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This interest is paid, or carried, for the drilling and or completion costs as specified in the contract between the parties, by another working interest owner typically until casing point is reached, or through the tanks, meaning through completion of the well, as agreed upon contractually.
Carried Costs / Carry: a disproportionate funding arrangement used in oil and gas joint development programs whereby one party pays all or a portion of another party's Working Interest costs with respect to a particular Oil and Gas Property, whether for a set period of time or up to a set amount of Carried Costs.
Oil and Gas Interest means non-operated or non-working direct and indirect interests in and rights with respect to oil, gas, mineral, and related properties (including revenues or net revenues therefrom) and assets of any kind and nature.
In the oil and gas context, a carried interest is a fractional oil and gas interest that is not required to pay for drilling or operational expenses for a limited time (carry period). These expenses are paid by the other working interest owners (called co-tenants) of the property.
The lessee of an oil or gas lease can assign the entire lease or part of it. In other words, the lessee can sell or transfer part of the estate or the entire estate to which they have the working rights. The assignee is assigned the working interest and lease obligations, including override royalty.
"CARRIED WORKING INTEREST" shall mean the percentage of Working Interest which is not burdened with any Expenses, Overhead and Costs. The owner of the Carried Working Interest is "carried" to the tanks, as that phrase is used in the industry, after which it shall pay its pro-rata share of Lease Operating Costs.
If a working interest owner has a percentage of ownership in an oil and gas lease and is involved with the development of the prospect, the other partners may grant them a "carry" i.e. the other partners will pay all or part of his or her share of the costs involved in the prospect.
A taxpayer whose principal business in Tennessee is manufacturing may elect to apportion net earnings to this state by multiplying the earnings by a fraction, the numerator of which is the total receipts of the taxpayer in Tennessee during the taxable year and the denominator of which is the total receipts of the ...