Common use of Oil and Gas Reserves Clause in Contracts

Oil and Gas Reserves. The Company and each Subsidiary is and will hereafter be, in all material respects, the owner of the Oil and Gas that it purports to own from time to time in and under its Oil and Gas Properties, together with the right to produce the same. The Oil and Gas Properties are not subject to any Lien other than as set forth in the financial statements referred to in Section 6.14, as disclosed in such financial statements to the Lenders in writing prior to the Effective Time and Permitted Liens. All Oil and Gas has been and will hereafter be produced, sold and delivered by the Company and its Subsidiaries in accordance in all material respects with all applicable laws and regulations of every Governmental Authority; each of the Company and its Subsidiaries has complied in all material respects (from the time of acquisition by the Company or a Subsidiary) and will hereafter use commercially reasonable efforts to comply with all material terms of each oil, gas and mineral lease comprising its Oil and Gas Properties; and all such material oil, gas and mineral leases under which the Company or a Subsidiary is a lessee or co-lessee have been and will hereafter be maintained in full force and effect; provided, however, that nothing in this Section 6.10 shall prevent the Company or its Subsidiaries from abandoning any well or forfeiting, surrendering or releasing any lease in the ordinary course of business which is not materially disadvantageous in any way to the Lenders and which, in the opinion of the Company or its Subsidiaries, is in its best interest, and following which the Company and its Subsidiaries are and will hereafter be in compliance with all obligations hereunder and the other Loan Documents. To the best of the knowledge of the Company and its Subsidiaries, all of the Hydrocarbon Interests comprising its Oil and Gas Properties are and will hereafter be enforceable in all material respects in accordance with their terms, except as such may be modified by applicable bankruptcy law or an order of a court in equity.

Oil and Gas Reserves. The Company Each Loan Party and each Subsidiary of its Subsidiaries is and will hereafter be, in all material respects, the owner of the Oil and Gas that it purports to own from time to time in and under its Oil and Gas Properties, together with the right to produce the same. The Oil and Gas Properties are not subject to any Lien other than as set forth in the financial statements referred to in Section 6.14, as disclosed in such financial statements to the Lenders in writing prior to the Effective Time date of this Agreement and Permitted Liens. All Oil and Gas has have been and will hereafter be produced, sold and delivered by the Company and its Subsidiaries in accordance in all material respects with all applicable laws and regulations of every any Governmental Authority; each of the Company Loan Parties and its Subsidiaries has complied in all material respects (from the time of acquisition by the Company or a Subsidiary) and will hereafter use commercially reasonable efforts to comply with all material terms of each oil, gas and mineral lease and any other agreement comprising its Oil and Gas Properties; and all such material oil, gas and mineral leases under which the Company or a Subsidiary is a lessee or co-lessee and other agreements have been and will hereafter be maintained in full force and effect; provided, however, however that nothing in this Section 6.10 shall prevent the Company any Loan Party or its Subsidiaries from (i) abandoning any well or forfeiting, surrendering surrendering, releasing or releasing defaulting under any lease in the ordinary course of business which is not materially disadvantageous in any way material respect to the Lenders and which, in the opinion of the Company or its Subsidiariessuch Loan Party, is in its best interest, and following which the Company such Loan Party and its Subsidiaries are is and will hereafter be in compliance with all obligations hereunder and the other Loan Documents(ii) making any Disposition permitted hereunder. To the best All of the knowledge of the Company Loan Parties’ and its their Subsidiaries, all of the Hydrocarbon Interests comprising its ’ Operating Agreements and Operating Leases with respect to their Oil and Gas Properties are and will hereafter be enforceable in all material respects in accordance with their terms, terms except as such may be modified by applicable bankruptcy law or an order of a court in equity.

Oil and Gas Reserves. The Company Borrower and each Subsidiary is and will hereafter be, in all material respects, the owner of the Oil and Gas that it purports to own from time to time in and under its Oil and Gas Properties, together with the right to produce the same. The Oil and Gas Properties are not subject to any Lien other than as set forth in the financial statements referred to in Section 6.14, as disclosed in such financial statements to the Lenders in writing prior to the Effective Time and Permitted Liens. All Oil and Gas has been and will hereafter be produced, sold and delivered by the Company Borrower and its Subsidiaries in accordance in all material respects with all applicable laws and regulations of every Governmental Authority; each of the Company Borrower and its Subsidiaries has complied in all material respects (from the time of acquisition by the Company or a Subsidiary) and will hereafter use commercially reasonable efforts to comply with all material terms of each oil, gas and mineral lease comprising its Oil and Gas Properties; and all such material oil, gas and mineral leases under which the Company Borrower or a Subsidiary is a lessee or co-lessee have been and will hereafter be maintained in full force and effect; provided, however, that nothing in this Section 6.10 shall prevent the Company Borrower or its Subsidiaries from abandoning any well or forfeiting, surrendering or releasing any lease in the ordinary course of business which is not materially disadvantageous in any way to the Lenders and which, in the opinion of the Company or its SubsidiariesLoan Parties, is in its best interest, and following which the Company Borrower and its Subsidiaries are and will hereafter be in compliance with all obligations hereunder and the other Loan Documents. To the best of the knowledge of the Company and its SubsidiariesLoan Parties, all of the Hydrocarbon Interests comprising its Oil and Gas Properties are and will hereafter be enforceable in all material respects in accordance with their terms, except as such may be modified by applicable bankruptcy law or an order of a court in equity.

