Seismic Agreement

The hierarchy of agreements – AMIs, JOAs, units – which are subordinate? Since the Optionor lessor relies heavily on the best rental terms it obtains when the option switches to a leasing plan, a landowner`s Seismic option generally requires the option taker to a minimum selection — in other words, to accept a lease for at least part of the contract area at the option price indicated. While this increases the effective price of the seismic option is uns promising with regard to the entire wing of the country, it is in turn the price to pay is the day your company pays for the greater flexibility of a seismic option. 2 It would be possible, at least in theory, to link a large area owned by a number of separate landowners and mineral owners, by guaranteeing low-cost seismic options instead of leases. In practice, however, that would be quite difficult to negotiate. A more practical alternative in an area of tier wild cats can be « check-board » throughout the wide region before pulling the seismic. The first draft joint enterprise seismic agreement is presented here with some initial comments from members of the chief geophysicists. Members` comments should be addressed to the CSEG website on the online forum, in writing to me in the CSEG office or to the open microphone portion of the CSEG luncheon on November 23. The seismic option also offers benefits for the landowner. Its area is bound for a shorter period than if it had granted a lease for a « wild cat rank. » The terms of the lease on the surface that Optionee-Lessee finally chose after its seismic assessment will often be much more attractive to the owner than if a lease had been entered into without provisional seismic conditions: in addition to a higher bonus per hectare on the selected area3, the lease agreement may include provisions such as back-ins, higher royalties, drill-or-drop requirements. etc.4 In addition, with respect to the area not chosen by your company, the owner may refer to the high bonus, 5 99-001 50 45 45 45 45 45 45 0 10 10 Seismic Site Use unit www.seismic.com (the « website ») and, alternatively, a separate written agreement with Seismic Software, Inc. D/B/A Seismic (« Seismic ») regulates the use of products and services available on the site (as well as the site, the « Service »). The service is in the possession and operated by Seismic.

The service is offered subject to your (and the organization you represent) (together « users ») without changing all the conditions and other operating rules, policies and procedures that may be published from time to time by Seismic on the site.

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