Examples of Proration Unit in a sentence
Operator shall deliver Participant an Assignment including each of the Leases as to the lands comprising the Proration Unit surrounding each of the Prospect Xxxxx drilled and completed in which Participant is entitled to an Assignment.
Operator shall deliver Participant an Assignment including each of the Leases as to the lands comprising the Proration Unit surrounding each of the Prospect Wxxxx drilled and completed in which Participant is entitled to an Assignment.
Any additional wxxxx drilled on within the Governmental Proration Unit (as defined below) after the reversion will be on a heads-up basis under the terms and conditions of the JOA (as defined below).
The Term Assignment shall contain a reservation of a twenty-five percent (25%) back-in after payout working interest, which shall be applicable to each Well and its associated Governmental Proration Unit drilled on behalf of Participant (“Reserved Back-In Interest”).
The Assignments shall be made and accepted subject to, and NFR shall assume from and after the date the Oil and Gas Interest was acquired by GASCO, a share of the obligations under the Oil and Gas Interest and of the Existing Burdens, in each case insofar as they relate to the Proration Unit and in proportion to the NFR Working Interest Share.