The Evolution of Consents. ENERGY & MINERAL LAW FOUNDATION 30th Annual Institute May 17-19, 2009 Hilton Oceanfront Resort Hilton Head Island, SC.
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ENERGY & MINERAL LAW FOUNDATION30th Annual InstituteMay 17-19, 2009Hilton Oceanfront ResortHilton Head Island, SC
Nick Carter, Natural Resource Partners L.P., Huntington, WVBruce E. Cryder, Greenebaum Doll & McDonald, Lexington, KYDavid Stetson, Managing Dir., Dome Capital Advisors, LLP, Union, KY Arthur J. Wright, Thompson & Knight, Dallas, TX
(999905 000003 Dallas 2488290.1)
For the purpose of maintaining uniformity of ownership in the oil and gas leasehold interests covered by this agreement, no party shall sell, encumber, transfer or make other disposition of its interest in the leases embraced within the Contract Area and in wells, equipment and production unless such disposition covers either.
Every such sale, encumbrance, transfer or other disposition made by any party shall be made expressly subject to this agreement and shall be made without prejudice to the right of the other parties.
Every sale, encumbrance, transfer or other disposition made by any party shall be made expressly subject to this agreement and shall be made without prejudice to the right of the other parties, and any transferee of an ownership interest in any Oil and Gas Lease or Interest shall be deemed a party to this agreement as to the interest conveyed from and after the effective date of the transfer of ownership; provided, however, that the other parties shall not be required to recognize any such sale, encumbrance, transfer or other disposition for any purpose hereunder until thirty (30) days after they have received a copy of the instrument of transfer or other satisfactory evidence thereof in writing from the transferor or transferee.
No assignment or other disposition of interest by a party shall relieve such party of obligations previously incurred by such party hereunder with respect to the interest transferred, including without limitation the obligation of a party to pay all costs attributable to an operation conducted hereunder in which such party has agreed to participate prior to making such assignment, and the lien and security interest granted by Article VII.B. shall continue to burden the interest transferred to secure payment of any such obligations.