Common use of Oil and Gas Reserve Reports Clause in Contracts

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. (a) The Borrower shall deliver Deliver to the Lender no later than April 1 the last day of March of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender, certified by any nationally nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Lender as fairly and accurately setting forth (i) the proved 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 proved and producing such 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 BorrowerRelated Parties (designated by entity). (b) The Borrower shall deliver Deliver to the Lender no later than October 1 the last day of August 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 or geologist of the Borrower or an independent petroleum engineer evaluating the Oil and Gas Properties of the Related Parties (designated by entity) 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 Deliver to the Lender, on or before the 45th day after the close of each month, a report of monthly production of its Oil and Gas Properties, setting forth production volumes for oil, gas, other hydrocarbons and water, broken out by major fields or by major xxxxx, in each case to the satisfaction of the Lender. (d) Each of the reports provided pursuant to clauses (a) and (b) of this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 shall be in ARIES or other compatible electronic format. Each of each year, the reports provided pursuant to this Section shall be accompanied by additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Oil and Gas Properties, 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. (a) The Borrower shall deliver 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 Lender prepared by any nationally or regionally-recognized independent consulting under the supervision of the chief petroleum engineers acceptable to engineer of the Lender, Borrower as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 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 Mortgaged 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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. (a) The Borrower shall deliver Deliver to the Lender each Lender, no later than April 1 the last day of March of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the LenderMajority Lenders, certified by any nationally nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Majority Lenders as fairly and accurately setting forth (i) the proved 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 proved and producing such 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-gas- balancing liabilities of the BorrowerRelated Parties (designated by entity). (b) The Borrower shall deliver Deliver to the Lender each Lender, no later than October 1 the last day of September of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender Majority Lenders prepared by or under the supervision of either the chief petroleum engineer or geologist of the Borrower or an independent petroleum engineer Related Parties evaluating the Oil and Gas Properties of the Related Parties (designated by entity) 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 Deliver to each Lender, on or before the Lender no later than April 1 and October 1 45th day after the close of each yearmonth, additional data with respect to the a report of monthly production of its Oil and Gas Properties Properties, setting forth production volumes for oil, gas, other hydrocarbons and water, broken out by major fields or by major xxxxx, in each case to the satisfaction of the Majority Lenders. (d) Each of the reports provided pursuant to clauses (a) and (b) of this Section shall be submitted to the Lenders in ARIES or other compatible electronic format. Each of the reports provided pursuant to this Section shall be accompanied by additional data concerning pricing, quantities of productionproduction from the Oil and Gas Properties, 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 Majority Lenders may reasonably request.

Oil and Gas Reserve Reports. (a) The Borrower shall deliver Deliver to the Lender no later than April March 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 proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 Deliver to the Lender no later than October September 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 any nationally or an regionally-recognized independent consulting petroleum engineer evaluating the Oil and Gas Mortgaged 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(a5.5(a). (c) The Borrower Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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. (a) The Borrower shall deliver 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 each Lender, certified by any nationally nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Agent and each Lender as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 Deliver to the Agent and each Lender no later than October 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Agent and each 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 Mortgaged 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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. (a) The Borrower shall deliver Deliver to the Lender no later than April 1 of each year during the term of this Credit Agreement, engineering reports in form and substance satisfactory to the Lender, certified by any nationally nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Lender as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "take-or-pay," "prepayment," and gas-gas- balancing liabilities of the Borrower. (b) The Borrower shall deliver Deliver to the Lender no later than October 1 of each year during the term of this AgreementCredit Agreement except for the first such report, which shall be delivered by August 1, 2000, 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 Mortgaged 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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. (a) The Borrower shall deliver 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, Lender certified by any nationally nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Lender as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "take-or-pay," "prepaymentpay,""prepayment," and gas-balancing liabilities of the Borrower. (b) The Borrower shall deliver 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 Mortgaged 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, volumes of production sold, purchasers of production, gross revenues, expenses, expenses and such other information and engineering and geological data with respect thereto as the Lender may reasonably request.

Oil and Gas Reserve Reports. (a) The Borrower shall deliver Deliver to the Lender Agent no later than April 1 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 LenderAgent, certified by any nationally 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 Lender, 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 proved 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 January 1 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 proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "take-or-pay," "prepayment," and material gas-balancing liabilities of the BorrowerBorrowers. (b) The Borrower shall deliver Deliver to the Lender Agent no later than October 1 forty-five (45) days after the end of each second quarterly period of each fiscal year during the term of this Agreement, Sufficient Copies of engineering reports in form and substance reasonably satisfactory to the Lender Agent prepared by or under the supervision of either the chief petroleum engineer of the Borrower or an independent petroleum engineer Borrowers evaluating the Borrowers' or any Substitute Mortgagor's Oil and Gas Properties as of July 1 June 30 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, Agent together with such additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Borrowers' or any Substitute Mortgagor's Oil and Gas Properties, volumes of production 55 61 sold, purchasers of production, gross revenues, expenses, and such other information and engineering and geological data with respect thereto as the Lender Agent may reasonably request.

