX Back-in.”
Sample 1
Prospect Payout as used herein shall be defined as that point in time when each Participant in the acquisition and development of the Lease or Leasehold Interest has recouped from its share of the total value of production from the Lease (after deduction of production taxes, excise taxes, lessor’s royalty, existing lease burdens and HE&D’s overriding royalty) its share of the cost of drilling, testing, completing, equipping and operating all xxxxx, the costs of all platforms, production facilities, pipelines, flowlines and other equipment necessary to produce the same, any bonus, rentals or other payments made to appropriate parties for the rights to such lease and production, less any proceeds received for the sale of interest pursuant to this agreement.
Sample 1Sample 2
Prospect Payout means when Prospect Sales Proceeds equals the total of Prospect Acquisition Cost and Alcoxx Xxxrhead Cost allocated per this Agreement to the Prospect.
Sample 1

Examples of Prospect Payout in a sentence

  • The change in inventory accounting method did not have a material impact on the 2011 financial statements, and because the effect on prior periods presented is not material, they have not been restated.

  • Department of Correction; 210 IAC 8-3-5) 210 IAC 8-3-6 Community advisory boardAuthority: IC 11-8-2-5; IC 31-31-8-2Affected: IC 11-8-2; IC 31-31-8 Sec.

  • Sellers shall deliver to Buyer a written statement signed by W & T Offshore, Inc., identifying in reasonable detail all prospect costs as of September 30, 1996, to be considered in the calculation of "Prospect Payout," as that term is defined in the letter agreement described as item 1.

  • The Back-In Interest shall become effective and automatically vest in NGS at 7:00 a.m. local time on the first day of the month following the date on which Prospect Payout occurs.

  • With respect to Prospects, the options shall vest as follows: 33,333 options shall vest and become exercisable upon the earlier of: (i) the test establishing that a successful well has been completed or (ii) the date of first production from such well; 33,333 options shall vest and become exercisable when Prospect Payout has occurred; and 33,334 options shall vest and become exercisable when Contango’s return on investment attributable to such Prospect equals fifteen percent (15%).

  • Sellers shall deliver to Buyer a written statement signed by Sellers and National Energy Group, Inc., identifying in reasonable detail all prospect costs as of September 30, 1996, to be considered in the calculation of "Prospect Payout," as that term is defined in the letter agreement described as item 1.

  • All interests under this paragraph shall be offered on either a Before Prospect Payout Basis or After Prospect Payout Basis based on the occurrence of Prospect Payout.

  • At Prospect Payout, JXX shall be entitled to an assignment or automatic reversion of an undivided twenty-five percent (25%) of Contango’s working interest in the Prospect (the “JXX Back-in”).

  • E]ach participant agrees to participate in and bear its respective share of costs and expenses associated with the timely[1] drilling of the Required Well, in the Before Prospect Payout Percentages,[2] set out below, to the Objective Depth.

  • Contango shall maintain books and records tracking the status of Program Payout with respect to each Program and the status of Prospect Payout with respect to each Prospect, and shall issue quarterly statements to JXX regarding the status of Program Payout for each such Program and Prospect Payout for each Prospect.


