Well Unit definition

Well Unit means a tract of land surrounding a well producing or capable of producing oil and/or gas in paying quantities and that consists of the total number of acres established by the spacing order or applicable field rules of the Texas Railroad Commission (or other governmental authority having jurisdiction) as the amount of acreage that must be included in the proration unit for such well in order for such well to receive or be assigned its maximum allowable amount of production. If no such spacing order or field rules have been issued, such tract of land shall consist of the maximum allowable unit acreage provided for in the Subject Leases. The acreage to be included in each Well Unit shall be selected by Farmees in conformity with any such spacing order or field rules.
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Well Unit defined in Article I, Section 1.2.
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Well Unit means the drilling and production unit established for an Initial Well under applicable laws, rules or regulations of governmental authorities having jurisdiction for the drilling and production of such Initial Well. The exact configuration of any such Well Unit shall be designated by Brixxxx. It is anticipated that each Well Unit will be two sections in size, but the Parties recognize that in the event that one or both of the sections included in a Well Unit are of an irregular size, a Well Unit may be slightly more or less than 1,280 acres.
Sample 1

Examples of Well Unit in a sentence

  • Party B agrees to buy one (a) set of Jet-DrillTM Semi Enclosed Skid Shallow (two thousand meters) Well Unit and one (a) set of Jet-DrillTM Semi Enclosed Skid Deep (three thousand meters) Well Unit on behalf of Party A.

  • Coupled Flow and Geomechanical Analysis for Gas Production in the Prudhoe Bay Unit L-106 Well Unit C Gas Hydrate Deposit in Alaska, Journal of Petroleum Science and Engineering, 92-93, 143-157, doi: 10.1016/j.petrol.2012.04.012.

  • The meetings provide the members with the opportunity to focus their full attention on a particular issue.

  • Within seven (7) days following spudding in of a Test Well, AEC shall assign to the Vendor who originally assigned the Prospect to AEC pursuant to the Purchase Agreement the Outside Acreage Conveyance consisting of an undivided twenty-five per cent (25.0%) of the interest acquired by AEC in each of the Leases in the Prospect on which operations on the Test Well have commenced, except to the extent such Leases are included in the Test Well Unit.

  • The source may be able to safely supply more water than is currently assumed.

  • In the event a Project Well is drilled and completed as a Commercial Well, Farmee shall designate a Well Unit therefor.

  • Coupled flow and geomechanical analysis for gas production in the Prudhoe Bay Unit L-106 Well Unit C Gas hydrate deposit in Alaska.

  • In determining which portions of an Asset constitute a Title Defect, it is the intent of the parties to include, to the extent possible, only that portion of any affected Asset (whether a Well, Unit or leasehold interest, as applicable) that is adversely affected by the defect.

  • If Farmee drills and completes a Project Well as a Commercial Well, and has complied with the provisions of Section 3.1 above, Farmee shall have earned the Subject Interests to the extent of the Well Unit for such Project Well, whereupon Farmor shall execute, acknowledge and deliver to Farmee a Partial Assignment of Oil, Gas and Mineral Leases in the form attached hereto as Exhibit B (the “Partial Assignment”).

  • Farmee shall designate the Well Unit for each Project Well by executing and recording an instrument setting forth the location of the well, the completion date thereof, and a valid legal description of that portion of the Subject Leases to be included therein (the “Unit Designation”).

Related to Well Unit

  • FTPS Unit means Units which are purchased through the Fund/SERV(R) trading system or on a manual basis through FTP Services LLC or for which FTP Services LLC is acting as FTPS Unit Servicing Agent.

  • Work Unit means a working department or service, as defined by the Employer.

  • Share Unit means a unit credited by means of an entry on the books of the Corporation to a Participant pursuant to the Plan, representing the right to receive, subject to and in accordance with the Plan, for each Vested Share Unit one Share, at the time, in the manner, and subject to the terms, set forth in the Plan and the applicable Grant Agreement;

  • Commercial unit means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. A commercial unit may be a single article, as a machine, or a set of articles, as a suite of furniture or a line of machinery, or a quantity, as a gross or carload, or any other unit treated in use or in the relevant market as a single whole.

  • Service Unit means a standardized measure of consumption, use, generation, or discharge attributable to an individual unit of development calculated in accordance with generally accepted engineering or planning standards for a particular category of capital improvements.

  • GP Unit means a Partnership Unit which is designated as a GP Unit of the Partnership.

  • Operating Unit means, for purposes of this part, primary and constituent operating units designated as such in the Department Order Series of the De- partment of Commerce and, in addi- tion, the Office of the Secretary.

  • Phantom Unit means a notional Unit granted under the Plan which upon vesting entitles the Participant to receive, at the time of settlement, a Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its sole discretion.

  • Performance Share Unit or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6;

  • Stock Unit means a bookkeeping entry representing the equivalent of one Common Share, as awarded under the Plan.

  • Performance Share means an Award denominated in Shares which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 10.

  • Unit and “Quality” means the unit and quantity specified in the schedule.

  • Condominium unit A Single Family Property within a Condominium Project.

  • Unit Share has the meaning ascribed thereto in the first paragraph of this Agreement;

  • Deemed Dividend Problem means, with respect to any Foreign Subsidiary, such Foreign Subsidiary’s accumulated and undistributed earnings and profits being deemed to be repatriated to the Borrower or the applicable parent Domestic Subsidiary under Section 956 of the Code and the effect of such repatriation causing materially adverse tax consequences to the Borrower or such parent Domestic Subsidiary, in each case as determined by the Borrower in its commercially reasonable judgment acting in good faith and in consultation with its legal and tax advisors.

  • Generating Unit means one or more generating equipment combinations typically consisting of prime mover(s), electric generator(s), electric transformer(s), steam generator(s) and air emission control devices.

  • British thermal unit or "Btu" means the amount of heat

  • Rental unit means a structure or part of a structure used as a home, residence, or sleeping unit by a single person or household unit, or any grounds, or other facilities or area promised for the use of a residential tenant and includes, but without limitation, apartment units, boarding houses, rooming houses, mobile home spaces, and single and 2-family dwellings.

  • Deferred Share Unit or “DSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 7;

  • target unit means a facility or group of facilities to which an underlying agreement applies; “tCO2 equivalent” means tonnes of carbon dioxide equivalent;

  • Restricted Share Unit means the right granted to a Participant pursuant to Article 7 to receive a Share at a future date.