Common use of Ratio of Total Debt to EBITDAX Clause in Contracts

Ratio of Total Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter set forth below, permit its ratio of Total Debt as of such day to EBITDAX for the immediately preceding four fiscal quarters ending on such day to be greater than the ratio set forth below: March 31, 2013 5.0 to 1.0 June 30, 2013 4.5 to 1.0 September 30, 2013 and thereafter 4.0 to 1.0

Ratio of Total Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter set forth belowquarter, permit its ratio of Total Debt as of such day time to EBITDAX for the immediately preceding four fiscal quarters ending on such day to be greater than the ratio set forth below: March 31, 2013 5.0 to 1.0 June 30, 2013 4.5 to 1.0 September 30, 2013 and thereafter exceed 4.0 to 1.0. EBITDAX shall be calculated at the end of each fiscal quarter using the results of the twelve-month period ending with that fiscal quarter end.

Ratio of Total Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter, commencing with the fiscal quarter set forth belowending September 30, 2017, permit its ratio of Total Debt as of such day time to EBITDAX for to exceed 4.00 to 1.00. EBITDAX shall be calculated at the immediately preceding four end of each fiscal quarters quarter using the results of the twelve-month period ending on such day to be greater than the ratio set forth below: March 31, 2013 5.0 to 1.0 June 30, 2013 4.5 to 1.0 September 30, 2013 and thereafter 4.0 to 1.0with that fiscal quarter end.

Ratio of Total Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter set forth belowquarter, permit its ratio of Total Debt as of such day date to EBITDAX for the immediately preceding four fiscal quarters period ending on such day to be greater than the ratio set forth below: March (i) 4.25 to 1.00 for each fiscal quarter ending December 31, 2013 5.0 2011 through the fiscal quarter ending December 31, 2012, and (ii) 4.00 to 1.0 June 301.00 for each fiscal quarter ending after December 31, 2013 4.5 to 1.0 September 30, 2013 and thereafter 4.0 to 1.02012.

Ratio of Total Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter set forth below, permit its ratio of Total Debt as of such day to EBITDAX for the immediately preceding four fiscal quarters ending on such day to be greater than the ratio set forth below: March December 31, 2013 5.0 to 1.0 March 31, 2014 5.0 to 1.0 June 30, 2013 4.5 to 1.0 September 30, 2013 2014 and thereafter 4.0 to 1.0

Ratio of Total Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter, commencing with the fiscal quarter set forth belowending December 31, 2020, permit its ratio of Total Debt as of such day time to EBITDAX for to exceed 3.50 to 1.00. EBITDAX shall be calculated at the immediately preceding four end of each fiscal quarters quarter using the results of the 12-month period ending on such day to be greater than the ratio set forth below: March 31, 2013 5.0 to 1.0 June 30, 2013 4.5 to 1.0 September 30, 2013 and thereafter 4.0 to 1.0with that fiscal quarter end.

Ratio of Total Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter set forth belowquarter, permit its ratio of Total Debt as of such day time to EBITDAX for the immediately preceding four fiscal quarters ending on such day to be greater than exceed the ratio set forth belowbelow for each such period: June 30, 2016 4.75 to 1.00 September 30, 2016 4.50 to 1.00 December 31, 2016 4.25 to 1.00 March 31, 2013 5.0 to 1.0 June 30, 2013 4.5 to 1.0 September 30, 2013 2017 and thereafter 4.0 4.00 to 1.01.00 EBITDAX shall be calculated at the end of each fiscal quarter using the results of the twelve-month period ending with that fiscal quarter end.

Ratio of Total Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter set forth belowquarter, permit its ratio of Total Debt as of such day date to EBITDAX for the immediately preceding period of four consecutive fiscal quarters ending on such day date to be greater than the ratio set forth belowfollowing: March 31, 2013 5.0 2011 through December 31, 2011 4.75 to 1.0 1.00 March 31, 2012 through June 30, 2013 4.5 2012 4.25 to 1.0 1.00 September 30, 2013 2012 and thereafter 4.0 4.00 to 1.01.00