[REDACTED] Lease definition
Examples of [REDACTED] Lease in a sentence
Stone desires to participate for an undivided 10% interest in the Lease and the [REDACTED] Lease, as well as the IEW (as hereinafter defined), and for which MEI and LLOG have agreed that the interest to be acquired by Stone in [REDACTED] shall be made up of a 5.0% interest from MEI and a 5.0% interest from LLOG.
Upon termination of this Agreement, any and all future operations to be conducted on the Lease or on the [REDACTED] Lease for the joint benefit of the Parties shall be conducted under the Operating Agreement.
Ridgewood and Stone shall each bear its proportionate share of the Lessor’s royalty and its proportionate share of an aggregate 2.0% of 6/6ths overriding royalty interest burdening each of the Lease and the [REDACTED] Lease, with such Lessor’s royalty and overriding royalty interest burdens being more fully reflected on Exhibit “E” attached hereto.
The term assignment of operating rights in the [REDACTED] Lease shall contain a reassignment obligation in favor of LLOG in the event a producible well is not drilled on the [REDACTED] Lease prior to December 1, 2016.
MEI, Ridgewood and Stone shall each execute the necessary “Designation of Operator” form (MMS Form 1123) designating LLOG as the operator of the [REDACTED] Lease and as the designated applicant for oil spill financial responsibility for the [REDACTED] Lease, along with any other documents required to allow LLOG to serve as operator of the [REDACTED] Lease.
As a result of the assignments delivered pursuant to this Agreement, the ownership of the Lease and [REDACTED] Lease shall be as follows: MEI 40% LLOG 25% Ridgewood 25% Stone 10% [REDCTED] Lease Ownership MEI 38.00% LLOG 23.75% Ridgewood 23.75% Stone 9.50% Andromeda 5.00% The form of assignments shall be similar to the form of assignments attached hereto as Exhibit “D-1” and “D-2”.