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Document Preview Gas Sale and Purchase Contract |
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Title: |
Gas Sale and Purchase Contract |
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Entities: |
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Date: |
2000 |
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Size: |
Preview shows 7KB of 38KB total |
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Price: |
$47 |
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ID: |
#907716 |
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GAS SALE AND PURCHASE CONTRACT
BETWEEN
CORAL ENERGY RESOURCES, L.P.
AS SELLER
AND
MOBILE GAS SERVICE CORPORATION
AS BUYER
<PAGE> 2
TABLE OF CONTENTS
<TABLE>
<S> <C>
ARTICLE I.
DEFINITIONS .........................................................1
ARTICLE II.
SOURCES OF GAS ......................................................2
ARTICLE III.
RESERVATIONS ........................................................2
ARTICLE IV.
QUANTITY ............................................................3
ARTICLE V.
PRICES ..............................................................4
ARTICLE VI.
DELIVERY POINTS .....................................................5
ARTICLE VII.
DELIVERY CONDITIONS .................................................5
ARTICLE VIII.
FORCE MAJEURE .......................................................6
ARTICLE IX.
ACCOUNTING ..........................................................7
ARTICLE X.
TERM ................................................................8
ARTICLE XI
INDEMNIFICATION .....................................................8
ARTICLE XII
WARRANTY ............................................................8
ARTICLE XIII.
ADDRESSES AND NOTICES ...............................................8
ARTICLE XIV.
SUCCESSORS AND ASSIGNS ..............................................9
ARTICLE XV.
MISCELLANEOUS ......................................................10
ARTICLE XVI.
CONFIDENTIALITY ....................................................11
</TABLE>
<PAGE> 3
GAS SALE AND PURCHASE CONTRACT
THIS CONTRACT, entered into as of July 1, 2000, by and between CORAL
ENERGY RESOURCES, L.P. ("Seller") and MOBILE GAS SERVICE CORPORATION ("Buyer").
WITNESSETH:
WHEREAS, Seller desires to sell and deliver natural gas to Buyer and
Buyer desires to purchase and receive natural gas from Seller upon the terms and
conditions set out herein.
NOW, THEREFORE, in consideration of the mutual benefits and covenants
contained herein, Seller and Buyer agree as follows:
ARTICLE I.
DEFINITIONS
1.1 DEFINITIONS. Except where the context otherwise indicates
another or different meaning or intent, the following words and terms
as used herein shall be construed to have the meanings indicated:
(a) "Btu" means British Thermal Unit and, if appropriate, also
means the plural thereof.
(b) "Commodity Price" means the base price per MMBtu as
determined pursuant to Sections 5.2, 5.3, 5.4, hereof.
(c) "Daily Contract Entitlement" or "DCE" means the daily
quantity of gas to be made available to Buyer for nomination pursuant
to Section 4.1 hereof.
(d) The word "day" means 24 consecutive hours, coextensive
with a "day" as defined by the Transporter. The date of a day shall be
that of its beginning.
(e) "FERC" means the Federal Energy Regulatory Commission and
any successor thereto.
(f) The word "gas" means natural gas, whether produced with
oil or from gas or gas-condensate wells.
(g) "MMBtu" means 1,000,000 Btu.
(h) The word "month" means a period beginning on the first day
of a calendar month and ending immediately prior to the first day of
the next succeeding calendar month.
(i) "Nominated Quantity" means the quantity of gas, in MMBtu
per day, nominated by Buyer for a given month pursuant to Section 4.3
hereof.
<PAGE> 4
(j) "Reservation Charge" means the fee paid Seller to make
available for Buyer's nomination a quantity of gas equal to the DCE for
the term of this Contract. Such fee shall be calculated pursuant to the
provisions of Section 5.1 hereof.
(k) "Transporter" means the pipeline used by Buyer to
transport gas delivered hereunder.
(l) The word "year" means a period of 365 consecutive days
from the first day of the month following the month in which the
initial nomination is made hereunder, provided that any year which
contains the date February 29 shall consist of 366 days.
(m) "Yellowhammer Plant" means the Yellowhammer Treating Plant
located approximately fifteen miles south of Interstate 10 or state
road 193 near Mobile, Alabama.
ARTICLE II.
SOURCES OF GAS
2.1 POOL COMPOSITION. The gas delivered hereunder will be
provided from any or all of Seller's sources of gas (the "Pool"). Buyer
understands and agrees that Seller may, at any time and from time to
time, add to or subtract from the sources comprising the Pool, at
Seller's sole discretion and for any reason. Buyer shall have no rights
whatsoever with respect to any particular source of gas in the Pool at
any time.
2.2 SUPPLY SHORTAGE MITIGATION. Notwithstanding the provisions
of Section 2.1, the parties intend that deliveries hereunder will be
made at the Yellowhammer Plant. Each party agrees to work to mitigate
the effect of any reduction in deliveries at the Yellowhammer Plant
resulting from force majeure events by seeking alternate supplies and
by seeking to arrange for deliveries at other locations on Buyer's
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