Gas Imbalance a sale or utilization by Borrower or any of its Subsidiaries of volumes of natural gas in excess of its gross working interest, (b) receipt of volumes of natural gas into a gathering system and redelivery by Borrower or any of its Subsidiaries of a larger or smaller volume of natural gas under the terms of the applicable transportation agreement, or (c) delivery to a gathering system of a volume of natural gas produced by Borrower or any of its Subsidiaries that is larger or smaller than the volume of natural gas such gathering system redelivers for the account of Borrower or any of its Subsidiaries, as applicable.
Gas Imbalance. Buyer acknowledges and agrees to the following regarding gas imbalances as of the Effective Time on any of the Assets to be transferred pursuant to this Agreement:
Gas Imbalance a sale or utilization by any Loan Party or any Subsidiary of volumes of natural gas in excess of its gross working interest, (b) receipt of volumes of natural gas into a gathering system and redelivery by any Loan Party or any Subsidiary of a larger or smaller volume of natural gas under the terms of the applicable transportation agreement, or (c) delivery to a gathering system of a volume of natural gas produced by any Loan Party or any Subsidiary that is larger or smaller than the volume of natural gas such gathering system redelivers for the account of any Loan Party or any Subsidiary, as applicable. General Partner: as defined in the preamble hereto.
Gas Imbalance. Xxxxxx represents and warrants that no gas imbalances exist for the Assets, Lease(s) or Leasehold Interests.
Gas Imbalance. Borrower has no material obligations or liabilities on any contracts or agreements with respect to gas imbalances or other matters where Borrower’s oil and gas production will be substantially curtailed from the levels of production previously experienced with respect to the Oil and Gas Properties.
Gas Imbalance. The Bank shall have received all information regarding material obligations or liabilities on any contracts or agreements with respect to gas imbalances of the Borrower with respect to the Oil and Gas Properties.
Gas Imbalance. Xxxxx acknowledges and agrees to the following regarding gas imbalances as of the Effective Time on any of the Assets to be transferred pursuant to this Agreement:
Gas Imbalance. Seller warrants that there are no gas imbalances owed to or owed by Seller to other working interest owners of the Assets.
Gas Imbalance. As to any Gas Imbalances which exist, the Parties agree that:
(i) Unocal will furnish Buyer with a statement, in the form of EXHIBIT "F", showing the most current estimate of the over or under production between the owners as of the most recent available date.
(ii) From and after the Effective Date, any and all benefits, obligations and liabilities associated with Gas Imbalances shall accrue to and be the responsibility of Buyer. Buyer shall assume Unocal's overproduced or underproduced position in the xxxxx located on the Leasehold Properties as of the Effective Date, including but not limited to the responsibility for the payment of royalties on the volume of such gas which Unocal took in excess of its entitlement and any obligation to balance whether in cash or in kind. The Final Accounting shall include an adjustment for any Gas Imbalance differences between the volume shown on EXHIBIT "F" and the actual Gas Imbalances as of the Effective Date. Notwithstanding the actual amounts or proceeds that Buyer may receive from the Gas Imbalances due to underproduced positions, or the actual amounts that Buyer must pay with respect to Gas Imbalances due to overbalanced positions, the parties shall settle such Gas Imbalances as between themselves, and the adjustments to the Purchase Price and/or at the Final Accounting will be calculated using a settlement price of $1.50 per Mcf (thousand cubic feet).
Gas Imbalance a sale or utilization by any Loan Party of volumes of natural gas in excess of its gross working interest in such Property, (b) receipt of volumes of natural gas into a gathering system and redelivery by any Loan Party of a larger or smaller volume of natural gas under the terms of the applicable transportation agreement, or (c) delivery to a gathering system of a volume of natural gas produced by any Loan Party that is larger or smaller than the volume of natural gas such gathering system redelivers for the account of any Loan Party, as applicable.
