Farmout Lands definition

Farmout Lands mean the lands set out and described in Schedule “A” hereto insofar as the right thereto is granted by the Title Documents.

Farmout Lands means the areal, stratigraphic and substance rights described as “Farmout Lands” in Schedule “A” of the Agreement or so much of those rights as remain subject to the Agreement and the Title Documents, excluding any Reserved Formations;

Farmout Lands means the Farmor's net interest in and to the minerals owned by Farmor which are set forth in Exhibit "A" attached hereto and made a part hereof which may be amended or modified from time to time hereafter by mutual agreement in writing exclusively. Farmout lands shall be subject to modification and adjustments based upon GPS survey and future agreements of the parties.

Examples of Farmout Lands in a sentence

• The Farmout Lands have been divided into three separate blocks and the Company has an option to earn 80% working interest in each block by drilling a vertical well at each Block.

• To earn the Working Interest the Company was required to drill, complete, equip or abandon a test well on the Farmout Lands (“Test Well”).

• The Company’s Working Interest in the Farmout Lands will be held subject to a non-convertible overriding royalty payable to the Farmor (“Farmor’s Royalty”).

• The Farmout Lands are subject to a royalty burdens totalling 16% and the initial block is subject to an additional royalty of 3.5%.

• Under the Farmout Agreement, TOL is entitled to acquire up to an 87.5% working interest and a 65.1875% net revenue interest in the Leases and Farmout Lands from Eagle Development by funding all costs associated with and acting as operator on the re-entry and fracture stimulation and completion of a existing well or a substitute well.

More Definitions of Farmout Lands

Farmout Lands means the lands shown under the heading Farmout Lands in Schedule “A”, provided that the “Farmout Lands” shall not include the 6.5 Section Block lands unless or until the Farmor acquires a legal or beneficial interest in the Title Documents that comprise the 6.5 Section Block;

Farmout Lands means the lands identified on Schedule “A” hereto as “Farmout Lands”

Farmout Lands means the lands set forth and described under that title in Schedule "A" attached hereto and so much thereof as from time to time remain subject to this Agreement, but only insofar as rights to the same are granted by the Title Documents;

Farmout Lands means Farmor’s working interest in all Petroleum and Natural Gas Rights in the lands as described in Schedule “A” attached hereto;

Farmout Lands means the lands and rights described on Schedule "A" hereto in which Farmee may earn an interest pursuant to this Agreement;

Farmout Lands in Schedule ”A” to the Farmout Agreement, provided that the “Farmout Lands” shall not include the 6.5 Section Block (as defined in the Farmout Agreement) unless or until Deep Well or Northern acquire a legal or beneficial interest in the Title Documents (as defined in the Farmout Agreement) that comprise the 6.5 Section Block;

Farmout Lands means the lands set forth and described in the Farmout Agreement;