Common use of Oil and Gas Reserves Clause in Contracts

Oil and Gas Reserves. Each Loan Party 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 to the Lenders in writing prior to the date of this Agreement and Permitted Liens. All Oil and Gas have been and will hereafter be produced, sold and delivered in accordance in all material respects with all applicable laws and regulations of governmental authority; each of the Loan Parties has complied in all material respects 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 oil, gas and mineral leases and other agreements have been and will hereafter be maintained in full force and effect. Provided, however that nothing in this Section 6.10 shall prevent any Loan Party from abandoning any well or forfeiting, surrendering, releasing or defaulting under any lease in the ordinary course of business which is not disadvantageous in any way to the Lenders and which, in the opinion of such Loan Party, is in its best interest, and such Loan Party is and will hereafter be in compliance with all obligations hereunder. All of the Loan Party's Operating Agreements and Operating Leases with respect to 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. Each Loan Party The Company and each Guarantor 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 to the Lenders in writing prior to the date of this Agreement and Permitted Liens. All Oil and Gas have been and will hereafter be produced, sold and delivered in accordance in all material respects with all applicable laws and regulations of governmental authority; each of the Loan Parties Company and the Guarantors has complied in all material respects 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 oil, gas and mineral leases and other agreements 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 any Loan Party Guarantor from abandoning any well or forfeiting, surrendering, releasing or defaulting under any lease in the ordinary course of business which is not disadvantageous in any way to the Lenders and which, in the opinion of the Company or such Loan PartyGuarantor, is in its best interest, and such Loan Party the Company and each Guarantor is and will hereafter be in compliance with all obligations hereunder. All of the Loan Party's Company’s and each Guarantor’s Operating Agreements and Operating Leases with respect to 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. Each Loan Breitburn Party and each of its Restricted 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 to the Lenders in writing prior to the date of this Agreement and Permitted Liens. All Oil and Gas have has been and will hereafter be produced, sold and delivered in accordance in all material respects with all applicable laws and regulations of governmental authorityany Governmental Authority; each of the Loan Breitburn Parties and its Restricted Subsidiaries has complied in all material respects 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 oil, gas and mineral leases and other agreements have been and will hereafter be maintained in full force and effect. Provided; provided, however that nothing in this Section 6.10 1(j) shall prevent any Loan Breitburn Party or its Restricted Subsidiaries from (i) abandoning any well or forfeiting, surrendering, releasing or defaulting under any lease in the ordinary course of business which is not disadvantageous in any way material respect to the Lenders Holders and which, in the opinion of such Loan Breitburn Party, is in its best interest, and such Loan Breitburn Party and its Restricted Subsidiaries is and will hereafter be in compliance with all obligations hereunder and (ii) making any disposition permitted hereunder. All of the Loan Party's Operating Agreements Breitburn Parties’ and Operating Leases their Restricted Subsidiaries’ operating agreements and operating leases with respect to its their 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. Each Loan Party 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 to the Lenders in writing prior to the date of this Agreement and Permitted Liens. All Oil and Gas have been and will hereafter be produced, sold and delivered in accordance in all material respects with all applicable laws and regulations of governmental govern­mental authority; each of the Loan Parties has complied in all material respects 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 oil, gas and mineral leases and other agreements have been and will hereafter be maintained in full force and effect. Provided, however that nothing in this Section 6.10 shall prevent any Loan Party from abandoning any well or forfeiting, surrendering, releasing or defaulting under any lease in the ordinary course of business which is not disadvantageous in any way to the Lenders and which, in the opinion of such Loan Party, is in its best interest, and such Loan Party is and will hereafter be in compliance with all obligations hereunder. All of the Loan Party's ’s Operating Agreements and Operating Leases with respect to 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. Each Loan Party The Company and each Guarantor 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 date of this Agreement Effective Time and Permitted Liens. All Oil and Gas have has been and will hereafter be produced, sold and delivered by the Company and the Guarantors in accordance in all material respects with all applicable laws and regulations of governmental authorityevery Governmental Authority except such laws and regulations, the failure to comply with could not reasonably be expected to have a Material Adverse Effect; each of the Loan Parties Company and the Guarantors 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 in all material respects with all material terms of each oil, gas and mineral lease and any other agreement comprising its Oil and Gas Properties; and all such oil, gas and mineral leases and other agreements under which the Company or a Guarantor is a lessee or co-lessee have been and will hereafter be maintained in full force and effect. Provided; provided, however however, that nothing in this Section 6.10 shall prevent the Company or any Loan Party Guarantor from abandoning disposing of any well or forfeiting, surrendering, releasing or defaulting under any lease Property in accordance with Section 8.2. To the ordinary course of business which is not disadvantageous in any way to the Lenders and which, in the opinion of such Loan Party, is in its best interest, and such Loan Party is and will hereafter be in compliance with all obligations hereunder. All knowledge of the Loan Party's Operating Agreements Company and Operating Leases with respect to the Guarantors, 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 terms, except as such may be modified by applicable bankruptcy law or an order of a court in equityequity and except to the extent the failure to be enforceable could not reasonably be expected to have a Material Adverse Effect.

