Producible Reservoir Clause Samples

The 'Producible Reservoir' clause defines what constitutes a reservoir that is capable of producing hydrocarbons in commercially viable quantities. In practice, this clause sets specific technical or economic criteria—such as minimum flow rates, pressure levels, or production volumes—that must be met for a reservoir to be considered producible under the agreement. Its core function is to establish a clear and objective standard for when a reservoir is deemed productive, thereby reducing ambiguity and potential disputes between parties regarding development obligations or rights.
Producible Reservoir. An underground accumulation of Hydrocarbons (a) in a single and separate natural pool characterized by a distinct pressure system, (b) not in Hydrocarbon communication with another accumulation of Hydrocarbons, and (c) into which a Producible Well has been drilled.
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Producible Reservoir. Based on electric log data, core analysis data, a drill stem test, a wire line formation test, or any combination of these, an accumulation of oil or gas, or both, separated from and not in oil or gas communication with any other accumulation and having rock properties indicating it to be capable of hydrocarbon production in quantities sufficient to yield a return in excess of the costs of equipping, completing, and operating it, including allocated costs for a Platform, Facilities, and their operations, as determined by the affirmative vote of two (2) or more Parties having a combined Participating interest of fifty percent (50%) or more. In addition, any accumulation of oil or gas, or both, within the Contract Area shall be designated a Producible Reservoir upon the approval of a Platform to produce such oil or gas.
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