Oil and Gas Reserve Reports. (a) The Borrower shall deliver 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 nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Lender as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 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 Mortgaged 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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. (a) The Borrower shall deliver Deliver to the Lender no later than April March 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender, certified by any nationally nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Lender as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Borrowing Base 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 Borrowing Base Oil and Gas Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 Deliver to the Lender no later than October September 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 a Responsible Officer of the Borrower or an independent petroleum engineer evaluating the Borrowing Base 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Borrowing Base Oil and Gas Properties, 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. (a) The Borrower shall deliver Deliver to the Lender Agent no later than April 1 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 LenderAgent, certified by any nationally 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 Lender, 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 proved 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 the KCS Medallion Group or any Substitute Mortgagor as of January 1 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 proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "take-or-pay," "prepayment," and material gas-balancing liabilities of the BorrowerBorrowers. (b) The Borrower shall deliver Deliver to the Lender Agent no later than October 1 forty-five (45) days after the end of each second quarterly period of each fiscal year during the term of this Agreement, Sufficient Copies of engineering reports in form and substance reasonably satisfactory to the Lender Agent prepared by or under the supervision of either the chief petroleum engineer of the Borrower or an independent petroleum engineer Borrowers evaluating the Oil and Gas Properties of the KCS Medallion Group or any Substitute Mortgagor as of July 1 June 30 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, Agent together with such additional data with respect to concerning pricing, quantities of production from the Oil and Gas Properties concerning pricing, quantities of productionthe KCS Medallion Group or any Substitute Mortgagor, 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 Agent may reasonably request.

Oil and Gas Reserve Reports. (a) The Borrower shall deliver Deliver to the Lender Agent no later than April 1 forty-five (45) 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 LenderAgent, certified by any nationally 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 Lender, 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 proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas Mortgaged Properties as of January 1 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 Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "take-or-pay," "prepayment," and material gas-balancing liabilities of the BorrowerBorrowers. (b) The Borrower shall deliver Deliver to the Lender Agent no later than October 1 forty-five (45) days after the end of each second quarterly period of each fiscal year during the term of this Agreement, Sufficient Copies of engineering reports in form and substance reasonably satisfactory to the Lender Agent prepared by or under the supervision of either the chief petroleum engineer of the Borrower or an independent petroleum engineer Borrowers evaluating the Oil and Gas Mortgaged Properties as of July 1 June 30 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, Agent together with such additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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 Agent may reasonably request.

Oil and Gas Reserve Reports. (a) The Borrower shall deliver Deliver to the Lender 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 LenderAgent and the Lenders, certified by any nationally nationally- or regionally-regionally- recognized independent consulting petroleum engineers acceptable to the Lender, Agent and the Lenders as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil Mortgaged Properties, plus certain other oil and Gas Properties gas properties, including, but not limited to, oil and gas properties situated in Canada, to be determined in sole discretion of the Agent and the Lenders, 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 Mortgaged Properties, plus certain other oil and Gas Propertiesgas properties to be determined in sole discretion of the Agent and the Lenders, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "take-or-pay," "prepayment," and gas-gas- balancing liabilities of the BorrowerBorrower and/or the Co-Borrowers. (b) The Borrower shall deliver Deliver to the Agent and each 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 Agent and the Lenders prepared by or under the supervision of either the chief petroleum engineer of the Borrower or an independent petroleum engineer and/or the Co-Borrowers evaluating the Oil Mortgaged Properties, plus certain other oil and Gas Properties gas properties to be determined in sole discretion of the Agent and the Lenders, 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Agent and each Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, plus certain other oil and gas properties to be determined in sole discretion of the Agent and the Lenders, 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 Agent and the Lenders may reasonably request.

