Well Count definition

Well Count means the well count set forth in the most recent Reserve Report calculated as follows: each well in which a member of the Owner Group holds an interest exclusive of the members of the Service Provider Group and each well in which a member of the Service Provider Group holds an interest exclusive of the members of the Owner Group shall be counted on a gross basis. Each well in which a member of the Owner Group and one or more members of the Service Provider Group own an interest shall be counted as a fractional well based on the relative ownership of the members of the Owner Group and the members of the Service Provider Group. For example, if the Owner Group owns a 25% interest, the Service Provider Group owns a 50% interest and a Third Party owns a 25% interest in a well, then the amount calculated pursuant to the foregoing sentence for the Owner Group shall equal 0.33 and the amount calculated pursuant to the foregoing sentence for the Service Provider Group shall equal 0.67. The “Services” to be provided by Service Provider in accordance with the terms and conditions of the Agreement shall include:
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Related to Well Count

  • relevant Minister means the Minister administering the Public Works Act 1902 or Parts 9 and 10 of the Land Administration Act 1997, as the case requires.

  • Interested Director means a director or trustee of an investment company who is an interested person within the meaning of Section 2(a)(19) of the Act. A “Disinterested Director” is a director who is not an interested person under Section 2(a)(19) of the Act.

  • Related Employer means the Employer and (a) any corporation that is a member of a controlled group of corporations as defined in Code Section 414(b) that includes the Employer and (b) any trade or business that is under common control as defined in Code Section 414(c) that includes the Employer.

  • Child welfare agency means a child-placing agency, child-caring institution or independent foster

  • Actively Employed – means the employee has been at work and performing assigned duties for at least 80 percent of the work days over the previous 12 months.