Common use of Initial Reserve Report Clause in Contracts

Initial Reserve Report. Borrower has heretofore delivered to Administrative Agent true and complete copies of the Joint Resources Reserve Report, together with a report prepared by Xxxxxx, Xxxxxxxxx & Associates dated as of December 31, 2005 (collectively, the "Initial Reserve Reports") relating to an evaluation of the Oil and Gas attributable to the Oil and Gas Properties described therein. To the knowledge of Borrower, (i) the assumptions stated or used in the preparation of the Initial Reserve Reports were reasonable as of such date, (ii) all information furnished by Borrower to Xxxxxx, Xxxxxxxxx & Associates taken as a whole, for use in the preparation of the Initial Reserve Reports was accurate in all material respects, (iii) there has been no material adverse change in the amount of the estimated Oil and Gas shown in the Initial Reserve Reports since the date thereof, except for changes which have occurred as a result of production in the ordinary course of business, and (iv) the Initial Reserve Reports do not omit any statement or information necessary to cause the same not to be misleading to Administrative Agent and the Banks in any material respect.

Initial Reserve Report. Borrower The Company has heretofore delivered to Administrative Agent the Lenders a true and complete copies copy of the Joint Resources Reserve Reporta report, together with a report prepared by Xxxxxx, Xxxxxxxxx & Associates dated effective as of December 31, 2005 2005, prepared by Netherland, Sxxxxx and Associates, Inc. (collectively, the "“Initial Reserve Reports"Report”) relating to an evaluation of the Oil and Gas attributable to certain of the Oil and Gas Mortgaged Properties described therein. To the knowledge of Borrowerthe Company and the Guarantors, (ia) the assumptions stated or used in the preparation of the Initial Reserve Reports were reasonable as of such dateReport are reasonable, (iib) all information furnished by Borrower the Company or any Guarantor to XxxxxxNetherland, Xxxxxxxxx & Associates taken as a wholeSxxxxx and Associates, Inc. (the “Independent Engineer”) for use in the preparation of the Initial Reserve Reports Report was accurate in all material respects, (iiic) there has been no material adverse change in the amount of the estimated Oil and Gas shown in the Initial Reserve Reports Report since the date thereof, except for changes which have occurred as a result of production in the ordinary course of business, and (ivd) the Initial Reserve Reports do Report does not omit any material statement or information necessary to cause the same not to be misleading to Administrative Agent and the Banks in any material respectLenders.

Initial Reserve Report. Borrower has heretofore delivered to Administrative Agent true and complete copies of the Joint Resources Reserve Report, together with a report reports prepared by Xxxxxx, Xxxxxxxxx & Associates dated as of December 31, 2005 2004, and XxXxxxxx and XxxXxxxxxxx dated as of December 31, 2004, (collectively, the "“Initial Reserve Reports"Report”) relating to an evaluation of the Oil and Gas attributable to the Oil and Gas Properties described therein. To the knowledge of Borrower, (i) the assumptions stated or used in the preparation of the Initial Reserve Reports Report were reasonable as of such date, (ii) all information furnished by Borrower to Xxxxxx, Xxxxxxxxx & Associates taken as a whole, for use in the preparation of the Initial Reserve Reports Report was accurate in all material respects, (iii) there has been no material adverse change in the amount of the estimated Oil and Gas shown in the Initial Reserve Reports Report since the date thereof, except for changes which have occurred as a result of production in the ordinary course of business, and (iv) the Initial Reserve Reports do Report does not omit any statement or information necessary to cause the same not to be misleading to Administrative Agent and the Banks in any material respect.