Common use of Interests of Parties Clause in Contracts

Interests of Parties. Unless changed by other provisions, all costs and liabilities incurred in operations under this contract shall be borne and paid proportionally and all equipment and material acquired in operations on the Unit Area shall be owned by the parties as their respective interests bear to the entire leasehold. All production of oil and gas from the Unit Area shall also be owned by the parties in the same manner subject to all royalties overriding royalties and production payments in the nature of an overriding royalty.