West Cameron Block 57 (OCS-G 21534). The contract covers depths from the surface of the earth down to the base of the CrisR-2 sand at a depth of 15,500' vertical sub-sea or to the base of the stratigraphic equivalent of the CrisR-2 sand, whichever is deeper.
This contract shall automatically terminate, without liability or obligation, in the event the initial well is not commenced on or before November 1, 2007, subject only to weather delays, delivery of materials (e.g. pipe), rig availability and obtaining all required permits.
For purposes of Federal income taxation and certain state income tax laws which incorporate or follow Federal income tax principles, the parties are in a tax partnership.