Status and Operation of Oil and Gas Properties Sample Clauses

Status and Operation of Oil and Gas Properties. (a) The Leases that comprise the Oil and Gas Interests are (i) in full force and effect in accordance with their respective terms, (ii) all royalties, rentals and other payments due under the Leases have been properly and timely paid and (iii) there are currently pending no written requests or demands for payments, adjustments of payments or performance pursuant to obligations under the Leases, except where the failure of such Leases to be in full force and effect in accordance with their terms, or the pendency of such requests or demands, individually or in the aggregate, has not had, and would not reasonably be expected to have, a Company Materially Adverse Effect. Except as would not individually or in the aggregate have a Company Material Adverse Effect, none of the Company or any of its Subsidiaries is in breach of any of its obligations under any Lease. (b) Except as would not individually or in the aggregate have a Company Material Adverse Effect, the Oil and Gas Contracts of the Company and any of its Subsidiaries are (i) in full force and effect in accordance with their respective terms and (ii) are in form and substance considered conventional within the oil and gas industry. Except as would not, individually or in the aggregate, have a Company Material Adverse Effect, none of the Company or any of its Subsidiaries is in breach of any of its obligations under any such Oil and Gas Contract, nor to the Company's Knowledge, is any other party to such Oil and Gas Contract in breach of any of its obligations thereunder. (c) To the Knowledge of the Company, all pipelines, gathering systems, plants or other material facilities owned or used by the Company or any of its Subsidiaries are located on rights-of-way or on real property, permits or licenses owned or leased by the Company and its Subsidiaries, except where the failure to be so located would not have a Company Material Adverse Effect. (d) Except as would not have a Company Material Adverse Effect, no Person has asserted in writing that the Company's or its Subsidiaries' ingress or egress to or from any facility, plant, building or structure that is material to the operation of the Oil and Gas Interests infringes on the property or other rights of such Person. (e) Except as would not have a Company Material Adverse Effect, every well included in the Oil and Gas Interests has been drilled and completed in material compliance with applicable law, and within the boundaries covered by the Oil and Gas...
Sample 1
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Status and Operation of Oil and Gas Properties. (i) Set forth on Company Disclosure Schedule 3.1(r)(i), as of the date of this Agreement, is a list of all material Leases and XXXx. Neither the Company nor any Subsidiary is in material breach of any of its obligations under any Lease or JOA and all rentals and royalties due by the Company and each of its Subsidiaries have been properly paid or reserved in a proper suspense account under any Lease to which it is a party. Neither the Company nor any Subsidiary is in material breach of any of their respective contractual obligations under any assignment by which the Company or any of its Subsidiaries acquired its interest in any Oil and Gas Property. To the Knowledge of the Company, no counterparty to any Lease or JOA is in material breach of its obligations thereunder. (ii) Except as set forth on Company Disclosure Schedule 3.1(r)(ii) and for property sold, used or otherwise disposed of since December 31, 2005 in the ordinary course of business, the Company and each of its Subsidiaries have Good and Marketable Title to their respective Oil and Gas Properties. (iii) Except as set forth on Company Disclosure Schedule 3.1(r)(iii), all pipelines, gathering systems, plants or other facilities owned by the Company or its Subsidiaries, and, to the Knowledge of the Company, all other pipelines, gathering systems, plants and other facilities used by the Company or its Subsidiaries, are either (i) located on rights-of-way or on real property, permits or licenses owned or leased by the Company or its Subsidiaries or (ii) the operators of the associated Oil and Gas Properties. (iv) With respect to all Oil and Gas Interests operated by the Company or its Subsidiaries, no non-operating owners have advised the Company or its Subsidiaries of any material objection to the manner in which the Company or a Subsidiary has operated the Oil and Gas Interests, or, except as set forth on Company Disclosure Schedule 3.1(r)(iv), of any non-operating owners' intent to conduct a special audit outside the standard annual audit conducted in accordance with applicable Leases or Oil and Gas Contracts, including any JOA or the accounting procedures attached thereto. Except as set forth in Company Disclosure Schedule 3.1(r)(iv), none of the Xxxxx are currently in a non-consent status under the applicable JOA as to any material interests owned by the Company or its Subsidiaries in such Xxxxx. (v) Company Disclosure Schedule 3.1(r)(v) sets forth a true and complete list of all material seism...
Sample 1
Status and Operation of Oil and Gas Properties. (i) The Leases which are included in the Oil and Gas Properties are (A) in full force and effect in accordance with their respective terms, (B) all royalties, rentals and other payments due under the Leases have been properly and timely paid and (C) there are currently pending no written requests or demands for payments, adjustments of payments or performance pursuant to obligations under the Leases. (ii) Company Disclosure Schedule 3.1(w)(ii) sets forth the Scheduled Oil and Gas Interests. (iii) Company Disclosure Schedule 3.1(w)(iii) sets forth (A) a map depicting the pipeline portion of the Pipeline Assets, (B) a map depicting the pipeline portion of the Gathering Assets other than the Pipeline Assets, and (C) a list of tangible personal property with a value in excess of $100,000 associated with the Pipeline Assets (the “Other Pipeline Assets”). Except as set forth on Company Disclosure Schedule 3.1(w)(iii), the Company has Good and Marketable Title for all Oil and Gas Properties set forth in the Reserve Report and all Scheduled Oil and Gas Interests and Good and Defensible Title to the Other Pipeline Assets. Without limiting the generality of the foregoing, the Company owns and will at the Effective Time own the Net Revenue Interest, and will own the related Working Interest, in each case as set forth on Company Disclosure Schedule 3.1(w)(ii) for each of the Scheduled Oil and Gas Interests. The Other Pipeline Assets are in good operating condition, ordinary wear and tear excepted, except where the failure to maintain such personal property in such condition would not have, individually or in the aggregate, a Material Adverse Effect. (iv) The Oil and Gas Contracts and Leases of the Company and any of its Subsidiaries are set forth on Company Disclosure Schedule 3.1(w)(iv) are in full force and effect in accordance with their respective terms. None of the Company or any of its Subsidiaries is in breach of any of its material obligations under any such Oil and Gas Contract or Lease, nor to the Company’s Knowledge, is any other party to such Oil and Gas Contract or Lease in breach of any of its material obligations thereunder. (v) Except as set forth on Company Disclosure Schedule 3.1(w)(v), to the Knowledge of the Company, all pipelines, gathering systems, plants or other material facilities owned or used by the Company or any of its Subsidiaries are located on easements, rights-of-way or on real property, permits or licenses owned or leased by the Compa...
Sample 1

