Examples of Shallow Rights in a sentence
The Company’s working interest in EL #1070 Shallow Rights is subject to a gross overriding royalty to be paid of 1.38% for any monthly extraction and production of petroleum from the areas covered by this exploration license.
The Monarch Lease was purchased from Monarch Petroleum ("MP") at a nominal cost and a commitment to recommence production, with MP retaining a 3% royalty in the shallow well rights from surface to 3100 feet (the "Shallow Rights") and a 50% non-operated working interest in the deep oil and gas rights below 3100 feet (the "Deep Rights").
Western NewfoundlandAt January 31, 2014 the Company holds a 100% working interest in the Offshore Exploration License #1070 (“EL #1070”) Shallow Rights and has the right to earn up to an 80% working interest in the Shallow Rights in the 67,298 acre block in Offshore Exploration License #1120 ("EL #1120").
For clarification, the size and boundaries of Production Acreage for each oil or gas well drilled in the Shallow Rights pursuant to this Section 8.d. will be determined according to Sections 8.b. and 8.c. of this Lease.
DCC shall also be entitled to enter into such arrangements with the holder of the Shallow Rights Option, upon agreement of such holder of the Shallow Rights Option, so as to cause the exercise or waiver of the Shallow Rights Option in a manner that does not necessarily comply with DCC’s obligations in respect of Shallow Rights Option.