Right to Production. Until such time as the Optionee shall have commenced Production on the property, the Optionors shall have all rights to production. Upon the Optionee commencing Production, which shall be defined as the commencement of the processing of Minerals from mxxxx to be constructed by the Optionee, then the net proceeds from Production shall be split as to two-thirds (2/3) to the Optionee and one-third (1/3) to the Optionors until the Optionors shall have received $5,000,000 as defined in 3.2 (vii) above, at which time the Optionors will revert to a twenty-five (twenty-five%) percent carried interest whereby, the Optionee will receive twenty-five (25%) of the net proceeds from Production for the life of the project, which may sold, transferred or assigned. The Optionee shall be appointed Operator and shall have the right to work on the Property, and to permit any other person or persons as it may in its sole discretion decide to, enter on and conduct the Mining Operations on the Property as the Operator may decide. The Operator shall have quiet possession during the Option Period with full power and authority to the Operator, its servants, agents, workers or contractors, to carry on Mining Operations in searching for minerals in such manner as the Operator may determine, including the right to erect, bring and install on the Property all buildings, plant, machinery, equipment, tools, appliances or supplies as the Operator shall deem necessary and proper and the right to remove therefrom reasonable quantities of rocks, ores and minerals and to transport them for the purposes of sampling, metallurgical testing and assaying. The Operator shall conduct all Mining Operations in a careful and miner-like manner and in compliance in all material respects with all Acts, regulations, by-laws, orders and judgments and all applicable directives, rules, consents, permits, orders, guidelines and policies of any Government or Regulatory Authority with jurisdiction over the Property. The Operator shall agree, with the commencement of mineral processing or earlier on mutual consent and up to such time as the interest in the Property is earned by the Optionor, to retain the services of Gxxxxx Xxxxxxxxxxx as field supervisor at a fee of $25,000 per month to commence with the commencement of operations by the Operator.
Right to Production. Prior to any default by Buyer under the Note or Mortgage, Buyer shall be entitled to receive all of the production from any well produced on the Assets and the proceeds therefrom (after deducting production taxes, excise taxes, royalty, overriding royalty, including any overriding royalty interest reserved or owned by Seller, and other similar interests payable out of production).
Right to Production. Except as set forth in the [Conoco Contract], no person or entity has any call upon, right to purchase, option to purchase or similar rights with respect to any portion of NFR’s share of the future production of hydrocarbons from the Oil and Gas Interests.
Right to Production. Effective upon execution of this Agreement, Assignor hereby grants to Assignee all rights to production, which shall include but not be limited to right to mineral extraction on all mineral claims and tenements owned or controlled by Company, right to control production in all aspects, right to enter the property and remove the minerals or resources at its election.
Right to Production. All production from the Leases prior to the Effective Date, and all proceeds from the sale of such production, including oil in storage above the pipeline connection on the Effective Date, shall be the property of AFG. All production from the Leases after the Effective Date, and all proceeds from the sale of such production, shall be the property of TGCI. Oil in the tanks shall be gauged as of 7:00 A.M. on the Effective Date; TGCI shall pay to AFG at Closing for oil above the pipeline connection at the price then being paid to AFG by the purchaser of production.
