Common use of Independent Petroleum Engineers Clause in Contracts

Independent Petroleum Engineers. Xxxxxx, Xxxxxxxxx & Associates, Inc. (“CGA”), whose reserve evaluations are referenced or appear, as the case may be, in the Registration Statement, Disclosure Package and Prospectus were, as of December 31, 2011 and December 31, 2012, and are, as of the date hereof, independent engineers with respect to the Company Parties; and the historical information underlying the estimates of the reserves of the Company supplied by the Company Parties to CGA for the purposes of preparing the reserve reports of the Company referenced in the Registration Statement, Disclosure Package and Prospectus (the “Reserve Reports”), including, without limitation, production volumes, sales prices for production, contractual pricing provisions under oil or gas sales or marketing contracts or under hedging arrangements, costs of operations and development, and working interest and net revenue information relating to the Company’s ownership interests in properties, was true and correct on the date that each such Reserve Report was prepared in all material respects in accordance with Commission rules and customary industry practices. Other than normal production of the reserves, product price fluctuations, and fluctuations of demand for such products, and except as disclosed in the Registration Statement, Disclosure Package and Prospectus, the Company is not aware of any facts or circumstances that would result in a Material Adverse Change in the reserves in the aggregate, or the aggregate present value of the future net cash flows therefrom as described in the Registration Statement, Disclosure Package and Prospectus and as reflected in the Reserve Reports.

Independent Petroleum Engineers. Xxxxxx, Xxxxxxxxx & Associates, Inc. (“CGA”), whose reserve evaluations are referenced or appear, as the case may be, in the Registration Statement, Disclosure Package and Prospectus were, as of December 31, 2011 2012 and December 31, 2012, 2013 and are, as of the date hereof, independent engineers with respect to the Company Parties; and the historical information underlying the estimates of the reserves of the Company supplied by the Company Parties to CGA for the purposes of preparing the reserve reports of the Company referenced in the Registration Statement, Disclosure Package and Prospectus (the “Reserve Reports”), including, without limitation, production volumes, sales prices for production, contractual pricing provisions under oil or gas sales or marketing contracts or under hedging arrangements, costs of operations and development, and working interest and net revenue information relating to the Company’s ownership interests in properties, was true and correct on the date that each such Reserve Report was prepared in all material respects in accordance with Commission rules and customary industry practices. Other than normal production of the reserves, product price fluctuations, and fluctuations of demand for such products, and except as disclosed in the Registration Statement, Disclosure Package and Prospectus, the Company is not aware of any facts or circumstances that would result in a Material Adverse Change in the reserves in the aggregate, or the aggregate present value of the future net cash flows therefrom as described in the Registration Statement, Disclosure Package and Prospectus and as reflected in the Reserve Reports.

Independent Petroleum Engineers. Xxxxxx, Xxxxxxxxx & Associates, Inc. (“CGA”), whose reserve evaluations are referenced or appear, as the case may be, in the Registration Statement, Disclosure Package and Prospectus were, as of December 31, 2011 2012 and December 31, 20122013, and are, as of the date hereof, independent engineers with respect to the Company Parties; and the historical information underlying the estimates of the reserves of the Company supplied by the Company Parties to CGA for the purposes of preparing the reserve reports of the Company referenced in the Registration Statement, Disclosure Package and Prospectus (the “Reserve Reports”), including, without limitation, production volumes, sales prices for production, contractual pricing provisions under oil or gas sales or marketing contracts or under hedging arrangements, costs of operations and development, and working interest and net revenue information relating to the Company’s ownership interests in properties, was true and correct on the date that each such Reserve Report was prepared in all material respects in accordance with Commission rules and customary industry practices. Other than normal production of the reserves, product price fluctuations, and fluctuations of demand for such products, and except as disclosed in the Registration Statement, Disclosure Package and Prospectus, the Company is not aware of any facts or circumstances that would result in a Material Adverse Change in the reserves in the aggregate, or the aggregate present value of the future net cash flows therefrom as described in the Registration Statement, Disclosure Package and Prospectus and as reflected in the Reserve Reports.