Common use of Maintenance of Oil and Gas Properties Clause in Contracts

Maintenance of Oil and Gas Properties. The Oil and Gas Properties of the Company have been maintained, operated and developed in a good and workmanlike manner and in conformity in all material respects with all governmental requirements and in conformity in all material respects with the provisions of all leases, subleases or other contracts comprising a part of the Oil and Gas Properties and other contracts and agreements forming a part of the Oil and Gas Properties of the Company. Specifically in connection with the foregoing, (i) no Oil and Gas Property of the Company is subject to having allowable production reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) and (ii) none of the xxxxx comprising a part of the Oil and Gas Properties of the Company is deviated from the vertical more than the maximum permitted by governmental requirements, and such xxxxx are, in fact, bottomed under and are producing from, and the well bores are wholly within, the Oil and Gas Properties of Company. All pipelines, xxxxx, gas processing plants, platforms and other material improvements, fixtures and equipment owned in whole or in part by the Company that are necessary to conduct normal operations are being maintained in a state adequate to conduct normal operations and with respect to such of the foregoing which are operated by the Company, in a manner consistent with the Company’s past practices.

Appears in 1 contract

Samples: Securities Purchase Agreement (New Century Energy Corp.)

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Maintenance of Oil and Gas Properties. The Oil oil and Gas Properties gas properties of the Company have been maintained, operated and developed in a good and workmanlike manner and in conformity in all material respects with all governmental requirements and in conformity in all material respects with the provisions of all leases, subleases or other contracts comprising a part of the Oil oil and Gas Properties gas properties and other contracts and agreements forming a part of the Oil oil and Gas Properties gas properties of the Company. Specifically in connection with the foregoing, (i) no Oil oil and Gas Property gas property of the Company is subject to having allowable production reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) and (ii) none of the xxxxx wxxxx comprising a part of the Oil oil and Gas Properties gas properties of the Company is deviated from the vertical more than the maximum permitted by governmental requirements, and such xxxxx wxxxx are, in fact, bottomed under and are producing from, and the well bores are wholly within, the Oil oil and Gas Properties gas properties of the Company. All pipelines, xxxxxwxxxx, gas processing plants, platforms and other material improvements, fixtures and equipment owned in whole or in part by the Company that are necessary to conduct normal operations are being maintained in a state adequate to conduct normal operations operations, and with respect to such of the foregoing which are operated by the Company, in a manner consistent with the such Company’s past practices.

Appears in 1 contract

Samples: Securities Purchase Agreement (Index Oil & Gas Inc.)

Maintenance of Oil and Gas Properties. The Oil and Gas Properties of the Company Companies have been maintained, operated and developed in a good and workmanlike manner and in conformity in all material respects with all governmental requirements and in conformity in all material respects with the provisions of all leases, subleases or other contracts comprising a part of the Oil and Gas Properties and other contracts and agreements forming a part of the Oil and Gas Properties of the CompanyCompanies. Specifically in connection with the foregoing, (i) no Oil and Gas Property of the any Company is subject to having allowable production reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) and (ii) none of the xxxxx comprising a part of the Oil and Gas Properties of the either Company is deviated from the vertical more than the maximum permitted by governmental requirements, and such xxxxx are, in fact, bottomed under and are producing from, and the well bores are wholly within, the Oil and Gas Properties of the applicable Company. All pipelines, xxxxx, gas processing plants, platforms and other material improvements, fixtures and equipment owned in whole or in part by the either Company that are necessary to conduct normal operations are being maintained in a state adequate to conduct normal operations operations, and with respect to such of the foregoing which are operated by the either Company, in a manner consistent with the such Company’s past practices.

Appears in 1 contract

Samples: Securities Purchase Agreement (True North Energy CORP)

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Maintenance of Oil and Gas Properties. The Oil and Gas Properties of the Company have been maintained, operated and developed in a good and workmanlike manner and in conformity in all material respects with all governmental requirements and in conformity in all material respects with the provisions of all leases, subleases or other contracts comprising a part of the Oil and Gas Properties and other contracts and agreements forming a part of the Oil and Gas Properties of the Company. Specifically in connection with the foregoing, (i) no Oil and Gas Property of the Company is subject to having allowable production reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) and (ii) none of the xxxxx wxxxx comprising a part of the Oil and Gas Properties of the Company is deviated from the vertical more than the maximum permitted by governmental requirements, and such xxxxx wxxxx are, in fact, bottomed under and are producing from, and the well bores are wholly within, the Oil and Gas Properties of Company. All pipelines, xxxxxwxxxx, gas processing plants, platforms and other material improvements, fixtures and equipment owned in whole or in part by the Company that are necessary to conduct normal operations are being maintained in a state adequate to conduct normal operations and with respect to such of the foregoing which are operated by the Company, in a manner consistent with the Company’s past practices.

Appears in 1 contract

Samples: Securities Purchase Agreement (New Century Energy Corp.)

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