Common use of Operation of Oil and Gas Properties Clause in Contracts

Operation of Oil and Gas Properties. The Oil and Gas Properties covered by the most recent Engineering Report (and all properties unitized therewith) are being (and, to the extent the same could reasonably be expected to adversely affect the ownership or operation of the Oil and Gas Properties covered by the most recent Engineering Report after the date hereof, have in the past been) maintained, operated and developed in a good and workmanlike manner, in accordance with prudent industry standards and in conformity with all applicable Laws and in conformity with all oil, gas or other mineral leases and other contracts and agreements forming a part of the Oil and Gas Property covered by the most recent Engineering Report and in conformity with the Permitted Liens; provided that the representations and warranties made in this sentence are limited to the best of the Restricted Persons’ knowledge with respect to Oil and Gas Properties for which no Restricted Person is the operator. No Oil and Gas Property covered by the most recent Engineering Report is subject to having allowable production after the date hereof reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) prior to the date hereof and all oil and gas xxxxx located on the Oil and Gas Properties covered by the most recent Engineering Report (or properties unitized therewith) have been drilled and completed within the boundaries of the applicable Oil and Gas Properties or within limits otherwise permitted by a valid and enforceable pooling, unit, or other agreement or contract or by applicable Law. There are no dry holes, or otherwise inactive xxxxx, located on the Oil and Gas Properties covered by the most recent Engineering Report or on lands pooled or unitized therewith, except for xxxxx that have been properly plugged and abandoned. Each Restricted Person has all governmental licenses and permits necessary or appropriate to own and operate its Oil and Gas Properties covered by the most recent Engineering Report, and no Restricted Person has received notice of any violations in respect of any such licenses or permits.

Operation of Oil and Gas Properties. The Oil and Gas Properties covered by the most recent recently delivered Engineering Report (and all properties unitized therewith) are being (and, to the extent the same could reasonably be expected to adversely affect the ownership or operation of the Oil and Gas Properties covered by the most recent recently delivered Engineering Report after the date hereof, have in the past been) maintained, operated and developed in a good and workmanlike manner, in accordance with prudent industry standards and in conformity with all applicable Laws and in conformity with all oil, gas or other mineral leases and other contracts and agreements forming a part of the Oil and Gas Property covered by the most recent recently delivered Engineering Report and in conformity with the Permitted Liens; provided that the representations and warranties made in this sentence are limited to the best of the Restricted Persons’ knowledge with respect to Oil and Gas Properties for which no Restricted Person is the operator. No Oil and Gas Property covered by the most recent recently delivered Engineering Report is subject to having allowable production after the date hereof reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) prior to the date hereof and all oil and gas (ii) none of the xxxxx located on the Oil and Gas Properties covered by the most recent recently delivered Engineering Report (or properties unitized therewith) have been drilled are or will be deviated from the vertical more than the maximum permitted by applicable Laws, regulations, rules and completed within orders, and such xxxxx are bottomed under and producing from, with the boundaries of well bores wholly within, the applicable Oil and Gas Properties or within limits otherwise permitted covered by a valid and enforceable poolingthe most recently delivered Engineering Report (or, unitin the case of xxxxx located on properties unitized therewith, or other agreement or contract or by applicable Lawsuch unitized properties). There are no dry holes, or otherwise inactive xxxxxxxxxx (other than any shut-in xxxxx that the Borrower reasonably anticipates restoring to production based on market conditions), located on the Oil and Gas Properties covered by the most recent recently delivered Engineering Report or on lands pooled or unitized therewith, except for xxxxx that have been properly plugged and abandoned. Each Restricted Person has all governmental licenses and permits necessary or appropriate to own and operate its Oil and Gas Properties covered by the most recent recently delivered Engineering Report, and no Restricted Person has received notice of any violations in respect of any such licenses or permits.

