Reserves Report Sample Clauses

Reserves Report. An engineer’s reserves report shall be based on sound geologic, economic, and other data; shall be consistent with sound engineering principles; and shall set forth Seller’s Gas Reserves. The engineer’s fees and expenses shall be paid by Seller.

Reserves Report. The Company has no reason to believe that the Reserves Report was not accurate in all material respects as at the effective date of such report, and, except for any impact of changes in commodity prices, which may or may not be material, the Company has no knowledge of a material adverse change in the production, costs, price, reserves, estimates of future net production revenues or other relevant information from that disclosed in the Reserves Report. The Company has provided to XxXxxxxx & Associates Consultants Ltd., prior to the issuance of the Reserves Report for the purpose of preparing such report, all material information concerning land descriptions, well data, facilities and infrastructure, ownership and operations, future development plans and historical technical and operating data respecting the principal oil and natural gas assets of the Company and its Subsidiaries, in each case as at the effective date of such report, and, in particular, all material information respecting the interests of the Company and its Subsidiaries in their respective principal oil and natural gas assets and royalty burdens and net profits interest burdens thereon and such information was accurate and correct in all material respects as at the date thereof and did not omit any information necessary to make any such information provided not misleading as at the respective dates thereof and there has been no material adverse change in any of the material information so provided since the date thereof.

Reserves Report. Except with respect to changes in the prices of oil and gas, CPEC does not have any knowledge of a material adverse change in any production, cost, reserves or other relevant information provided to GLJ Petroleum Consultants Ltd. (“GLJ”) and Xxxxxxx Associates Limited (“Xxxxxxx”) in connection with GLJ’s and Xxxxxxx’x preparation of the consolidated reserves report of GLJ dated February 14, 2020 (the “GLJ Consolidated Report”) since the date that such information was so provided; CPEC believes that the GLJ Consolidated Report reasonably presents the quantity and pre-tax present worth values of the oil and gas reserves associated with the crude oil, natural gas liquids and natural gas properties evaluated in such report as at its effective date based upon information available at the time such reserves information was prepared, and CPEC believes that at the date of such report it did not overstate in any material respect the aggregate quantity or pre-tax present worth values of such reserves or the estimated monthly production volumes therefrom;

Reserves Report. The Company has made available to XxXxxxxx, prior to the issuance of the Reserves Reports for the purpose of preparing the Reserves Reports, all information requested by XxXxxxxx, which information did not contain any misrepresentation at the time such information was provided. Except with respect to changes in commodity prices, the Company has no knowledge of any adverse change in any production, cost, price, reserves or other relevant information provided to XxXxxxxx since the dates that such information was provided that would reasonably be expected to be material; (n)

Reserves Report. 24.6.1 The Obligors shall procure, without prejudice to Clause 24.4.4, that a Reserve Report is delivered to the Agent and the Technical Bank on each date on which the same is due (as at the Amendment Effective Date) to be delivered to the agent, technical bank, lenders and/or other finance parties under the First Lien Credit Agreement whether or not the same is actually delivered to such parties under the First Lien Credit Agreement. 24.6.2 If: (A) the date as of which the Reserves Report most recently delivered to the Agent and/or the Technical Bank under Clause 24.4.4 or Clause 24.6.1 (as the case may be) falls 12 months or more before the next test date and no new Reserves Report is scheduled to be delivered under Clause 24.4.4 or Clause 24.6.1 (as the case may be) before that test date; and (B) the Technical Bank (by notice given to the Company) so requires, the Company shall (at the expense of the Obligors) commission a new Reserves Report and ensure that the same is delivered to the Agent and the Technical Bank within 40 days of the date on which the Technical Bank issues the relevant notice to the Company (provided that the Technical Bank shall not issue any notice under this Clause 24.6.2 before 15 February 2010), where, for these purposes, “test date” means each 30 June or 31 December of each year.

Reserves Report. The Administrative Agent shall have received a copy of the Reserves Report, and the Administrative Agent and the Lenders shall be satisfied in all respects with the contents thereof.

Reserves Report. The Seller must at its own cost procure a reserves report on the level of gas reserves within the Gas Production Area as identified in accordance with the SPE Code, prepared by an Independent Certifier, and which sets out (with reasonable explanation): (a) the Economically Deliverable Reserves estimated for each Contract Year over the balance of the Supply Period; (b) any increase in ACQ which could be offered under clause 7.3(f); (c) the quantity (if any) of any gas falling within clause 7.8(a) and the Contract Price in respect of such quantity, and provide that report to the Buyer at least 90 days before: (d) the expiration of each Contract Year up to and including the 10th Contract Year; and (e) the expiration of each alternate Contract Year beginning with the 12th Contract Year, the most recent such report at any time being the Reserves Report.

Reserves Report. To the knowledge of the Company, the Reserves Report complies with the requirements of NI 51-101 (including the requirements of the COGEH), as modified by the exemption order granted by the Securities Authorities dated December 17, 2010 in respect of certain requirements under NI 51-101, and the results thereof have been disclosed in accordance with NI 51-101 in all material respects. Except with respect to changes in commodity prices and changes due to production in the ordinary course and dispositions of Company Assets or Company Investee Assets, the Company has no knowledge of any material adverse change in the information used to prepare the Reserves Report, taken as a whole, since the date that such information was provided, including no material reduction in the amount of estimated hydrocarbon reserves of the Company or any of the Company Subsidiaries, either in aggregate or by individual reserve category, from the amounts set forth in the Company’s Public Disclosure Record. To the knowledge of the Company, the Reserves Report reasonably presented the quantity and pre-tax present worth values of the oil and gas reserves of the Company Assets as at December 31, 2013 based upon information available at the time the Reserves Report was prepared and the assumptions as to commodity prices and costs contained therein. All independent engineering reports with respect to the Company’s principal properties as at December 31, 2013 or any date thereafter and prior to the date of this Agreement have been included in the Data Room Information.

Reserves Report. (Sec. 2.10(e));

Reserves Report. (A) The Borrower shall procure that a Reserves Report is commissioned, at its expense, and prepared: (i) on an annual basis as of 31 December of each year for the purposes of each Forecast to be adopted in accordance with Clause 17 (Forecasts and Calculations); and (ii) if the Borrower makes a request for a Hydrocarbon asset to be designated a Borrowing Base Asset, provided that any Reserves Report commissioned pursuant to paragraph (ii) above need only include data and/or information relating to the relevant Hydrocarbon asset that is intended to be designated a Borrowing Base Asset. (B) The Borrower shall use its reasonable endeavours to ensure that each Reserves Report which is commissioned and prepared pursuant to: (i) paragraph (A)(i) above is delivered to the Technical Bank and the Modelling Bank within 90 days following 31 December of each year; and (ii) paragraph (A)(ii) above is delivered to the Technical Bank and the Modelling Bank within 40 days of the relevant request being made by the Borrower for the relevant Hydrocarbon asset to be designated a Borrowing Base Asset and, in any event, by the date by which the relevant Parties are required under Clause 17.5 (Preparatory Steps) to submit their proposals for the Forecast Assumptions to be used in the relevant Forecast that is proposed to be adopted in connection with the proposed designation of such Hydrocarbon asset as a Borrowing Base Asset. (C) The Borrower shall ensure that each Reserves Report that is prepared pursuant to this Clause 22.7 is addressed in a manner which ensures that the report provider owes a duty of care to the Finance Parties.