Related to Status and Operation of Oil and Gas Properties

  • Oil and Gas Properties The Borrower will and will cause each Subsidiary to, at its own expense, do or cause to be done all things reasonably necessary to preserve and keep in good repair, working order and efficiency all of its Oil and Gas Properties and other material Properties including, without limitation, all equipment, machinery and facilities, and from time to time will make all the reasonably necessary repairs, renewals and replacements so that at all times the state and condition of its Oil and Gas Properties and other material Properties will be fully preserved and maintained, except to the extent a portion of such Properties is no longer capable of producing Hydrocarbons in economically reasonable amounts. The Borrower will and will cause each Subsidiary to promptly: (i) pay and discharge, or make reasonable and customary efforts to cause to be paid and discharged, all delay rentals, royalties, expenses and indebtedness accruing under the leases or other agreements affecting or pertaining to its Oil and Gas Properties, (ii) perform or make reasonable and customary efforts to cause to be performed, in accordance with industry standards, the obligations required by each and all of the assignments, deeds, leases, sub-leases, contracts and agreements affecting its interests in its Oil and Gas Properties and other material Properties, (iii) cause each Subsidiary to do all other things necessary to keep unimpaired, except for Liens described in Section 9.02, its rights with respect to its Oil and Gas Properties and other material Properties and prevent any forfeiture thereof or a default thereunder, except to the extent a portion of such Properties is no longer capable of producing Hydrocarbons in economically reasonable amounts and except for dispositions permitted by Sections 9.16 and 9.

  • Management and Operation of Business Section 7.1 Management 47 Section 7.2 Certificate of Limited Partnership 48 Section 7.3 Restrictions on Managing General Partner’s Authority 49 Section 7.4 Reimbursement of the Managing General Partner 49 Section 7.5 Outside Activities 50 Section 7.6 Loans from the Managing General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the Managing General Partner 51 Section 7.7 Indemnification 53 Section 7.8 Liability of Indemnitees 54 Section 7.9 Resolution of Conflicts of Interest 55 Section 7.10 Other Matters Concerning the Managing General Partner 57 Section 7.11 Purchase or Sale of Partnership Securities 57 Section 7.12 Registration Rights of the Managing General Partner and its Affiliates 57 Section 7.13 Reliance by Third Parties 59

  • Notice of Sales of Oil and Gas Properties In the event the Borrower or any Subsidiary intends to sell, transfer, assign or otherwise dispose of any Oil or Gas Properties or any Equity Interests in any Subsidiary in accordance with Section 9.12, prior written notice of such disposition, the price thereof and the anticipated date of closing and any other details thereof requested by the Administrative Agent or any Lender.

  • Operations and Properties Borrower shall, and shall cause each of its Subsidiaries to, act prudently and in accordance with customary industry standards in managing or operating its assets, properties, business and investments. Borrower shall, and shall cause each of its Subsidiaries to, keep in good working order and condition, ordinary wear and tear excepted, all of its assets and properties which are necessary to the conduct of its business.

  • Use and Operation 3.1 Permitted Use ......................................................................................................

  • Management and Operations Promotes the learning and growth of all students and the success of all staff by ensuring a safe, efficient, and effective learning environment, using resources to implement appropriate curriculum, staffing, and scheduling

  • Management and Operation 6.01 Management of Partnership Affairs 16 6.02 Duties and Obligations of General Partner 17 6.03 Release and Indemnification 17 6.04 Power of Attorney 18

  • Business and Operations Borrower will continue to engage in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Property. Borrower will qualify to do business and will remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, maintenance, management and operation of the Property.

  • Management and Operations of Business Except as otherwise expressly provided in this Agreement, all powers to control and manage the business and affairs of the Partnership shall be vested exclusively in the General Partner; the Limited Partner shall not have any power to control or manage the Partnership.

  • Operation of Properties The Borrower will and will cause each Subsidiary to operate its Properties or cause such Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance in all material respects with all Governmental Requirements.

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