Protected Well definition
Examples of Protected Well in a sentence
Developer acknowledges that the Property [is/is not] within a Broward County Protected Well Field zone of influence per Broward County Ordinance 84-60 or within an existing or proposed well field zone of influence as determined by the Director.
No more than three hundred fifty (350) AFY of diversions, inclusive of those diversions allowable under Articles 11.2.2.1.1.2 and 11.2.2.1.1.3, within that zone lying between a three- quarter (¾) mile and a one (1) mile radius of a Protected Well.
Gas Party and Coal Party shall each use its commercially reasonable efforts to share, without formal request from the other, the information set forth on Exhibit C with respect to the drilling of any Protected Well or Non-Protected Well.
Gas Party and Coal Party shall each use its commercially reasonable efforts to share, without formal request from the other, the information set forth on Exhibit B with respect to the drilling of any Protected Well or Non-Protected Well in a Mine Area.
This will be based on the current forecast along with current future pricing at current operating costs with a three percent (3%) escalation and will have a valuation date equal to the first calendar day of the first month after the month in which such Protected Well is taken off production.
The effective date for the valuation of any proved developed producing Gas Reserves (“Valuation Date”) related to any Protected Well which is required to be plugged and abandoned pursuant to Section 3.3(a) shall be the first calendar day of the first month after the month in which such Protected Well is taken off production for the purpose of preparing to plug and abandon such Protected Well.
This will be based on the current forecast along with the current future pricing at current operating costs with a three percent (3%) escalation and will have a valuation date equal to the first calendar day of the first month after the month in which such Protected Well is taken off production.
PROCEDURE: Each Party will select a Third Party independent reserve engineering firm to estimate the present value of the Gas Reserves related to any Protected Well which is required to be plugged and abandoned pursuant to Section 3.3(a).
The net acreage remaining for Underlying Leases beneath a Protected Well should be calculated for each individual formation and should consider the total net acreage less any acreage associated with proved developed producing.
If the Lease Compensation Conditions are met with respect to an Underlying Lease, Coal Party which requested the relocation of the Protected Well located on such Underlying Lease shall compensate Gas Party for such Underlying Lease through the payment to such Gas Party of the mutually agreed fair market value of such Underlying Lease (the “Lease Compensation Amount”).