Oil and Gas Reserves. Each Loan Party and each 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 to the Lenders in writing prior to the date of this Agreement and Permitted Liens. All Oil and Gas have been and will hereafter be produced, sold and delivered in accordance in all material respects with all applicable laws and regulations of governmental authority; each of the Loan Parties and its Subsidiaries has complied in all material respects 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 oil, gas and mineral leases and other agreements have been and will hereafter be maintained in full force and effect. Provided, however that nothing in this Section 6.10 shall prevent any Loan Party or its Subsidiaries from abandoning any well or forfeiting, surrendering, releasing or defaulting under any lease in the ordinary course of business which is not disadvantageous in any way to the Lenders and which, in the opinion of such Loan Party, is in its best interest, and such Loan Party and its Subsidiaries is and will hereafter be in compliance with all obligations hereunder. All of the Loan Party's Parties’ and their Subsidiaries’ Operating Agreements and Operating Leases with respect to its their 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. Each Loan Party The Company and each Guarantor 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 date of this Agreement Restatement Effective Time and Permitted Liens. All Oil and Gas have has been and will hereafter be produced, sold and delivered by the Company and the Guarantors in accordance in all material respects with all applicable laws and regulations of governmental authorityevery Governmental Authority except such laws and regulations, the failure to comply with which could not reasonably be expected to have a Material Adverse Effect; each of the Loan Parties Company and the Guarantors 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 in all material respects with all material terms of each oil, gas and mineral lease and any other agreement comprising its Oil and Gas Properties; and all such oil, gas and mineral leases and other agreements under which the Company or a Guarantor is a lessee or co-lessee have been and will hereafter be maintained in full force and effect. Provided; provided, however however, that nothing in this Section 6.10 shall prevent the Company or any Loan Party Guarantor from abandoning disposing of any well or forfeiting, surrendering, releasing or defaulting under any lease Property in accordance with Section 8.2. To the ordinary course of business which is not disadvantageous in any way to the Lenders and which, in the opinion of such Loan Party, is in its best interest, and such Loan Party is and will hereafter be in compliance with all obligations hereunder. All knowledge of the Loan Party's Operating Agreements Company and Operating Leases with respect to the Guarantors, 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 terms, except as such may be modified by applicable bankruptcy law or an order of a court in equityequity and except to the extent the failure to be enforceable could not reasonably be expected to have a Material Adverse Effect.

Oil and Gas Reserves. Each Loan Party The Company and each Guarantor 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 date of this Agreement Effective Time and Permitted Liens. All Oil and Gas have has been and will hereafter be produced, sold and delivered by the Company and the Guarantors in accordance in all material respects with all applicable laws and regulations of governmental authorityevery Governmental Authority except such laws and regulations, the failure to comply with which could not reasonably be expected to have a Material Adverse Effect; each of the Loan Parties Company and the Guarantors 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 in all material respects with all material terms of each oil, gas and mineral lease and any other agreement comprising its Oil and Gas Properties; and all such oil, gas and mineral leases and other agreements under which the Company or a Guarantor is a lessee or co-lessee have been and will hereafter be maintained in full force and effect. Provided; provided, however however, that nothing in this Section 6.10 shall prevent the Company or any Loan Party Guarantor from abandoning disposing of any well or forfeiting, surrendering, releasing or defaulting under any lease Property in accordance with Section 8.2. To the ordinary course of business which is not disadvantageous in any way to the Lenders and which, in the opinion of such Loan Party, is in its best interest, and such Loan Party is and will hereafter be in compliance with all obligations hereunder. All knowledge of the Loan Party's Operating Agreements Company and Operating Leases with respect to the Guarantors, 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 terms, except as such may be modified by applicable bankruptcy law or an order of a court in equityequity and except to the extent the failure to be enforceable could not reasonably be expected to have a Material Adverse Effect.