Status of Xxxxx. Xxxxx is a corporation duly incorporated, validly existing and in good standing under the laws of British Columbia and has the requisite corporate power and authority to carry on the business now carried on by it and to own or lease its property and to execute and deliver this Agreement.
Status of Xxxxx. In carrying out this Agreement Xxxxx is acting in its own right and not as an agent of the Council.
Status of Xxxxx. Except as disclosed in Section 2.32 of the Disclosure Schedule, all Xxxxx set forth in the Independent Engineering Report, excluding proved undeveloped and proved developed nonproducing properties as identified in such report, are producing or operationally capable of producing hydrocarbons (based upon prevailing economic conditions) without the necessity of recompletion or material reworking operations. Except as disclosed in Section 2.32 of the Disclosure Schedule or reserved for in the Company Balance Sheet, the Company has no obligations existing for the plugging or abandonment (including obligations for restoration of the surface) of any oil and/or gas well, salt water disposal well or other well located at the Interests other than the general obligation to plug and abandon xxxxx.
Status of Xxxxx. From and after the Commencement Date, Xxxxx shall be an independent contractor and nothing in this Agreement shall cause Xxxxx to be treated as an employee, agent, or partner of Company.
Status of Xxxxx. The services of Xxxxx provided pursuant to this Agreement shall be performed for the benefit of the Company by Xxxxx in the capacity of an independent contractor. Xxxxx shall not be considered, at any time that this Agreement is in force, to be an employee of the Company.
Status of Xxxxx. Except as disclosed on Schedule 4.35 the Company has no specific agreements existing for the plugging and abandonment (including obligations for restoration of the surface) of any oil and/or gas well, salt water disposal well or other well located on the Interests other than the general obligation to plug and abandon xxxxx.
Status of Xxxxx. (i) The Xxxxx has such knowledge, skill and experience in business, financial and investment matters so that she is capable of evaluating the merits and risks of an investment in the Shares. To the extent necessary, the Xxxxx has retained, at her own expense, and relied upon, appropriate professional advice regarding the investment, tax and legal merits and consequences of the Agreement and owning Shares.
Status of Xxxxx. Xx. Brunson understands that at the time of the execution of xxxx Xxxxxxent the shares of Stock to be issued upon exercise of the Replacement Option have not been registered under the Securities Act of 1933, as amended (the "Act") or any State securities law, and that the Bank does not currently intend to effect any such registration. Until the shares of Stock acquirable upon exercise of the Replacement Option have been registered for issue under the Act, the Company will not issue such shares unless Mr. Brunson provides the Bank with a written opinion of legal xxxxxxx, xho shall be satisfactory to the Bank, addressed to the Bank and satisfactory in form and substance to the Bank's counsel, to the effect that the proposed issuance of such shares may be made without registration under the Act. In the event exemption from registration under the Act is available upon an exercise of the Replacement Option, Mr. Brunson (or the person permitted to exercise the Replacemxxx Xxxxxx in the event of his death), if requested by the Bank to do so, will execute and deliver to the Bank in writing an agreement containing such provisions as the Bank may require to assure compliance with applicable securities laws.
Status of Xxxxx. To Seller’s Knowledge, except as disclosed in Schedule 4.13, all xxxxx included in the Interests, and all xxxxx located on the Land and not included in the Interests but with respect to which Seller has, or after the Closing Buyer may have, any liability to plug, either (i) are producing or capable of producing hydrocarbons without the necessity of major rework or recompletion operations, (ii) are being utilized as injection, water supply or disposal xxxxx and are properly permitted and fully equipped for such operations, or (iii) to Seller’s Knowledge, have been properly plugged and abandoned in accordance with all applicable rules and regulations of governmental authorities having jurisdiction with respect thereto. The Interests do not include any “wellbore only” or similarly limited rights. As disclosed on Schedule 4.13, the Xxxx Xxxxxx injection well #4 requires a workover. Buyer assumes all obligations and all costs incurred from and after the Effective Time associated with workover and repair of the well. NOTWITHSTANDING THE FOREGOING OR ANY PROVISION HEREIN TO THE CONTRARY, SELLER DISCLAIMS, AND BUYER WAIVES, ANY REPRESENTATION OR WARRANTY OF ANY KIND AS TO THE AMOUNT OF “IN PLACE” OR RECOVERABLE HYDROCARBONS OR OIL AND GAS RESERVES (PROVED, PROBABLE OR OTHERWISE) ATTRIBUTABLE TO THE PROPERTIES OR AS TO PRICES WHICH WILL BE RECEIVED FROM ANY PRODUCTION ON THE PROPERTIES.
Status of Xxxxx. Except as disclosed in Schedule 4.13, all xxxxx included in the Interests, and all xxxxx located on the Land and not included in the Interests but with respect to which Seller has, or after the Closing Buyer may have, any liability to plug, either (i) are producing or capable of producing hydrocarbons in commercial quantities without the necessity of rework or recompletion operations, or (ii) are being utilized as injection, water supply or disposal xxxxx and are properly permitted and fully equipped for such operations, or (iii) have been properly plugged and abandoned in accordance with all applicable rules and regulations of governmental authorities having jurisdiction with respect thereto.
