Independent Reserve Report means a report, in form and substance reasonably satisfactory to the Administrative Agent, prepared by an Approved Petroleum Engineer, addressed to the Administrative Agent and the Lenders with respect to the Oil and Gas Properties owned by any Credit Party or any Subsidiary (or to be acquired by any Credit Party or any Subsidiary, as applicable) which are or are to be included in the Borrowing Base, which report shall (a) specify the location, quantity, and type of the estimated Proved Hydrocarbon Interests attributable to such Oil and Gas Properties, (b) contain a projection of the rate of production of such Oil and Gas Properties, (c) contain an estimate of the net operating revenues to be derived from the production and sale of Hydrocarbons from such Proved Hydrocarbon Interests based on product price and cost escalation assumptions specified by the Administrative Agent and the Lenders, (d) contain an attendant reserve database capable of producing a match of the reserves, and (e) contain such other information as is customarily obtained from and provided in such reports or is otherwise reasonably requested by the Administrative Agent or any Lender.
Independent Reserve Report means a report, in form and substance reasonably satisfactory to the Administrative Agent, prepared by an Independent Engineer, addressed to the Administrative Agent and the Lenders with respect to the Oil and Gas Properties owned by any Loan Party (or to be acquired by a Loan Party) which are or are to be included in the Borrowing Base, which report shall (a) specify the location, quantity, and type of the estimated Proven Reserves attributable to such Oil and Gas Properties, (b) contain a projection of the rate of production of such Oil and Gas Properties, (c) contain an estimate of the net operating revenues to be derived from the production and sale of Hydrocarbons from such Proven Reserves based on product price and cost escalation assumptions specified by the Administrative Agent and the Lenders, and (d) contain such other information as is customarily obtained from and provided in such reports or is otherwise reasonably requested by the Administrative Agent or any Lender; provided that, the Independent Reserve Report may be prepared, at the sole discretion of the Borrower (x) by an Independent Engineer, or (y) by or under the supervision of the engineers of the Borrower; provided that Independent Reserve Reports that are prepared by or under the supervision of the engineers of the Borrower shall be accompanied by an audit letter issued by the Independent Engineer that it has audited at least 90% by value of the Proven Reserves attributable to the Oil and Gas Properties owned (or to be acquired) by the Loan Parties which are or are to be included in the Borrowing Base.
Independent Reserve Report means a report evaluating oil and gas reserves attributable to the Partnership prepared by a nationally-recognized independent oil and gas reservoir engineering firm.
Examples of Independent Reserve Report in a sentence
On a comparable basis, TRACS International Ltd in their competent person’s report dated 29 May 2008 in support of the AIM admission, used the D&M Independent Reserve Report figures of GIIP 245 BCF and 2P reserves of 192 BCF.
This agreement shall lay down the detailed conditions, practical arrangements, and the rules of decision making for the procurement on behalf of the participating Member States referred to in paragraph 1, including justification as regards the use of the procurement of goods and services by the Commission on behalf of the Member States concerned, including mechanisms and liabilities to be assumed.
As recommended in the Independent Reserve Report, based on the body of knowledge acquired over a period of time in terms of reservoir parameters and response to the surface and sub-surface actions, a comprehensive geological and reservoir study has been commissioned with the objective to define technical solutions for maximizing the recovery.
Proposed North American Listing and Independent Reserve Report Preparations for the proposed listing on a North American exchange continue with the engagement of legal and investor relations groups in the USA.
For the May 1 Borrowing Base redetermination, the Borrower shall deliver to the Administrative Agent, on or before each April 1st, beginning April 1, 2021, an Independent Reserve Report dated effective as of the immediately preceding January 1st and such other information as may be reasonably requested by the Administrative Agent or any Tier I Lender with respect to the Oil and Gas Properties included or to be included in the Borrowing Base.
More Definitions of Independent Reserve Report
Independent Reserve Report has the meaning set forth in Section 7.3(n).
Independent Reserve Report is defined in Section 5.1(e).
Independent Reserve Report means a report, in form and substance reasonably satisfactory to the Administrative Agent, prepared by an Approved Petroleum Engineer, addressed to the Administrative Agent and the Lenders with respect to the Oil and Gas Properties owned by any Credit Party or an Subsidiary (or to be acquired by any Credit Party or any Subsidiary, as applicable) which are or are to be included in the Borrowing Base, which report shall (a specify the location, quantity, and type of the estimated Proved Hydrocarbon Interests attributable to such Oil and Gas Properties, (b) contain a projection of th rate of production of such Oil and Gas Properties, (c) contain an estimate of the net operating revenues to be derived from the production and sale o Hydrocarbons from such Proved Hydrocarbon Interests based on product price and cost escalation assumptions specified by the Administrative Agent and th Lenders, (d) contain an attendant reserve database capable of producing a match of the reserves, and (e) contain such other information as is customarily obtained from and provided in such reports or is otherwise reasonably requested by the Administrative Agent or any Lender.
Independent Reserve Report means a report, in form and substance reasonably satisfactory to the Administrative Agent, prepared by an Independent Engineer, addressed to the Administrative Agent and the Lenders with respect to the Oil and Gas Properties owned by any Loan Party (or to be acquired by a Loan Party) which are or are to be included in the Borrowing Base, which report shall (a) specify the location, quantity, and type of the estimated Proven Reserves attributable to such Oil and Gas Properties, (b) contain a projection of the rate of production of such Oil and Gas Properties, (c) contain an estimate of the net operating revenues to be derived from the production and sale of Hydrocarbons from such Proven Reserves based on product price and cost escalation assumptions specified by the Administrative Agent and the Lenders, and (d) contain such other information as is customarily obtained from and provided in such reports or is otherwise reasonably requested by the Administrative Agent or any Lender; provided that, beginning with the Independent Reserve Report effective as of January 1, 2016, the Independent Reserve Report may be prepared, at the sole discretion of the Borrower (x) by an Independent Engineer, or (y) by or under the supervision of the engineers of the Borrower; provided that Independent Reserve Reports that are prepared by or under the supervision of the engineers of the Borrower shall be accompanied by an audit letter issued by the Independent Engineer that it has audited at least 90% by value of the Proven Reserves attributable to the Oil and Gas Properties owned (or to be acquired) by the Loan Parties which are or are to be included in the Borrowing Base.
Independent Reserve Report means a report evaluating oil and gas reserves attributable to the Partnership prepared by a nationally recognized independent oil and gas reservoir engineering firm;
Independent Reserve Report means an independent economic and reserve evaluation report covering the P&NG Leases and Petroleum Substances of the Obligors, including the Obligors’ Total Proved Reserves and Total Proved Developed Producing Reserves, prepared by the Independent Engineer, with an effective date no earlier than December 31 of the immediately preceding calendar year.
Independent Reserve Report is defined in Section 5(g)(vii).