Participant's Warranties. Participant represents, warrants and acknowledges that:
Participant's Warranties. (a) In submitting the Bid, the Participant warrants:
Participant's Warranties. 4.1. The participant warrants that:
Participant's Warranties. In order to induce the Company to enter into this Agreement, Participant does hereby warrant and represent to the Company as follows, that Participant:
a. is sufficiently sophisticated and experienced in the business of exploring for and producing oil, gas or other minerals, or other business and investment matters, so as to participate in the Project as contemplated hereunder, and fully understands the risks and merits involved in developing an oil and gas well(s), including the following: Exploration for and production of oil and gas involves a high degree of risk of loss of all or a portion of the amounts invested. The results of any well(s) cannot be determined in advance; The completion or re-completion of a producing well(s) does not indicate the well(s) will produce sufficient hydrocarbons to return a profit; Even though a well(s) is drilled or reworked in an area or formation adjacent to known and existing production, there is no assurance that such development will locate the productive zones, or that such productive zones, if located, will have the attributes necessary for commercial production sufficient to recoup the capital expended in placing such well(s) in production; Natural hazards and risks involved in the drilling or reworking of a well(s) include unusual or unexpected formations, pressures, and other conditions which are not anticipated; The drilling, completion, reworking and operation of an oil and gas well(s) involves risk of operations failures; It is not unusual to encounter unexpected problems or conditions which necessitate the abandonment of the well(s) and result in a total loss of investment in the well(s); The revenues generated from an oil and gas well(s) will be highly dependent upon the future prices and demand for oil and gas; There can be no assurance that a market for any oil or gas produced from an oil and gas well(s) will exist, or that the prices obtainable will be adequate to return the costs of developing such well(s); The marketing of oil and gas, and the prices obtained thereby, are subject to numerous factors beyond any control and which are unpredictable, including the domestic and world supply and demand for oil and gas, the price of foreign imports, the price and availability of alternative fuels and changes in regulatory laws and price controls; The oil and gas industry is subject to extensive governmental regulation, including those governing the drilling and spacing of well(s), allowable rates of producti...
Participant's Warranties. PARTICIPANT warrants that it has the requisite fiscal, managerial, and legal capability to carry out the Project and to receive and disburse Project funds. PARTICIPANT agrees to initiate and consummate all actions necessary to enable it to enter into this Agreement. PARTICIPANT warrants that there is no provision in its charter, bylaws, or any rules, regulations, or legislation that prohibits, voids, or otherwise renders unenforceable against PARTICIPANT any provision or clause of this Agreement. PARTICIPANT warrants further that it has paid all federal, state and local taxes levied or imposed and will continue to do so, excepting only those that may be contested in good faith. PARTICIPANT agrees that upon execution of this Agreement, PARTICIPANT will deliver to the DEPARTMENT:
Participant's Warranties. Participant represents and warrants to each Seller and agrees with each Seller that:
