INVENTORIES OF CONTROLLABLE MATERIAL. The Operator shall maintain records of Controllable Material charged to the Joint Account, with sufficient detail to perform physical inventories. Adjustments to the Joint Account by the Operator resulting from a physical inventory of Controllable Material shall be made within twelve (12) months following the taking of the inventory or receipt of Non-Operator inventory report. Charges and credits for overages or shortages will be valued for the Joint Account in accordance with Section IV.2 (Transfers) and shall be based on the Condition “B” prices in effect on the date of physical inventory unless the inventorying Parties can provide sufficient evidence another Material condition applies.
Appears in 3 contracts
Samples: Operating Agreement (Vanguard Natural Resources, LLC), Operating Agreement (Vanguard Natural Resources, LLC), Operating Agreement (Vanguard Natural Resources, LLC)
INVENTORIES OF CONTROLLABLE MATERIAL. The Operator shall maintain records of Controllable Material charged to the Joint Account, with sufficient detail to perform physical inventories. Adjustments to the Joint Account by the Operator resulting from a physical inventory of Controllable Material shall be made within twelve (12) months following the taking of the inventory or receipt of Non-Operator inventory report. Charges and credits for overages or shortages will be valued for the Joint Account in accordance with Section IV.2 (Transfers) and shall be based on the Condition “"B” " prices in effect on the date of physical inventory unless the inventorying Parties can provide sufficient evidence another Material condition applies.
Appears in 2 contracts
Samples: Exploration Participation Agreement (Ridgewood Energy U Fund LLC), Exploration Participation Agreement (Ridgewood Energy P Fund LLC)
