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.
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Samples: Debt Agreement (Swift Energy Co), Debt Agreement (Swift Energy Co)
Oil and Gas Reserve Reports. (a) Deliver to the Administrative Agent on or before January 31and each Lender, 2016 a report no later than March 1 of each year during the term of this Agreement, engineering reports in usual and customary form and substance satisfactory to the Agent and the Lenders, certified by Netherland Xxxxxx & Associates, Inc. including any nationally or regionally recognized independent consulting petroleum engineers acceptable to the Agent and the Lenders as fairly and accurately setting forth (i) a high level review the 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 the sole discretion of the Borrower’s reserves Agent and engineeringthe Lenders, geological and technical informationas 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 properties to be determined in the sole discretion of the Agent and the Lenders, discounted at a review stated per annum discount rate of forecasted production volumes for major assets including existing proven and producing xxxxx and undeveloped locationsreserves, (iii) a comparison projections of historical and the Borrower’s future estimates annual rate of operating costsproduction, capital costsgross income, and pricing differentialsnet income with respect to such proven and producing reserves, and (iv) a review of Borrower’s forecasted annual cash flows. Notwithstanding information with respect to 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 "take-or-pay," "prepayment," and gas-balancing liabilities 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 and each Lender no later than September 1 of each year during the term of this Agreement, engineering reports or other reports with respect in form and substance satisfactory to the Oil Agent and Gas Properties the Lenders prepared by or under the supervision of the chief petroleum engineer of the Borrower evaluating the Mortgaged Properties, plus certain other oil and its Subsidiaries within 2 Business Days gas properties to be determined in the sole discretion of delivery thereof 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 pursuant to the Existing First Lien LendersSection 5.4(a).
(c) [Reserved].
(d) The report Each of the reports provided pursuant to this Section 5.5(a) shall be submitted to the Administrative Agent and each Lender together with additional data concerning pricing, quantities of production from the Oil Mortgaged Properties, plus certain other oil and Gas Properties gas properties to be determined in sole discretion of the Borrower Agent and its Subsidiariesthe Lenders, volumes of production sold, purchasers of production production, gross revenues, expenses, and such other information and engineering and geological data with respect thereto as the Majority Backstop Agent and the 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 fieldrequest.
(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.
Appears in 1 contract
Oil and Gas Reserve Reports. (a) Deliver to the Administrative Agent on or before January 31, 2016 a report Sufficient Copies no later than April 1 of each year during the term of this Agreement of Reserve Reports in usual and customary form and substance reasonably satisfactory to the Agent, audited by Netherland Xxxxxx & Associatesthe Independent Engineer, Inc. including in accordance with the principles set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves as at the time are promulgated by the Society of Petroleum Engineers, (i) a high level review the proven and producing, shut-in, behind-pipe, and proved undeveloped oil and gas reserves (separately classified as such) attributable to the Oil and Gas Properties of the Borrower’s reserves Borrower and engineering, geological and technical informationthe Subsidiary Guarantors as of the immediately preceding January 1, (ii) the aggregate present value of the future net income with respect to such Oil and Gas Properties, discounted at a review stated per annum discount rate of forecasted production volumes for major assets including existing proven and producing xxxxx and undeveloped locationsreserves, (iii) a comparison projections of historical and the Borrower’s future estimates annual rate of operating costsproduction, capital costsgross income, and pricing differentialsnet income with respect to such proven and producing reserves, and (iv) a review of Borrower’s forecasted annual cash flows. Notwithstanding information with respect to 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 "take-or-pay," "prepayment," and material gas-balancing liabilities of the Borrower, to the reasonable satisfaction of the Majority Backstop Lenders, Borrower or any other Mortgagor. Such reports shall not result be prepared in a breach or nonmanner consistent with Rule 4-compliance with this Section 5.5(a) or otherwise cause an Event 10 of Default under this AgreementRegulation S-X promulgated by, and other applicable requirements of, the United States Securities and Exchange Commission.
(b) Deliver to the Administrative Agent any reserve reports Sufficient Copies no later than October 1 of each fiscal year during the term of this Agreement of Reserve Reports in form and substance reasonably satisfactory to the Agent prepared by or other reports with respect to under the supervision of the chief petroleum engineer of the Borrower evaluating the Oil and Gas Properties of the Borrower and its Subsidiaries within 2 Business Days as of delivery thereof the immediately preceding July 1 and updating the information provided in the Reserve Reports furnished pursuant to the Existing First Lien LendersSection 7.5(a).
(c) [Reserved].
(d) The report Each of the Reserve Reports provided pursuant to this Section 5.5(a) 7.5 shall be submitted to the Administrative Agent together with such additional data concerning pricing, quantities of production from the Borrower's or any Mortgagor's or any other of the Borrower's or any such Mortgagor's Oil and Gas Properties Properties, volumes of the Borrower and its Subsidiariesproduction sold, hedging positions, purchasers of production production, gross revenues, expenses, 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 fieldrequest.
(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.
Appears in 1 contract
Samples: Credit Agreement (KCS Energy Inc)
Oil and Gas Reserve Reports. (a) Deliver to the Administrative Agent Lender on or before January 31June 15, 2016 2004 (and April 1 of each succeeding year), a third-party engineering report in usual and customary form and substance substance, certified by Netherland Xxxxxx & Associatesany nationally, Inc. including or regionally, recognized independent consulting petroleum engineers reasonably acceptable to the Lender as fairly and accurately setting forth (i) a high level review 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 the Borrower’s reserves and engineeringJune 30, geological and technical information2004 (or April 30 of each succeeding year), (ii) the aggregate present value of the future net income with respect to the Mortgaged Properties, discounted at a review stated per annum discount rate of forecasted production volumes for major assets including existing proven and producing xxxxx reserves, 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 projections of the Borrowerannual rate of production, gross income and net income with respect 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 Agreementsuch proven and producing reserves.
