Independent Reserve Report definition

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, 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 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

• Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by production, there has been no change in respect of the matters addressed in the Company Independent Reserve Report Letter that would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

• In connection with any redetermination of the Borrowing Base under this Section 2.2(c), the Borrower shall provide the Administrative Agent and the Lenders with an Independent Reserve Report or an Internal Reserve Report dated effective as of a date no more than 30 days prior to the redetermination and such other information as may be reasonably requested by the Administrative Agent or any Lender with respect to the Oil and Gas Properties included or to be included in the Borrowing Base.

• In connection with any redetermination of the Borrowing Base under this Section 2.2(c), the Borrower shall provide the Administrative Agent and the Tier I Lenders with an Independent Reserve Report or an Internal Reserve Report dated effective as of a date no more than 30 days prior to the redetermination 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.

• Notwithstanding the foregoing, the initial Extension Request cannot be sent until the Borrower delivers to the Lenders the December 31, 2006 annual audited consolidated financial statements of the Trust in accordance with Section 14.1(a) and the December 31, 2006 Independent Reserve Report in accordance with Section 14.1(d).

• 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.

More Definitions of Independent Reserve Report

Independent Reserve Report has the meaning set forth in Section 7.1(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 has the meaning set forth in Section 5(g) of the Purchase Agreement.

Independent Reserve Report is defined in SECTION 5.1(e).

Independent Reserve Report is defined in Section 5(g)(vii).

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;