Operated Properties Clause Samples

Operated Properties. The Target Entities listed on Schedule 6.01(x) are the operators of the Assets listed on such Schedule and no Target Entity will resign as operator of such Assets prior to Closing.

Operated Properties. Sellers are the operator of all of the ▇▇▇▇▇ and units listed in Exhibit A.

Operated Properties. At Closing, the Vendor will notify the co owners of those Hydrocarbon Assets that the Vendor currently operates, that the Vendor is resigning as operator. The Vendor makes no representations or warranties to the Purchaser as to transferability or assignability of operatorship of any Hydrocarbon Assets the Vendor currently operates. Rights and obligations associated with the operatorship of the Hydrocarbon Assets are governed by operating and similar agreements covering the Hydrocarbon Assets and will be decided in accordance with the terms of such agreements. Notwithstanding the Vendor’s resignation as operator, the Vendor will continue to serve as operator and will be entitled to all Recoverable Overhead with respect thereto until the earlier of (a) the date on which a successor operator is elected and takes over operatorship pursuant to the terms of the applicable operating agreement, or (b) the end of the applicable time period required for the Vendor to continue as operator as mandated by the terms of the applicable operating agreement.

Operated Properties. Seller has listed in Section 4.15 of ------------------- the Seller Disclosure Schedule all of the Oil and Gas Properties (in this Section, the "Operated Properties") where Seller or an Affiliate thereof serves as operator, for itself and such other parties (in this Section, "non- operators"). All bills to non-operators for reimbursement of operating expenses incurred with respect to the Operated Properties are being rendered, and (except for amounts totaling less than $25,000) paid, on a current basis; Seller has made no advance ▇▇▇▇▇▇▇▇ to non-operators for estimated costs which have not heretofore been reconciled to actual costs with full credit having been given for funds advanced (and Seller, therefore, holds no funds advanced by a non- operator as pre-payment of estimated future costs). Seller has listed in Section 4.15 of the Seller Disclosure Schedule all ▇▇▇▇▇ with respect to which it is disbursing proceeds of production to third parties owning interests in the production from such ▇▇▇▇▇ (in this Section, the "Disbursement Properties"). All of such proceeds of production being so accounted for (except proceeds, aggregating less than $25,000, attributable to interests being held in suspense in accordance with prudent industry practice) have been, and are being, accounted for under appropriate division orders, transfer orders or similar documents signed by, or otherwise clearly binding on, the parties receiving such proceeds and reflecting, as to each party, the decimal interest such party is being paid upon; to the best of Seller's knowledge, Seller has been correctly accounting to such third parties for such proceeds of production.

Operated Properties