HomeMy WebLinkAbout949935MEMORANDUM OF COOPERATIVE WELL AGREEMENT AND 000470
NOTICE OF EARNING WELLBORE ASSIGNMENT
This Memorandum of Cooperative Well Agreement and Notice of Earning Wellbore
Assignment ("Memorandum") executed this 27th day of August, 2009, by and between EnCana
Oil & Gas (USA) Inc. ("EnCana"), whose mailing address is 370 17`h Street, Suite 1700, Denver,
Colorado 80202, and Cabot Oil & Gas Corporation ("Cabot"), whose mailing address is P.O.
Box 4544, Houston, Texas 77210-4544.
THAT Cabot and EnCana (the "Parties"), have entered into that Cooperative Well
Agreement dated March 1, 2005, as amended (the "Agreement"), whereby EnCana has granted to
Cabot the right to drill certain oil and gas wells to earn certain interests of EnCana therein, as
more fully described herein.
THAT the Agreement provides and continues to provide for an alternative and ongoing
course of action between EnCana and Cabot with respect to EnCana's election to either
participate or not participate in the drilling of wells ("Test Wells") proposed by Cabot on lands
and in areas described in the Agreement, located in Sweetwater, Lincoln and Carbon Counties,
Wyoming, and hereinafter referred to as "Subject Lands".
THAT pursuant to the terms and provisions of the Agreement, EnCana, upon Cabot drilling
each respective Test Well subject to the Agreement, shall deliver to Cabot an assignment of 100%
of its working interest in the wellbore for each respective Test Well, retaining an overriding
royalty interest equal to the percentage difference between existing burdens and 25%, thereby
delivering Cabot a 75% net revenue interest assignment, proportionately reduced to EnCana's
working interest in the wellbore for each respective Test Well ("Overriding Royalty"). The
Overriding Royalty shall not be convertible to a working interest after payout. The assignment
shall be limited in depth to cover those rights from the surface of the earth to the total depth
drilled, limited to the wellbore for each respective Test Well.
THAT Cabot has drilled and completed certain Test Wells in accordance with the
Agreement, and has thereby earned the right to an assignment from EnCana of 100% of its
working interest in the wellbore for each respective Test Well, as more fully described above.
THAT such assignments from EnCana to Cabot are pending preparation, execution and
recording, and that all prospective assignees, mortgagees, successors in interest or other parties
claiming or acquiring some interest by, through or under EnCana and/or Cabot are hereby placed
on notice of the applicability of the terms and provisions of the Agreement with respect to such
Test Wells and the interests earned.
THAT pursuant to the Agreement, EnCana and Cabot have agreed to take such further
actions and to execute, acknowledge and deliver all such further documents that are necessary or
useful in carrying out the purposes of the Agreement or of any document delivered pursuant to
the Agreement.
THAT for the purposes of notifying such prospective assignees, mortgagees, successors in
interest or other parties claiming or acquiring an interest by, through or under EnCana and/or
Cabot with respect to such Test Wells, Exhibit "A" is attached hereto and made a part hereof
reflecting those specific Test Wells earned by Cabot therein pursuant to the Agreement for which
formal assignments from EnCana are pending.
RECEIVED 10/8/2009 at 12:52 PM
RECEIVING # 949935
BOOK: 733 PAGE: 470
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
THAT a true and complete copy of the Agreement, as well as information and the status of
any pending assignments, is available for inspection to all proper persons during normal business
hours at the office of either Cabot or EnCana.
THAT this Memorandum is executed and recorded solely for the purpose of giving notice
and shall not modify or amend the Agreement in any way.
DATED this 27rb day of August, 2009.
ENCANA OIL & GAS (USA) INC.
sy:
Name: Constance D. Heath
Title: Attorney-in-fact
CABOT OIL & GAS CORPORATION
A
2 By:
Name: Jo 11 S ' M Q 1 rC
Title: / r 40rYt e~v1 - ✓1 - ;Fe,e
ACKNOWLEDGEMENTS
00472
STATE OF COLORADO )
) SS
COUNTY OF DENVER )
This instrument was acknowledged before me this z 7 day of K 1- , 2009,
by T1,, X. Ma >i-e- , as Attorney-in-Fact of CABOT OIL & GAS
CORPORATION, a Delaware Corporation, on behalf of the corporation.
WITNESS my hand and official seal.
My commission expires:
e. ,
KATHRYN B. FLAGER Notary Publi
NOTARY PUBLIC
STATE OF COLORADO
My Commission Expires 11/12/2011
STATE OF COLORADO )
) SS
COUNTY OF DENVER )
This instrument was acknowledged before me this 31 day of ANA~J_L, 2009,
by Constance D. Heath , as Attorney-in-Fact of ENCANA OI & GAS (USA)
INC., a Corporation, on behalf of the corporation.
WITNESS my hand and official seal.
My commission expires:
COLLEEN ROSE
NOTARY PUBLIC
STATE OF COLORADO
My Commission Expires 02!2212013
Notary Public
VVV473
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