Oil and Gas Reserve Reports. (a) The Borrower shall deliver Deliver to the Lender Agent no later than April 1 of May 1of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the LenderAgent, certified by any nationally or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 Deliver to the Lender Agent no later than October November 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender Agent prepared by or under the supervision of either the chief petroleum engineer of the Borrower any nationally or an regionally-recognized independent consulting petroleum engineer evaluating the Oil and Gas Mortgaged 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, Agent together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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. (a) The Borrower shall deliver 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 nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Lender as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Mortgaged Properties, plus certain other Oil and Gas Properties to be determined in sole discretion of the Lender, 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, plus certain other Oil and Gas PropertiesProperties to be determined in sole discretion of the Lender, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "take-or-pay," "prepayment," and gas-balancing liabilities of the BorrowerBorrower and/or the Co- Borrowers. (b) The Borrower shall deliver 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 and/or the Co-Borrowers 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 yearMortgaged Properties, 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.plus certain

Oil and Gas Reserve Reports. (a) The Borrower shall deliver Deliver to the Lender no later than Administrative Agent each April 1 of each year during the term of this Agreement, engineering reports in usual and customary form and substance satisfactory to the Lendersubstance, certified by any nationally nationally- or regionally-regionally- recognized independent consulting petroleum engineers acceptable to the Lender, Administrative Agent as fairly and accurately setting forth (i) the proved proven and producing, shut-shut in, behind-pipe, behind pipe and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas Properties of each Borrower and its Subsidiaries 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 proven and producing reserves, (iii) projections of the annual rate of production, gross income, income and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "take-or-take or pay," "prepayment," and gas-gas balancing liabilities of the Borrowereach Borrower and its Subsidiaries. (b) The Borrower shall deliver Deliver to the Lender Administrative Agent no later than October 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender Administrative Agent 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 of each Borrower and its Subsidiaries as of July 1 of the year for which such reserve reports are and furnished and updating the information provided in the reports submitted pursuant to Section 5.4(a5.5(a). (c) The Borrower shall also In connection with any unscheduled redetermination of the Borrowing Base pursuant to Section 2.11, promptly deliver to the Lender no later than April 1 Administrative Agent engineering reports in form and October 1 substance satisfactory to the Administrative Agent prepared by or under the supervision of each year, additional data with respect to the chief petroleum engineer of the Borrower evaluating the Oil and Gas Properties of each Borrower and its Subsidiaries as of a date reasonably requested by the Administrative Agent and updating information provided in the reports pursuant to Section 5.5(a). (d) All of the reports provided pursuant to this Section shall be submitted to the Administrative Agent together with additional data concerning pricing, quantities of production, volumes production from the Oil and Gas Properties of production soldeach Borrower and its Subsidiaries, purchasers of production, gross revenues, expenses, production and such other information and engineering and geological data with respect thereto as the Lender Administrative Agent may reasonably requestrequest and shall set forth the interests of the Borrowers and their Subsidiaries in all such Oil and Gas Properties and separately designate such Properties by field. (e) With the delivery of each Reserve Report pursuant to Section 5.5(a), the Borrowers shall provide to the Administrative Agent a certificate in substantially the form of Exhibit X attached hereto.

Oil and Gas Reserve Reports. (a) The Borrower shall deliver Deliver to the Lender Agent no later than April May 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the LenderAgent, certified by Rxxxx Xxxxx Company or by any nationally or regionally-regionally- recognized independent consulting petroleum engineers acceptable to the LenderAgent, as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 Deliver to the Lender Agent no later than October November 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender Agent prepared by or under the supervision of either the chief petroleum engineer of the Borrower any nationally or an regionally-recognized independent consulting petroleum engineer evaluating the Oil and Gas Mortgaged 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, Agent together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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 Agent may reasonably request.

Oil and Gas Reserve Reports. (a) The Borrower shall deliver Deliver to the Lender 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 LenderAgent and the Lenders, certified by any nationally nationally- or regionally-regionally- recognized independent consulting petroleum engineers acceptable to the Lender, Agent and the Lenders as fairly and accurately setting forth (i) the proved 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 proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 Deliver to the Agent and each 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 Agent and the Lenders 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Agent and each Lender no later than April 1 and October 1 of each year, together with additional data with respect to concerning pricing, quantities of production from the Oil and Gas Properties concerning pricing, quantities to be determined in sole discretion of productionthe Agent and the Lenders, 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 Agent and the Lenders may reasonably request.

