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;
(ii) As soon as available but in any event on or before February 28 of each year an Internal Engineering Report dated effective as of the immediately preceding December 31st;
(iii) Such other information as may be reasonably requested by the Administrative Agent or any Lender with respect to the Oil and Gas Properties included or to be included in the Borrowing Base; With the delivery of each Engineering Report, a certificate from a Responsible Officer of the Borrower certifying that, to the best of his knowledge and in all material respects: (A) the information contained in the Engineering Report and any other information delivered in connection therewith is true and correct, (B) except as set forth on an exhibit to the certificate, on a net basis there are no gas imbalances, take or pay or other prepayments with respect to its Oil and Gas Properties evaluated in such Engineering Report which would require the Borrower or any of its Subsidiaries to deliver Hydrocarbons produced from such Oil and Gas Properties at some future time without then or thereafter receiving full payment therefor, (C) none of its Oil and Gas Properties have been sold since the date of the last Borrowing Base determination except as set forth on an exhibit to the certificate, which certificate shall list all of its Oil and Gas Properties sold and in such detail as reasonably required by the Majority Lenders, (D) attached to the certificate is a list of its Oil and Gas Properties added to and deleted from the immediately prior Engineering Report and a list showing any change in working interest or net revenue interest in its Oil and Gas Properties occurring and the reason for such change, (E) attached to the certificate is a list of all Persons disbursing proceeds to the Borrower or to its Subsidiary, as applicable, from its Oil and Gas Properties, (F) except as set forth on a schedule attached to the certificate, all of the Oil and Gas Properties evaluated by such Engineering Report are pledged as Collateral for the Obligations, and (G) attached to the certificate is a quarterly cash flow budget for the four quarters following the delivery of such certificate setting forth the Borrower’s projections for production volumes, revenues, expenses, taxes and budgeted capital expenditures d...
Oil and Gas Reserve Reports. (a) The Borrower shall 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 proved and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Properties, discounted at a stated per annum discount rate of proved and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved and producing reserves, and (iv) information with respect to the "take-or-pay," "prepayment," and gas-balancing liabilities of the Borrower.
(b) The Borrower shall deliver to the Lender no later than October 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender prepared by or under the supervision of either the chief petroleum engineer of the Borrower or an independent petroleum engineer evaluating the Oil and Gas Properties as of July 1 of the year for which such reserve reports are furnished and updating the information provided in the reports submitted pursuant to Section 5.4(a).
(c) The Borrower shall also deliver to the Lender no later than April 1 and October 1 of each year, additional data with respect to the Oil and Gas Properties concerning pricing, quantities of production, volumes of production sold, purchasers of production, gross revenues, expenses, and such other information and engineering and geological data with respect thereto as the Lender may reasonably request.
Oil and Gas Reserve Reports. The Borrower shall provide, or shall cause to be provided, to the Administrative Agent:
(i) For the November 1 Borrowing Base redetermination, as soon as available but in any event on or before October 1 of each year (beginning October 1, 2014), an Internal Reserve Report dated effective as of the immediately preceding July 1st ; provided that for the November 1, 2014 Borrowing Base redetermination, the Internal Reserve Report shall be dated effective as of September 1, 2014;
(ii) For the February 1 Borrowing Base redetermination, as soon as available but in any event on or before January 1, 2015, an Internal Reserve Report dated effective as of the immediately preceding December1st;
(iii) For the May 1 Borrowing Base redetermination, as soon as available but in any event on or before April 1 of each year (beginning April 1, 2015) an Independent Reserve Report dated effective as of the immediately preceding January 1st; provided that for the May 1, 2015 Borrowing Base redetermination, the Independent Reserve Report shall be dated effective as of March 1, 2015;
(iv) For the August 1 Borrowing Base redetermination, as soon as available but in any event on or before July 1, 2015, an Internal Reserve Report dated effective as of the immediately preceding June 1st;
(v) Such other information as may be reasonably requested by the Administrative Agent or any Lender with respect to the Oil and Gas Properties included or to be included in the Borrowing Base;
(vi) With the delivery of each Reserve Report, a certificate from a Responsible Officer (a “Borrowing Base Certificate”) of the Borrower certifying that, to the best of his knowledge and in all material respects: (A) the information contained in the Reserve Report and any other information delivered in connection therewith is true and correct, (B) except as set forth on an exhibit to the certificate, on a net basis there are no gas imbalances, take-or-pay or other prepayments with respect to its Oil and Gas Properties evaluated in such Reserve Report which would require the Borrower or any of its Subsidiaries to deliver Hydrocarbons produced from such Oil and Gas Properties at some future time without then or thereafter receiving full payment therefor, (C) none of its Oil and Gas Properties which are classified as Proven Reserves have been sold since the date of the last Borrowing Base determination except as set forth on an exhibit to the certificate, which certificate shall list all of its Oil and Gas Propert...
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.
(b) Deliver to the Administrative Agent any reserve reports or other reports with respect to the Oil and Gas Properties of the Borrower and its Subsidiaries within 2 Business Days of delivery thereof to the Existing First Lien Lenders.
(c) [Reserved].
(d) The report provided pursuant to Section 5.5(a) shall be submitted to the Administrative Agent together with additional data concerning pricing, quantities of production from the Oil and Gas Properties of the Borrower and its Subsidiaries, purchasers of production and such other information and engineering and geological data with respect thereto as the Majority Backstop Lenders or the Administrative Agent may reasonably request and shall set forth the interests of the Borrower and its Subsidiaries in all such Oil and Gas Properties and separately designate such Properties by field.
