Net Revenue Interest. Participant(s) shall acquire from Osage a delivered 78% net revenue interest in the leasehold interest leased by Osage listed on Exhibit B. As to any leases acquired after the acquisition of 10,000 net acres, or closing of this Agreement, which ever comes first, Participant(s) shall be delivered a net revenue of 78% unless the delivered net revenue received by Osage is less than 78%, in which case the leasehold will be assigned to Participant at the same delivered net revenue received by Osage.
Appears in 2 contracts
Sources: Participation Agreement (Osage Exploration & Development, Inc.), Participation Agreement (Osage Exploration & Development Inc)