Operation of Oil and Gas Properties. The Oil and Gas Properties covered by the most recent Engineering Report (and all properties unitized therewith) are being (and, to the extent the same could reasonably be expected to adversely affect the ownership or operation of the Oil and Gas Properties covered by the most recent Engineering Report after the date hereof, have in the past been) maintained, operated and developed in a good and workmanlike manner, in accordance with prudent industry standards and in conformity with all applicable Laws and in conformity with all oil, gas or other mineral leases and other contracts and agreements forming a part of the Oil and Gas Property covered by the most recent Engineering Report and in conformity with the Permitted Liens; provided that the representations and warranties made in this sentence are limited to the best of the Restricted Persons’ knowledge with respect to Oil and Gas Properties for which . Except as may be mandated by any Governmental Authority, no Restricted Person is the operator. No Oil and Gas Property covered by the most recent Engineering Report is subject to having allowable production after the date hereof reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) prior to the date hereof and all oil and gas hereof. None of the xxxxx located on the Oil and Gas Properties covered by the most recent Engineering Report (or properties unitized therewith) have been drilled are or will be deviated from the vertical more than the maximum permitted by applicable laws, regulations, rules and completed within orders, and such xxxxx are bottomed under and producing from, with the boundaries of well bores wholly within, the applicable Oil and Gas Properties Properties, rights-of-way or within limits otherwise permitted sub-surface easements covered by a valid the most recent Engineering Report (or, in the case of xxxxx located on properties unitized therewith, such unitized properties). Except as set forth in Section 5.21 of the Disclosure Schedule and enforceable poolingxxxxx that have been properly plugged and abandoned, unit, or other agreement or contract or by applicable Law. There there are no dry holes, or otherwise inactive xxxxx, located on the Oil and Gas Properties covered by the most recent Engineering Report or on lands pooled or unitized therewith, except for xxxxx that have been properly plugged and abandoned. Each Restricted Person has all governmental licenses and permits necessary or appropriate to own and operate its Oil and Gas Properties covered by the most recent Engineering Report, and no Restricted Person has received notice of any violations in respect of any such licenses or permits.

Operation of Oil and Gas Properties. The Except as would not reasonably be expected to result in a Material Adverse Change, the Oil and Gas Properties covered by the most recent recently delivered Engineering Report (and all properties unitized therewith) are being (and, to the extent the same could reasonably be expected to adversely affect the ownership or operation of the Oil and Gas Properties covered by the most recent recently delivered Engineering Report after the date hereof, have in the past been) maintained, operated and developed in a good and workmanlike manner, in accordance with prudent industry standards and in conformity with all applicable Laws and in conformity with all oil, gas or other mineral leases and other contracts and agreements forming a part of the Oil and Gas Property covered by the most recent recently delivered Engineering Report and in conformity with the Permitted Liens; provided that the representations and warranties made in this sentence are limited to the best of the Restricted Persons’ knowledge with respect to Oil and Gas Properties for which no Restricted Person is the operator. No Oil and Gas Property covered by the most recent recently delivered Engineering Report is subject to having allowable production after the date hereof reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) prior to the date hereof hereof, and all oil and gas none of the xxxxx located on the Oil and Gas Properties covered by the most recent recently delivered Engineering Report (or properties unitized therewith) have been drilled and completed within are or will be deviated from the boundaries of vertical more than the applicable Oil and Gas Properties or within limits otherwise maximum permitted by a valid applicable Laws, regulations, rules and enforceable poolingorders, unitand such xxxxx are bottomed under and producing from, or other agreement or contract or by applicable Law. There are no dry holeswith the well bores wholly within, or otherwise inactive xxxxx, located on the Oil and Gas Properties covered by the most recent recently delivered Engineering Report or (or, in the case of xxxxx located on lands pooled or properties unitized therewith, except for xxxxx that have been properly plugged and abandonedsuch unitized properties). Each Except as would not reasonably be expected to result in a Material Adverse Change, each Restricted Person has all governmental licenses and permits necessary or appropriate to own and operate its Oil and Gas Properties covered by the most recent recently delivered Engineering Report, and no Restricted Person has received notice of any violations in respect of any such licenses or permits.

Operation of Oil and Gas Properties. The Except for such acts or failures to act as would not reasonably be expected to cause a Material Adverse Change, the Oil and Gas Properties covered by the most recent recently delivered Engineering Report (and all properties unitized therewith) are being (and, to the extent the same could reasonably be expected to would adversely affect the ownership or operation of the Oil and Gas Properties covered by the most recent recently delivered Engineering Report after the date hereof, to the knowledge of each Restricted Person, have in the past been) maintained, operated and developed in a good and workmanlike manner, in accordance with prudent industry standards and in conformity with all applicable Laws and in conformity with all oil, gas or other mineral leases and other contracts and agreements forming a part of the Oil and Gas Property covered by the most recent recently delivered Engineering Report and in conformity with the Permitted Liens; provided that the representations and warranties made in this sentence are limited . Except for those as would not reasonably be expected to the best of the Restricted Persons’ knowledge with respect to Oil and Gas Properties for which cause a Material Adverse Change, no Restricted Person is the operator. No Oil and Gas Property covered by the most recent recently delivered Engineering Report is subject to having allowable production after the date hereof reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) prior to the date hereof and all oil and gas xxxxx located on the Oil and Gas Properties covered by the most recent recently delivered Engineering Report (or properties unitized therewith) have been drilled and completed within the boundaries of the applicable Oil and Gas Properties or within limits otherwise permitted by a valid and enforceable pooling, unit, or other agreement or contract or by applicable Law. There are no dry holes, or otherwise inactive xxxxx, located on the Oil and Gas Properties covered by the most recent recently delivered Engineering Report or on lands pooled or unitized therewith, except for xxxxx that have been properly been, or are currently being, plugged and abandonedabandoned in accordance with applicable Law. Each Restricted Person has all governmental licenses and permits necessary or appropriate to own and operate (or cause the operator to operate) its Oil and Gas Properties covered by the most recent recently delivered Engineering Report, except for those governmental licenses and no permits the failure of which to possess would not reasonably be expected to cause a Material Adverse Change. No Restricted Person has received notice of any violations in material respect of any such licenses or permits.