(b) Deliver to the Administrative Agent any Lender no later than October 1 of each year during the term of this Agreement, updated engineering reports in form and substance satisfactory to the Lender prepared by or under the supervision of the chief petroleum engineer of the Borrower evaluating the Mortgaged Properties as of October 31 of the year for which such reserve reports or other are furnished and updating information provided in the reports with respect pursuant to Section 5.5(a).
(c) Deliver to the Lender, at Lender's request, monthly production reports and lease expense reports, all for the Oil and Gas Properties of the Borrower and its Subsidiaries within 2 Business Days of delivery thereof in form and substance reasonably satisfactory to the Existing First Lien Lenders.
(c) [Reserved]Lender.
(d) The report provided pursuant to Section 5.5(a) shall be submitted Deliver to the Administrative Agent together with Lender such additional data concerning pricing, quantities of production from the Oil and Gas Properties of the Borrower and its SubsidiariesProperties, purchasers of production production, daily drilling and workover reports, any material "take or pay," "prepayment" and gas balancing liabilities of the Borrower, and such other information and engineering and geological data with respect thereto as the Majority Backstop Lenders or the Administrative Agent Lender may reasonably request request. To the extent relevant and practicable, all such information shall set forth the interests of the Borrower and its Subsidiaries in all such the Oil and Gas Properties and separately designate such the Oil and Gas 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.
Appears in 1 contract
Samples: Credit Agreement (International PetroReal Oil CORP)
Oil and Gas Reserve Reports. (a) Deliver to the Administrative Agent on or before January 31Lender no later than April 1 of each year during the term of this Agreement, 2016 a report engineering reports in usual and customary form and substance satisfactory to the Lender prepared by Netherland Netherland, Xxxxxx & Associates, Inc. including Associates or another consulting petroleum engineering firm reasonably acceptable to the Lender as fairly and accurately setting forth (i) a high level review 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 December 31 of the Borrower’s reserves and engineering, geological and technical informationprevious 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 review stated per annum discount rate of forecasted production volumes for major assets including existing proven and producing xxxxx reserves, and undeveloped locations, (iii) a comparison projections of historical and the Borrower’s future estimates annual rate of operating costsproduction, capital costsgross income, and pricing differentialsnet income with respect to such proven and producing reserves. Simultaneously therewith, Borrower shall furnish to Lender information with respect to any material "take-or-pay," "prepayment," 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 gas-balancing liabilities 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 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 Netherland, Xxxxxx & Associates (or other reports with respect consulting petroleum engineers reasonably acceptable to Lender) or by or under the Oil and Gas Properties supervision of the chief petroleum engineer of the Borrower evaluating the Mortgaged Properties as of June 30 of the year for which such reserve reports are furnished and its Subsidiaries within 2 Business Days of delivery thereof updating the information provided in the reports pursuant to the Existing First Lien LendersSection 5.4(a).
(c) [Reserved].
(d) The report Each of the reports provided pursuant to this Section 5.5(a) shall be submitted to the Administrative Agent Lender together with additional data concerning pricing, quantities of production from the Oil and Gas Properties Mortgaged Properties, volumes of the Borrower and its Subsidiariesproduction sold, purchasers of production production, gross revenues, expenses, and such other information and engineering and geological data with respect thereto as the Majority Backstop Lenders or the Administrative Agent Lender 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 fieldrequest.
(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.
Appears in 1 contract
Oil and Gas Reserve Reports. (a) Deliver to the Administrative Agent on or before January 31Agent, 2016 a report no later than March 1 of each year during the term of this Agreement, engineering reports in usual and customary form and substance satisfactory to the Agent, certified by Netherland Xxxxxx & Associates, Inc. including Xxxxx Xxxxx Company as fairly and accurately setting forth (i) a high level review 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 Borrower’s reserves and engineering, geological and technical informationyear 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 review stated per annum discount rate of forecasted production volumes for major assets including existing proven and producing xxxxx and undeveloped locationsreserves, (iii) a comparison projections of historical and the Borrower’s future estimates annual rate of operating costsproduction, capital costsgross income, and pricing differentialsnet income with respect to such proven and producing reserves, and (iv) a review of Borrower’s forecasted annual cash flows. Notwithstanding information with respect to 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 “take-or-pay,” “prepayment,” and gas-balancing liabilities 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 no later than September 1 of each year during the term of this Agreement, engineering reports in form and substance satisfactory to the Agent certified by Xxxxx Xxxxx Company evaluating the Mortgaged Properties as of July 1 of the year for which such reserve reports or other are furnished and updating the information provided in the reports with respect pursuant to the Oil and Gas Properties of the Borrower and its Subsidiaries within 2 Business Days of delivery thereof to the Existing First Lien LendersSection 5.7(a).
(c) [Reserved].
(d) The report Each of the reports provided pursuant to this 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 Mortgaged Properties, volumes of the Borrower and its Subsidiariesproduction sold, purchasers of production production, gross revenues, expenses, log section, map, test data 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 fieldrequest.
(ed) With Notwithstanding anything in this Section 5.7 to the delivery of contrary, the Reserve Report engineering report required pursuant to Section 5.5(a)5.7(b) evaluating the Mortgaged Properties as of July 1, 2008 and to be delivered by the Borrower shall provide to the Administrative Agent a certificate no later than September 1, 2008 shall be in substantially the form of Exhibit X attached heretoand contain all of the information required as to an engineering report delivered to the Agent in satisfaction of the provisions of Section 5.7(a).
Appears in 1 contract
Samples: Credit Agreement (Primeenergy Corp)