Third Party Working Interest Owners Clause Samples

Third Party Working Interest Owners. Unless the Parties otherwise agree, if a third party working interest owner in any new well that is proposed to be drilled under the Agreement elects not to participate in such well, PetroQuest and WSGP will proportionately share such non-consenting working interest based upon each Party’s working interest in such well. If there is a separate operating agreement in effect between any third party working interest owner(s) and PetroQuest as of the Closing Date with respect to any of the Transaction Assets (a “Third-Party JOA”), then the Parties will exercise reasonable diligence in consultation with one another to attempt to cause any such third party to agree to join in the form of Operating Agreement attached hereto as Exhibit “G” with respect to the leases and lands covered by the Third-Party JOA. If, however, the third party fails to join in such Operating Agreement, then the Third-Party JOA shall govern as between PetroQuest or WSGP, on the one hand, and each such third party thereto, on the other hand; provided, however, that as between WSGP and PetroQuest, the Operating Agreement shall govern to the extent possible after PetroQuest and WSGP have complied with the terms of the Third-Party JOA as relates to the third party. PetroQuest shall promptly provide WSGP with any proposals, notices or other information received from any third party pursuant to any applicable Third-Party JOA to provide WSGP as much time is as practicable in which to make any elections or notify PetroQuest of any decisions relating to such third party proposals, notices or other information.
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Related to Third Party Working Interest Owners

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