Operation of Oil and Gas Properties. The Oil and Gas Properties covered by the most recent recently delivered Engineering Report (and all properties unitized therewith) are being (and, to the extent the same could reasonably be expected to adversely affect the ownership or operation of the Oil and Gas Properties covered by the most recent recently delivered Engineering Report after the date hereof, have in the past been) maintained, operated and developed in a good and workmanlike manner, in accordance with prudent industry standards and in conformity with all applicable Laws and in conformity with all oil, gas or other mineral leases and other contracts and agreements forming a part of the Oil and Gas Property covered by the most recent recently delivered Engineering Report and in conformity with the Permitted Liens; provided that the representations and warranties made in this sentence are limited to the best of the Restricted Persons’ knowledge with respect to Oil and Gas Properties for which no Restricted Person is the operator. No Oil and Gas Property covered by the most recent recently delivered Engineering Report is subject to having allowable production after the date hereof reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) prior to the date hereof and all oil and gas (ii) none of the xxxxx located on the Oil and Gas Properties covered by the most recent recently delivered Engineering Report (or properties unitized therewith) have been drilled are or will be deviated from the vertical more than the maximum permitted by applicable laws, regulations, rules and completed within orders, and such xxxxx are bottomed under and producing from, with the boundaries of well bores wholly within, the applicable Oil and Gas Properties or within limits otherwise permitted covered by a valid and enforceable poolingthe most recently delivered Engineering Report (or, unitin the case of xxxxx located on properties unitized therewith, or other agreement or contract or by applicable Lawsuch unitized properties). There are no dry holes, or otherwise inactive xxxxxxxxxx (other than any shut-in xxxxx that Borrower reasonably anticipates restoring to production based on market conditions), located on the Oil and Gas Properties covered by the most recent recently delivered Engineering Report or on lands pooled or unitized therewith, except for xxxxx that have been properly plugged and abandoned. Each Restricted Person has all governmental licenses and permits necessary or appropriate to own and operate its Oil and Gas Properties covered by the most recent Engineering Report, and no Restricted Person has received notice of any violations in respect of any such licenses or permits.

Operation of Oil and Gas Properties. The Oil and Gas Properties covered by the most recent recently delivered Engineering Report (and all properties unitized therewith) are being (and, to the extent the same could reasonably be expected to adversely affect the ownership or operation of the Oil and Gas Properties covered by the most recent recently delivered Engineering Report after the date hereof, have in the past been) maintained, operated and developed in a good and workmanlike manner, in accordance with prudent industry standards and in conformity with all applicable Laws and in conformity with all oil, gas or other mineral leases and other contracts and agreements forming a part of the Oil and Gas Property covered by the most recent recently delivered Engineering Report and in conformity with the Permitted Liens; provided that the representations and warranties made in this sentence are limited to the best of the Restricted Persons’ knowledge with respect to Oil and Gas Properties for which no Restricted Person is the operator. No Oil and Gas Property covered by the most recent recently delivered Engineering Report is subject to having allowable production after the date hereof reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) prior to the date hereof and all oil and gas (ii) none of the xxxxx located on the Oil and Gas Properties covered by the most recent recently delivered Engineering Report (or properties unitized therewith) have been drilled are or will be deviated from the vertical more than the maximum permitted by applicable Laws, regulations, rules and completed within orders, and such xxxxx are bottomed under and producing from, with the boundaries of well bores wholly within, the applicable Oil and Gas Properties or within limits otherwise permitted covered by a valid and enforceable poolingthe most recently delivered Engineering Report (or, unitin the case of xxxxx located on properties unitized therewith, or other agreement or contract or by applicable Lawsuch unitized properties). There are no dry holes, or otherwise inactive xxxxxxxxxx (other than any shut-in xxxxx that Borrower reasonably anticipates restoring to production based on market conditions), located on the Oil and Gas Properties covered by the most recent recently delivered Engineering Report or on lands pooled or unitized therewith, except for xxxxx that have been properly plugged and abandoned. Each Restricted Person has all governmental licenses and permits necessary or appropriate to own and operate its Oil and Gas Properties covered by the most recent recently delivered Engineering Report, and no Restricted Person has received notice of any violations in respect of any such licenses or permits.