Proved Properties definition
Examples of Proved Properties in a sentence
With respect to the Owned Properties and the JOA Properties, the leases and other contracts and agreements, permits and approvals forming a part of the Eligible Proved Properties, which are material to the operation or value of any Properties, when taken as a whole, are in full force and effect.
The parties' ownership of any Prospects and Proved Properties shall be as tenants in common, subject to the applicable agreements including the application Operating Agreement.
For purposes of this section, "▇▇▇▇▇" means those ----- ----- oil, condensate or natural gas ▇▇▇▇▇ or ▇▇▇▇▇ producing any combination thereof (whether producing, not producing, abandoned or temporarily abandoned), water source ▇▇▇▇▇, and water and other types of injection or disposal ▇▇▇▇▇ and systems located on the Proved Properties.
All rents, royalties and other payments due and payable under such leases and other contracts and agreements, forming a part of the Eligible Proved Properties, or under the Permitted Liens, have been properly and timely paid in accordance with prudent industry practices, but in no event later than ninety (90) days past due.
This Agreement shall not entitle SUIT to participate in any Prospects or Proved Properties obtained by Contango by means of (i) any acquisition of equity interests in entities owning Prospects, Proved Properties or Acquisition Agreements or rights to acquire Prospects, Proved Prospects or Acquisition Agreements, (ii) any merger or (iii) any business combination.