Oil and Gas Reserves. The Company Borrower and each Subsidiary is and will hereafter be, in all material respects, the owner of the Oil and Gas Hydrocarbon Interests that it purports to own from time to time in and under its Oil and Gas Properties, together with the right to produce the same. The Oil and Gas Properties Hydrocarbon Interests are not subject to any Lien other than as set forth in the financial statements referred to in Section 6.14, as disclosed in such financial statements to the Lenders in writing prior to the Effective Time and Permitted Liens. All Oil and Gas has have been and will hereafter be produced, sold and delivered by the Company and its Subsidiaries in accordance in all material respects with all applicable laws and regulations of every Governmental Authorityregulations; each of the Company Borrower and its Subsidiaries has complied in all material respects (from the time of acquisition by the Company or a Subsidiary) and will hereafter use commercially reasonable efforts to comply with all material terms of each oil, gas and mineral lease comprising its Oil and Gas PropertiesHydrocarbon Interests; and all such material oil, gas and mineral leases under which the Company or a Subsidiary is a lessee or co-lessee have been and will hereafter be maintained in full force and 52 effect; providedPROVIDED, howeverHOWEVER, that nothing in this Section 6.10 SECTION 6.22 shall prevent the Company Borrower or its Subsidiaries from (a) selling or otherwise disposing of assets as permitted by SECTION 7.2.9 or (b) abandoning any well or forfeiting, surrendering surrendering, releasing or releasing defaulting under any lease in the ordinary course of business which is not materially disadvantageous in any way to the Lenders and which, in the opinion of the Company Borrower or its Subsidiaries, is in its best interest, and following which PROVIDED, THAT the Company Borrower and its Subsidiaries are is and will hereafter be in compliance with all obligations hereunder and the other Loan Documentshereunder. To the best of the knowledge of the Company Borrower all agreements pursuant to which Borrower and its Subsidiaries, all of the Subsidiaries own their Hydrocarbon Interests comprising its Oil and Gas Properties are and will hereafter be enforceable in all material respects in accordance with their terms, terms except as such may be modified by applicable bankruptcy law or an order of a court in equity.

Oil and Gas Reserves. The Company Borrower and each Subsidiary is and will hereafter be, in all material respects, the owner of the Oil and Gas Hydrocarbon Interests that it purports to own from time to time in and under its Oil and Gas Properties, together with the right to produce the same. The Oil and Gas Properties Hydrocarbon Interests are not subject to any Lien other than as set forth in the financial statements referred to in Section 6.14, as disclosed in such financial statements to the Lenders in writing prior to the Effective Time and Permitted Liens. All Oil and Gas has have been and will hereafter be produced, sold and delivered by the Company and its Subsidiaries in accordance in all material respects with all applicable laws and regulations of every Governmental Authorityregulations; each of the Company Borrower and its Subsidiaries has complied in all material respects (from the time of acquisition by the Company or a Subsidiary) and will hereafter use commercially reasonable efforts to comply with all material terms of each oil, gas and mineral lease comprising its Oil and Gas PropertiesHydrocarbon Interests; and all such material oil, gas and mineral leases under which the Company or a Subsidiary is a lessee or co-lessee have been and will hereafter be maintained in full force and effect; providedPROVIDED, howeverHOWEVER, that nothing in this Section 6.10 SECTION 6.21 shall prevent the Company Borrower or its Subsidiaries from (a) selling or otherwise disposing of assets as permitted by SECTION 7.2.9 or (b) abandoning any well or forfeiting, surrendering surrendering, releasing or releasing defaulting under any lease in the ordinary course of business which is not materially disadvantageous in any way to the Lenders and which, in the opinion of the Company Borrower or its Subsidiaries, is in its best interest, and following which PROVIDED, THAT the Company Borrower and its Subsidiaries are is and will hereafter be in compliance with all obligations hereunder and the other Loan Documentshereunder. To the best of the knowledge of the Company Borrower all agreements pursuant to which Borrower and its Subsidiaries, all of the Subsidiaries own their Hydrocarbon Interests comprising its Oil and Gas Properties are and will hereafter be enforceable in all material respects in accordance with their terms, terms except as such may be modified by applicable bankruptcy law or an order of a court in equity.

Oil and Gas Reserves. The Company and each Subsidiary is and will hereafter be, in all material respects, the owner of the Oil and Gas that it purports to own from time to time in and under its Oil and Gas Properties, together with the right to produce the same. The Oil and Gas Properties are not subject to any Lien other than as set forth in the financial statements referred to in Section 6.14, as disclosed in such financial statements to the Lenders in writing prior to the Effective Time date of this Agreement and Permitted Liens. All Oil and Gas has been and will hereafter be produced, sold and delivered by the Company and its Subsidiaries in accordance in all material respects with all applicable laws and regulations of every Governmental Authority; each of the Company and its Subsidiaries has complied in all material respects (from the time of acquisition by the Company or a Subsidiary) and will hereafter use commercially reasonable efforts to comply with all material terms of each oil, gas and mineral lease comprising its Oil and Gas Properties; and all such material oil, gas and mineral leases under which the Company or a Subsidiary is a lessee or co-lessee have been and will hereafter be maintained in full force and effect; provided, however, that nothing in this Section 6.10 shall prevent the Company or its Subsidiaries from abandoning any well or forfeiting, surrendering or releasing any lease in the ordinary course of business which is not materially disadvantageous in any way to the Lenders and which, in the opinion of the Company or its Subsidiaries, is in its best interest, and following which the Company and its Subsidiaries are and will hereafter be in compliance with all obligations hereunder and the other Loan Documents. To the best of the knowledge of the Company and its Subsidiaries, all of the Hydrocarbon Interests comprising its Oil and Gas Properties are and will hereafter be enforceable in all material respects in accordance with their terms, except as such may be modified by applicable bankruptcy law or an order of a court in equity.