Selection of Successor Operator. Upon the resignation or removal of PDC, a successor Operator shall be selected by the parties. The successor Operator shall be selected by the affirmative vote of parties owning a majority working interest in each Prospect; provided, however, if an Operator which has been removed fails to vote or votes only to succeed itself, the successor Operator shall be selected by the affirmative vote of parties owning a majority interest after excluding the voting interest of the Operator that was removed.
Appears in 24 contracts
Samples: Drilling and Operating Agreement (PDC 2002 B LTD Partnership), Drilling and Operating Agreement (PDC 2002 C LTD Partnership), Drilling and Operating Agreement (PDC 2003-a Lp)
Selection of Successor Operator. Upon the resignation or removal of PDC, a successor Operator shall be selected by the parties. The successor Operator shall be selected by the affirmative vote of parties owning a majority working interest in each Prospect; : provided, however, if an Operator which has been removed fails to vote or votes only to succeed itself, the successor Operator shall be selected by the affirmative vote of parties owning a majority interest after excluding the voting interest of the Operator that was removed.
Appears in 1 contract
Samples: Form of Drilling and Operating Agreement (PDC 2005-a Limited Partnership)