More Definitions of Prospect Payout

Prospect Payout means, separately as to each of the mutually agreed to Prospect that point in time when the cumulative Proceeds received from the Xxxxx drilled on such distinct Prospect Area equal the cumulative Acquisition Costs, Seismic Costs, Exploration and Development Costs, and Operating Costs attributable to all such Xxxxx incurred and paid pursuant to that distinct Prospect. For purposes hereof, the following terms will have the meaning set out below, determined separately as to each of the agreed to Phases, respectively:
Sample 1
Prospect Payout as used herein shall be defined as that point in time when each Participant in the acquisition and development of the Lease or Leasehold Interest has recouped from its share of the total value of production from the Lease (after deduction of production taxes, excise taxes, lessor’s royalty, existing lease burdens and HE&D’s overriding royalty) its share of the cost of drilling, testing, completing, equipping and operating all xxxxx, the costs of all platforms, production facilities, pipelines, flowlines and other equipment necessary to produce the same, any bonus, rentals or other payments made to appropriate parties for the rights to such lease and production, less any proceeds received for the sale of interest pursuant to this agreement; and In addition to the royalty burden and the HE&D Burden as set forth above, Block 82 is burdened by a one percent (1%) overriding royalty interest in favor of Dominion Exploration & Production, Inc., (“Dominion”) pursuant to that certain Letter Agreement dated April 19, 2007 between Helis and Dominion. The Dominion override shall be treated in the same manner as the override payable to HE&D.
Sample 1
Prospect Payout as used herein shall be determined independently for each Party and shall be defined as that point in time when each Participant in the acquisition and development of the Lease or Leasehold Interest has recouped from its share of the total value of production from the Lease (after deduction of production taxes, excise taxes, lessor’s royalty, existing lease burdens and HE&D’s overriding royalty) its share of the cost of drilling, testing, completing, equipping and operating all xxxxx, the costs of all platforms, production facilities, pipelines, flowlines and other equipment necessary to produce the same, any bonus, rentals or other payments made to appropriate parties for the rights to such lease and production, less any proceeds received for the sale of interest pursuant to this Agreement. It is understood that the Contract Area, Xxxxxx Island Block 29, contains multiple prospects opportunities that have been disclosed to the Parties hereto. The HE&D Burden shall be applicable to each prospect individually and Prospect Payout shall be calculated on a prospect by prospect basis. The Parties acknowledge that their respective geological and geophysical managers have knowledge of and maps of the specific individual prospects within the Contract Area.
Sample 1
Prospect Payout means, that point in time when the cumulative Proceeds received from the Xxxxx drilled on the Hackberry Creek Project equal the cumulative Acquisition Costs, Seismic Costs, Exploration and Development Costs, and Operating Costs attributable to all such Xxxxx incurred and paid pursuant to the Hackberry Creek Project. For purposes hereof, the following terms will have the meaning set out below,
Sample 1
Prospect Payout as defined below, Assignor shall back-in against the interest of Assignee in the Leases for a twenty-five percent of eight-eighths (25% of 8/8ths) working interest whereupon the parties shall own the After Prospect Payout interests set forth in Exhibit "A-l" hereto. All costs and expenses incurred prior to the occurrence of Prospect Payout shall be borne by the parties in accordance with their respective Before Prospect Payout interests set forth in Exhibit "A-l" hereto.
Sample 1
Prospect Payout is defined as and shall occur at 12:01 a.m. on the first day of the month following the day when the net proceeds received by Assignee out of production from the Test Well and all subsequent xxxxx drilled on. the prospect (after first deducting the production and severance taxes, and all royalty payments effective as of the effective date of this Agreement, lessor's royalty, overriding royalties including, without limitations, the overriding royalties reserved by Assignor herein, non-participating royalties, and production payments) shall equal the sum of Assignee's share of the:
Sample 1

Related to Prospect Payout

  • Payout means that time at which cash distributions have been made by the Limited Partnership to the Unit Holders (together with their predecessors in interest) pursuant to Section 5.1 of the Limited Partnership Agreement (together with any distributions to such Unit Holders pursuant to Section 3.3 of the Limited Partnership Agreement), in an aggregate amount equal to the Unit Holders' Subscriptions to the Limited Partnership.

  • Applied behavior analysis means the design, implementation, and evaluation of environmental modifications, using behavioral stimuli and consequences, to produce socially significant improvement in human behavior, including the use of direct observation, measurement, and functional analysis of the relationship between environment and behavior.

  • Project Participants means the entities and professionals assembled by the Applicant or Co-Applicants to own, develop and manage the project, including, but not limited to the Applicant or Co-Applicant, Project Sponsor, the Equity Investor, contractor, property manager and Consultant.

  • Performance Objective means a standard established by the Committee to determine in whole or in part whether a Performance Award shall be earned.

  • Award Transfer Program means any program instituted by the Committee which would permit Participants the opportunity to transfer any outstanding Awards to a financial institution or other person or entity approved by the Committee.

