Internal Reserve Report definition

Internal Reserve Report is defined in Section 5.1(e).

Internal Reserve Report means a report, in form and substance reasonably satisfactory to the Administrative Agent, prepared by the Borrower and certified by a Responsible Officer of the Borrower, 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 prices and cost escalation assumptions specified by the Administrative Agent, 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.

Internal Reserve Report means a report, in form and substance reasonably satisfactory to the Administrative Agent and the Lenders, prepared by the Borrowers and certified by an Authorized Officer of the Company, 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.

Examples of Internal Reserve Report in a sentence

• 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.

• For the densest rocks in the study (~0.08–0.12), the UCS data would suggest yet ahigher of 20–25 MPa. The pore–emanating crack model could explain this switch in behaviour if there was a fundamental√change in pore radius.

• The Administrative Agent shall have received evidence reasonably satisfactory to it that the Borrower and each Restricted Subsidiary shall have successfully renegotiated its gathering, transportation and processing contracts on terms no less favorable, taken as a whole, than the terms assumed in the Initial Internal Reserve Report provided to the Administrative Agent pursuant to Section 3.1(a)(xi) as determined by the Administrative Agent in its sole discretion.

• 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.

• In connection with the Internal Reserve Report dated effective July 1, 2019 and in accordance with Section 2.2 of the Credit Agreement, the Administrative Agent (on behalf of itself and the Required Tier I Lenders) hereby notifies you that the Borrowing Base shall be decreased from $1,100,000,000 to $950,000,000 effective as of the date hereof.

More Definitions of Internal Reserve Report

Internal Reserve Report shall have the meaning provided in Section 9.13(a).

Internal Reserve Report means a report prepared by Borrower's internal engineers or third party engineers working for Borrower, which report shall, among other things, (a) identify the wellx xxxered thereby, (b) specify such engineers' estimate of the total volume of reserves (the "available reserves") (using the categories "proved developed producing reserves," "proved developed nonproducing reserves," and "proved and undeveloped reserves") attributable to the Collateral and (c) set forth such engineers' estimate with respect to the projected future rate of production of the available reserves.

Internal Reserve Report has the meaning set forth in Section 7.1(o).

Internal Reserve Report means a report, in form and substance reasonably satisfactory to the Administrative Agent and the Lenders, prepared by the Borrowers and certified by an Authorized Officer of the Company, addressed to the Administrative Agent and the Lenders with respect to the Oil and Ga 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 i the Borrowing Base, which report shall (a) specify the location, quantity, and type of the estimated Proved Hydrocarbon Interests attributable to such Oil and Ga 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 derive from the production and sale of Hydrocarbons from such Proved Hydrocarbon Interests based on product price and cost escalation assumptions specified by th 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.

Internal Reserve Report has the meaning set forth in Section 7.1.1(j).

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

Internal Reserve Report means a report, in form and substance reasonably satisfactory to the DIP Agent, prepared by the Borrower and certified by a Responsible Officer of the Borrower, addressed to the DIP 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 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 prices and cost escalation assumptions specified by the DIP Agent, and (d) contain such other information as is customarily obtained from and provided in such reports or is otherwise reasonably requested by the DIP Agent or any Lender.