D Project. Total contractual ORRI amounts for Prospects developed within the Lxxxxxxxxx 3D Project will be awarded in accordance with Employee’s prior Employment Agreement dated December 1, 2006, and the letter agreement dated October 4, 2006 between Mxxx Xxxxxxx, Rich Armin, and Sxxx Xxxxxx (“Lxxxxxxxxx XXXX Amount”). However, these ORRI’s will be subject to the provisions in Paragraph J below. As of the effective date of this Agreement, Employee has earned the percentages of Lxxxxxxxxx XXXX Amount on each prospect in the Lxxxxxxxxx 3-D Project set forth on Exhibit B hereto. Subject to Paragraphs I, J and K below, when the prospects are leased and the Front End Money collected, Employee will earn 50% of his Lxxxxxxxxx XXXX Amount. Subject to Paragraphs I, J and K below, when all participants in a prospect have elected to drill their interest, and the drilling money has been collected, Employee will earn 90% of his Lxxxxxxxxx XXXX amount on all wxxxx in that prospect; when the first well in the prospect has been spudded, Employee will earn 100% of his Lxxxxxxxxx XXXX amount on all wxxxx in that prospect.
D Project. Employee’s Contractual ORRI for Prospects in the Xxxxxxxxxx 3-D Project is (i) for Prospects that, as of September 14, 2014, have been accepted by the Company and which are “Leased and money collected,” 50% of his original Contractual ORRI, and (ii) for Prospects that, as of September 14, 2014, have been accepted by the Company but not “Leased and money collected,” 40% of his original Contractual ORRI. Employee’s Contractual ORRI will be assigned on each such Prospect once the Prospect is Sold and the initial test well has been spudded on such Prospect in the Xxxxxxxxxx 3-D Project. For illustrative purposes and subject to the foregoing and any applicable adjustments based on the terms of the ORRI, Employee’s ORRI in the Prospects in the Xxxxxxxxxx 3-D Project are: Prospect Original Contractual ORRI1 Applicable Percentage2 Resulting Contractual ORRI1, 2, 3 Aztec 0.0900% 40% 0.03600% Bandelier 0.0900% 40% 0.03600% Bighorn 0.0900% 40% 0.03600% Bryce 0.0900% 40% 0.03600% Carlsbad 0.0900% 40% 0.03600% Glacier 0.0900% 50% 0.04500% Xxxxxx 0.0900% 50% 0.04500% Mesa Verde 0.0900% 50% 0.04500% Ranier 0.0900% 40% 0.03600% Ripken 0.0900% 40% 0.03600% Xxxx 0.0900% 40% 0.03600% Notes:
D Project. As of the effective date of this Agreement, Employee has earned the following percentages of total contractual ORRI amount on each prospect in the Amazon 3-D Project: Anaconda 40% Bxxx Xxxx Xxxx 00% Xxxx Xxxx North 50% Bxxxxx 50% Jaguarundi 50%
D Project. Employee will be assigned the following percentages of his contractual ORRI amount subject to Articles VI, VII and VIII of the Employment Agreement in the following Prospects once the Prospect is Sold and the initial well has been spudded on such Prospect in the Xxxxxxxxxx 3-D Project: Carlsbad 40% Glacier 50% Xxxxxx 40%
D Project. Employee’s Contractual ORRI for Prospects in the Amazon 3-D Project is (i) for Prospects that, as of September 14, 2014, have been accepted by the Company and which are “Leased and money collected,” 50% of his original Contractual ORRI, and (ii) for Prospects that, as of September 14, 2014, have been accepted by the Company but not “Leased and money collected,” 40% of his original Contractual ORRI. Employee’s Contractual ORRI will be assigned on each such Prospect once the Prospect is Sold and the initial test well has been spudded on such Prospect in the Amazon 3-D Project. For illustrative purposes and subject to the foregoing and any applicable adjustments based on the terms of the ORRI, Employee’s ORRI in the Prospects in the Amazon 3-D Project are: Prospect Original Contractual ORRI1 Applicable Percentage2 Resulting Contractual ORRI1, 2, 3 Anaconda 0.239646% 40% 0.0958584% Xxxx City North 0.239646% 50% 0.119823% Xxxxxx 0.239646% 50% 0.119823% Jaguarundi 0.207503% 50% 0.103752% N. Spider Monkey 0.239646% 50% 0.119823% S. Spider Monkey 0.207503% 50% 0.103752% Tambo 0.239646% 40% 0.0958584% Notes:
D Project. Employee will be assigned the following percentages of his Contractual ORRI amount in the following Prospects once the Prospect is Sold and the initial well has been spudded on such Prospect in the Xxxxxxxxxx 3-D Project: Aztec 40%* Bandelier 40%* Bighorn 40%* Bryce 40%* Carlsbad 40%* Glacier 50% Xxxxxx 50% Mesa Verde 50% Ranier 40%* Ripken 40% Xxxx 40%