  • Performance Objectives means the performance objective or objectives established by the Committee pursuant to the Plan. Any Performance Objectives may relate to the performance of the Company or one or more of its Subsidiaries, divisions, departments, units, functions, partnerships, joint ventures or minority investments, product lines or products, or the performance of the individual Participant, and may include, without limitation, the Performance Objectives set forth in Section 13(b). The Performance Objectives may be made relative to the performance of a group of comparable companies, or published or special index that the Committee, in its sole discretion, deems appropriate, or the Company may select Performance Objectives as compared to various stock market indices. Performance Objectives may be stated as a combination of the listed factors.

  • Performance Factor means any matter that could or will significantly affect a party’s ability to fulfill its obligations under this Agreement;

  • Participating Hospice Care Program Provider means a Hospice Care Program Provider that either: (i) has a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield to provide services to participants in this benefits program, or; (ii) a Hospice Care Program Provider which has been designated by a Blue Cross and/or Blue Shield Plan as a Participating Provider Option program.

  • Performance Factors means any of the factors selected by the Committee and specified in an Award Agreement, from among the following objective measures, either individually, alternatively or in any combination, applied to the Company as a whole or any business unit or Subsidiary, either individually, alternatively, or in any combination, on a GAAP or non-GAAP basis, and measured, to the extent applicable on an absolute basis or relative to a pre-established target, to determine whether the performance goals established by the Committee with respect to applicable Awards have been satisfied:

  • Program Participants means, for any CRP, the Centers (other than the Lead Center for such CRP) and any Partner receiving funding for activities under such CRP that are funded by the CGIAR Fund.

  • Performance Percentage means the factor determined pursuant to a Performance Schedule that is to be applied to a Target Award and that reflects actual performance compared to the Performance Target.

  • Non-Participating Hospice Care Program Provider means a Hospice Care Program Provider that either: (i) does not have a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield to provide services to participants in this benefits program, or; (ii) a Hospice Care Program Provider which has not been designated by a Blue Cross and/or Blue Shield Plan as a Participating Provider Option program.

  • Participant ID means each unique identifier assigned to a Participant other than a DMA Customer by BSEF for access to the SEF operated by BSEF.

  • Performance Indicator means a measure of HSP performance for which a Performance Target is set; technical specifications of specific Performance Indicators can be found in the MSAA Indicator Technical Specifications document;

  • Program participant means an individual certified by the secretary as a program participant under Iowa Code section 9E.3.

  • Participating student means a student in kindergarten through

  • Project Participant means a member of the Project Team.

  • Performance Stock means a Target Number of Shares granted pursuant to Section 10(a) of the Plan.

  • Participant Documentation means the agreements (together with any applicable schedules, exhibits or appendices thereto required by BSEF) in form and substance acceptable to BSEF, that are required to be executed and delivered to BSEF before a Person may access the SEF operated by BSEF as a Participant. Participant Documentation shall not include DMA Customer Documentation.

  • Study Participant means a person recruited to participate in the Study.

  • Performance Period means the one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance-Based Award.

  • State program means any of the following:

  • Performance Award means any right granted under Section 6(d) of the Plan.

  • Performance Measure means one or more of the following selected by the Committee to measure Company, Affiliate, and/or business unit performance for a Performance Period, whether in absolute or relative terms (including, without limitation, terms relative to a peer group or index): basic, diluted, or adjusted earnings per share; sales or revenue; earnings before interest, taxes, and other adjustments (in total or on a per share basis); basic or adjusted net income; returns on equity, assets, capital, revenue or similar measure; economic value added; working capital; total shareholder return; and product development, product market share, research, licensing, litigation, human resources, information services, mergers, acquisitions, sales of assets of Affiliates or business units. Each such measure shall be, to the extent applicable, determined in accordance with generally accepted accounting principles as consistently applied by the Company (or such other standard applied by the Committee) and, if so determined by the Committee, and in the case of a Performance Compensation Award, to the extent permitted under Code Section 162(m), adjusted to omit the effects of extraordinary items, gain or loss on the disposal of a business segment, unusual or infrequently occurring events and transactions and cumulative effects of changes in accounting principles. Performance Measures may vary from Performance Period to Performance Period and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative.

  • Prospective Student means an Applicant for admission to an Educational Institution.

  • Global warming potential means how much a given mass of a chemical contributes to global warming over a given time period compared to the same mass of carbon dioxide. Carbon dioxide's global warming potential is defined as 1.0.