(e) With the delivery of the Reserve Report pursuant to Section 5.5(a), the Borrower shall provide to the Administrative Agent a certificate in substantially the form of Exhibit X attached hereto.
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 SEC for financial reporting purposes, certified by Netherland, Xxxxxx & Associates Inc. or such other firm or firms of independent consulting petroleum engineers reasonably acceptable to 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 and its Restricted Subsidiaries’ 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.
(ii) As soon as available but in any event on or before September 30 of each year, an internal engineering report in form and substance reasonably satisfactory to the Agent, certified by a Responsible Officer of the Borrower, to such Responsible Officer’s actual knowledge without investigation and not in such Responsible Officer’s individual capacity, 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 and its Restricted Subsidiaries’ consolidated Oil and Gas Properties as of June 30 of such 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.
(iii) Each engineering report delivered pursuant to Section 5.6(c)(i), (ii) or (iv) shall be accompanied by a certificate, executed by a Responsible Officer of the Borrower in the form of Exhibit I attached hereto, which (A) sets forth the Mortgaged Property Value, as set forth in such Oil and Gas Reserve Report, (B) either (y) demonstrates and certifies that such Mortgaged Property Value equals or exceeds 80% of the Aggregate Oil and Gas Property Value as set forth in such Oil and Gas Reserve Report or (z) demonstrates and certifies the amount by which such Mort...
Oil and Gas Reserve Reports. Deliver to the Agent and each Lender, no later than April 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Agent and the Lenders, certified by any nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Agent and the 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 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 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 Independent Engineering Report dated as of January 1 for such year.
(ii) As soon as available but in any event on or before September 30 of each year an Internal Engineering Report dated as of July 1 for such year.
(iii) The Agent and the Banks acknowledge that the Engineering Reports contain certain proprietary information including geological and geophysical data, maps, models, and interpretations necessary for determining the Borrowing Base and the creditworthiness of the Borrower and the Guarantors. The Agent and the Banks agree to maintain the confidentiality of such information except as required by law. The Agent and the Banks may share such information with potential transferees of their interests under this Agreement if such transferees agree to maintain the confidentiality of such information.
Oil and Gas Reserve Reports. The Borrower shall provide, or shall cause to be provided, to the Administrative Agent:
(i) As soon as available but in any event on or before March 1 of each year an Independent Engineering Report dated effective as of the immediately preceding January 1 in connection with the Scheduled Redetermination to occur on or about April 1 of such year;
(ii) As soon as available but in any event on or before September 1 of such year an Internal Engineering Report dated effective as of July 1 for the Scheduled Redetermination to occur on or about October 1 of each year, which Internal Engineering Report shall be prepared in accordance with the procedures in the Independent Engineering Report effective as of the prior January 1;
(iii) Such other information as may be reasonably requested by the Administrative Agent or any Lender with respect to the Oil and Gas Properties included or to be included in the Borrowing Base; and
(iv) With the delivery of each Engineering Report, a certificate from a Responsible Officer in substantially the same form as Exhibit L (a “Reserve Report Certificate”) of the Borrower certifying that, to the best of his knowledge and in all material respects: (A) the information contained in the Engineering Report and any other information delivered in connection therewith is true and correct, and (B) such other information as the Administrative Agent shall reasonably request.
Oil and Gas Reserve Reports. (i) At all times during the term of this Agreement, regardless of whether a BB Period is in effect, as soon as available but in any event on or before March 31st (or April 30th, in the event the Borrower is not then a public company required to file reports with the SEC), of each year, commencing with March 31, 2007 (or April 30, 2007, if applicable), an Independent Engineering Report dated effective as of the immediately preceding December 31st;
(ii) At all times during the term of this Agreement, regardless of whether a BB Period is in effect, as soon as available but in any event on or before September 30th (or October 31st, in the event the Borrower is not then a public company required to file reports with the SEC), of each year an Internal Engineering Report dated effective as of the immediately preceding June 30;
(iii) Such other information as may be reasonably requested by the Administrative Agent or any Lender with respect to the Borrower’s and its Subsidiaries’ Oil and Gas Properties;
Oil and Gas Reserve Reports. (i) As soon as available but in any event on or before March 15 of each year, an Independent Engineering Report dated effective as of January 1 for the immediately preceding year;
(ii) As soon as available but in any event on or before September 15 of each year (commencing on September 15, 2025), an Internal Engineering Report, dated effective as of the immediately preceding July 1;
(iii) Such other information as may be reasonably requested by the Administrative Agent or any Lender with respect to the Oil and Gas Properties included or to be included in the Borrowing Base or in any Engineering Report, and the Borrower shall host an in-person or telephonic meeting for the Lenders concurrently with the delivery of each Engineering Report, regardless of whether a Borrowing Base will be determined based on such Engineering Report;
(iv) With the delivery of each Engineering Report, a certificate from a Responsible Officer of the Borrower certifying that, to the best of his knowledge and in all material respects: (A) the information contained in the Engineering Report and any other information delivered in connection therewith is true and correct in all material respects, (B) if the net revenue interest and working interest of the xxxxx evaluated in such Engineering Report are identified in such Engineering Report, that the representation in Section 4.13(b) shall be true and correct as to the net revenue interests and working interests evaluated in such Engineering Report, and if the net revenue interest and working interest of the xxxxx evaluated in such Engineering Report are not identified in such Engineering Report, attached thereto is a schedule (the “WI/NRI Schedule”) of all xxxxx evaluated in such Engineering Report, including the net revenue interest and working interest for such well, as to which the representation in Section 4.13(b) shall be true and correct,
