Oil and Gas Reserve Reports. (i) As soon as available but in any event on or before March 31 of each year, an Independent Engineering Report dated as of January 1 for such year.
Oil and Gas Reserve Reports. The Borrower shall provide, or shall cause to be provided, to the Administrative Agent:
Oil and Gas Reserve Reports. (i) As soon as available but in any event on or before August 1, 2010 and August 31 of each year thereafter, an Independent Engineering Report dated effective as of the immediately preceding June 30th;
Oil and Gas Reserve Reports. (a) Deliver to each Lender, no later than the last day of March of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Majority Lenders, certified by any nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Majority Lenders as fairly and accurately setting forth (i) the proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas Properties of each of the Related Parties (designated by entity) as of January 1 of the year for which such reserve reports are furnished, (ii) the aggregate present value of the future net income with respect to such Oil and Gas Properties, discounted at a stated per annum discount rate of such reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such reserves, and (iv) information with respect to the "take-or-pay," "prepayment," and gas- balancing liabilities of the Related Parties (designated by entity).
Oil and Gas Reserve Reports. (a) Deliver to the Lender no later than April 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender, certified by any nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender as fairly and accurately setting forth (i) the proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Mortgaged Properties as of January 1 of the year for which such reserve reports are furnished, (ii) the aggregate present value of the future net income with respect to such Mortgaged Properties, discounted at a stated per annum discount rate of proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proven and producing reserves, and (iv) information with respect to the "take-or-pay," "prepayment," and gas-balancing liabilities of the Borrower.
Oil and Gas Reserve Reports. (i) As soon as available but in any event on or before March 31 of each year, an engineering report in form and substance meeting the requirements of the Securities and Exchange Commission for financial reporting purposes, certified by a firm or firms of independent consulting petroleum engineers approved by the Agent as fairly setting forth (A) the proved and producing, shut in, behind pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Borrower’s consolidated Oil and Gas Properties as of December 31 of the previous year, (B) the aggregate present value, determined on the basis of stated pricing assumptions, of the future net income with respect to such Oil and Gas Properties, discounted at a stated per annum discount rate, and (C) projections of the annual rate of production, gross income, and net income with respect to such Oil and Gas Properties.
Oil and Gas Reserve Reports. (a) Deliver to the Agent no later than sixty (60) days after the end of each fiscal year during the term of this Agreement, Sufficient Copies of engineering reports in form and substance reasonably satisfactory to the Agent, certified by any of the Persons listed under the heading "Approved Petroleum Engineers" on Exhibit X or any other nationally- or regionally-recognized independent consulting petroleum engineers reasonably acceptable to the Agent as fairly and accurately setting forth, in accordance with the principles set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves information as at the time are promulgated by the Society of Petroleum Engineers, (i) the proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Borrowers' or any Substitute Mortgagor's Oil and Gas Properties as of December 31 of the year for which such reserve reports are furnished, (ii) the aggregate present value of the future net income with respect to such Oil and Gas Properties, discounted at a stated per annum discount rate of proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proven and producing reserves, and (iv) information with respect to the "take-or-pay," "prepayment," and material gas-balancing liabilities of the Borrowers.
Oil and Gas Reserve Reports. (a) Deliver to the Agent no later --------------------------- than April 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Agent, certified by any nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender as fairly and accurately setting forth (i) the proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Mortgaged Properties as of January 1 of the year for which such reserve reports are furnished, (ii) the aggregate present value of the future net income with respect to such Mortgaged Properties, discounted at a stated per annum discount rate of proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proven and producing reserves, and (iv) information with respect to the "take- or-pay," "prepayment," and gas-balancing liabilities of the Borrower.
Oil and Gas Reserve Reports. (i) As soon as available but in any event on or before February 28th (or 29th, as applicable) of each year, an Independent Engineering Report dated effective as of the immediately preceding December 31; provided that the Independent Engineering Report due on February 29, 2008 shall be comprised of (A) an Independent Engineering Report dated effective as of December 31, 2007 and delivered on or before February 29, 2008, covering all of the Oil and Gas Properties owned by the Borrower or any of its Subsidiaries (other than those Oil and Gas Properties acquired pursuant to the Closing Date Acquisition), and (B) an Independent Engineering Report dated effective as of a date on or before March 31, 2008 and delivered on or before April 30, 2008, covering all of the Oil and Gas Properties acquired by the Borrower or any of its Subsidiaries pursuant to the Closing Date Acquisition, in each case, together with such other information as may be reasonably requested by any Lender with respect to the Oil and Gas Properties included or to be included in the Borrowing Base;
Oil and Gas Reserve Reports. (a) Deliver to the Administrative Agent on or before January 31, 2016 a report in usual and customary form and substance by Netherland Xxxxxx & Associates, Inc. including (i) a high level review of the Borrower’s reserves and engineering, geological and technical information, (ii) a review of forecasted production volumes for major assets including existing producing xxxxx and undeveloped locations, (iii) a comparison of historical and the Borrower’s future estimates of operating costs, capital costs, and pricing differentials, and (iv) a review of Borrower’s forecasted annual cash flows. Notwithstanding the foregoing, any failure to deliver the report described herein by January 31, 2016 that is the result or consequence of delay solely attributable to Netherland Xxxxxx & Associates, Inc. despite the best efforts of the Borrower, to the reasonable satisfaction of the Majority Backstop Lenders, shall not result in a breach or non-compliance with this Section 5.5(a) or otherwise cause an Event of Default under this Agreement.