Oil and Gas Reserve Reports. (a) The Borrower shall deliver 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 the chief petroleum engineers acceptable to engineer of the Lender, Borrower as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 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 Mortgaged 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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. (a) The Borrower shall deliver Deliver to the Lender no later than April 1 August 15 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender, certified by any nationally nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Lender as fairly and accurately setting forth (i) the proved 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 June 30 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 proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "take-or-pay," "prepayment," and gas-balancing liabilities of the BorrowerBorrower and (v) legal descriptions of Oil and Gas Properties to be included in each Borrower Base review. (b) The Borrower shall deliver Deliver to the Lender no later than October 1 February 15 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 Property as of July 1 December 31 of the previous 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 Each of the reports provided pursuant to this Section 5.4 shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Oil and Gas Properties, 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. (a) The Borrower shall deliver Deliver to the Lender Agent no later than April May 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the LenderAgent, certified by Xxxxx Xxxxx Company or by any nationally nationally-recognized or regionally-recognized independent consulting petroleum engineers acceptable to the LenderAgent, as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas Properties attributable, as of January 1 of the year for which such reserve reports are furnished, to the Oil and Gas Properties of the Borrower and those limited partnerships in which the Borrower is a partner and the partnership interest of the Borrower in such limited partnerships is subject to a first priority Lien in favor of the Agent to secure the Obligations, (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 proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "“take-or-pay," "” “prepayment," ” and gas-balancing liabilities of the BorrowerBorrower or any relevant limited partnership. (b) The Borrower shall deliver Deliver to the Lender Agent no later than October November 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender Agent prepared by or under the supervision of either the chief petroleum engineer of the Borrower any nationally-recognized or an regionally-recognized independent consulting petroleum engineer evaluating the Oil and Gas Properties of the Borrower and those limited partnerships in which the Borrower is a partner and the partnership interest of the Borrower in such limited partnership is subject to a first priority Lien in favor of the Agent to secure the Obligations 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, Agent together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, volumes of production sold, purchasers of production, gross revenues, expenses, identification of xxxxx listed on the relevant report owned by limited partnerships, rather than by the Borrower directly, and confirming that the working interest and net revenue interest set forth for each such well in the relevant report represents the Borrower’s partnership interest share of the total working interest and total net revenue interest of the relevant limited partnership in the relevant well and such other information and engineering and geological data with respect thereto as the Lender Agent may reasonably request.”

Oil and Gas Reserve Reports. (a) The Borrower shall deliver 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, Lender certified by any nationally nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Lender as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 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 Mortgaged 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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. (a) The Borrower shall deliver Deliver to the Lender no later than April 1 February 15 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender, and upon Lender's request, certified by any nationally nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Lender as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 Deliver to the Lender no later than October 1 August 15 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 Mortgaged 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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. (a) The Borrower shall deliver Deliver to the Lender no later than April May 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender, certified by any nationally nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Lender as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Borrowing Base Oil and Gas Properties as of January 1 March 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 Borrowing Base Oil and Gas Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "“take-or-pay," "” “prepayment," ” and gas-balancing liabilities of the BorrowerBorrowers. (b) The Borrower shall deliver Deliver to the Lender no later than October November 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Lender prepared either by any nationally- or regionally-recognized independent consulting petroleum engineers or under the supervision of either the chief petroleum engineer a Responsible Officer of the Parent Borrower or an independent petroleum engineer evaluating the Borrowing Base Oil and Gas Properties as of July 1 September 30 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Borrowing Base Oil and Gas Properties, 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. (a) The Borrower shall deliver 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 LenderAgent, certified by any nationally nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Agent as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas 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 Oil and Gas Mortgaged Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven 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 Deliver to the Agent and each 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 Agent 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 Mortgaged Properties as of July 1 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Agent and each Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Mortgaged Properties, 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 Lenders may reasonably request.

Oil and Gas Reserve Reports. (a) The Borrower shall deliver 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 nationally- or regionally-recognized independent consulting petroleum engineers acceptable to the Lender, Lender as fairly and accurately setting forth (i) the proved proven and producing, shut-in, behind-pipe, and undeveloped oil and gas reserves (separately classified as such) attributable to the Borrowing Base 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 Borrowing Base Oil and Gas Properties, discounted at a stated per annum discount rate of proved proven and producing reserves, (iii) projections of the annual rate of production, gross income, and net income with respect to such proved proven and producing reserves, and (iv) information with respect to the "“take-or-pay," "” “prepayment," ” and gas-balancing liabilities of the BorrowerBorrowers. (b) The Borrower shall deliver 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 a Responsible Officer of the Borrower or an independent petroleum engineer evaluating the Borrowing Base 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 Each of the reports provided pursuant to this Section shall also deliver be submitted to the Lender no later than April 1 and October 1 of each year, together with additional data with respect to the Oil and Gas Properties concerning pricing, quantities of productionproduction from the Borrowing Base Oil and Gas Properties, 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.