PDP PV-10 means, as of any date of determination thereof with respect to the Oil and Gas Properties comprised of Proved Developed Producing Properties described in the then most recent Reserve Report delivered to the Administrative Agent, the net present value, discounted at ten percent (10%) per annum, of the future net revenues expected to accrue to the Borrower’s and Guarantors’ collective interest in such Oil and Gas Properties during the remaining expected economic lives of such Oil and Gas Properties. Each calculation of such expected future net revenues shall be made in accordance with SEC guidelines for reporting Proved Developed Producing Properties, provided that in any event (a) appropriate deductions shall be made for severance and ad valorem taxes, and for operating, gathering, transportation and marketing costs required for the production and sale of such Oil and Gas Properties, (b) the pricing assumptions used in determining PDP PV-10 for any Oil and Gas Properties shall be based upon the Strip Price, and (c) cash flows shall be adjusted to account for the actual average historical basis differential during the 12-month period preceding such date of determination as adjusted for current market conditions. The amount of PDP PV-10 at any time shall be calculated on a pro forma basis for material sales or dispositions of Properties and material acquisitions of Oil and Gas Properties comprised of Proved Developed Producing Properties consummated by the Borrower and Guarantor since the date of the Reserve Report most recently delivered pursuant to this Agreement.
PDP PV-10 means, on any date, 100% of the present value of future revenues less severance and ad valorem taxes, operating expenses and capital expenditures of the proved developed producing oil and gas reserves attributable to the Oil and Gas Properties, as evaluated in the most recently delivered Reserve Report in respect of proved developed producing oil and gas reserves attributable to the Oil and Gas Properties, discounted at a rate of 10% and utilizing the monthly crude oil (WTI) and natural gas (Xxxxx Hub) prices, in each case based upon (i) the actual monthly price quoted on NYMEX on such date for the corresponding month through the 60th month from such date and (ii) the arithmetic monthly average for months 49 through 60 for each month after the 60th month. The amount of the PDP PV-10% then in effect shall be (a) calculated on a pro forma basis for dispositions and acquisitions consummated since the date of the most recently delivered Reserve Report in respect of proved developed producing oil and gas reserves attributable to the Oil and Gas Properties to the extent that a reserve report reasonably acceptable to the Agent in respect of proved developed producing oil and gas reserves attributable to such disposition or acquisition is available and (b) adjusted to give effect to the Borrower’s and the Subsidiaries’ commodity xxxxxx then in effect.
PDP PV-10 means the net present value, discounted at ten percent (10%) per annum, of the future net revenues (using NYMEX forward curve pricing for the next five (5) years as of the date of determination and flat prices from the fifth calendar year thereafter) expected to accrue to the Partnership’s collective interest in any Proved Developed Producing Reserves (as defined in the Partnership Agreement) (in each case determined as of the last day of the most recent Partnership Fiscal Year or Partnership Fiscal Quarter for which a reserve report prepared under Section 5.7 of the Partnership Agreement is available) during the remaining expected economic lives of such reserves. Each calculation of such expected future net revenues shall take into account the xxxx-to-market value of all Hedge Agreement of the Partnership Group Companies relating to the Partnership’s production and shall be made as of the date requested in accordance with the then existing standards of the Society of Petroleum Engineers, provided that in any event (a) appropriate deductions shall be made for severance and ad valorem taxes, and for operating, gathering, transportation and marketing costs required for the production and sale of such reserves, (b) the pricing assumptions used in determining PDP PV-10 for any particular reserves shall be based upon the Strip Price for the next five (5) years and (c) the cash-flows derived from the pricing assumptions set forth in clause (b) above shall be further adjusted to account for the historical basis differential.
Examples of PDP PV-10 in a sentence
The “Asset Coverage Ratio” is defined in the Loan Agreement as the ratio of the PDP PV10 reserves value (using prices quoted on NYMEX and before tax) to the aggregate principal balance outstanding under the term loan.
Debt Financing The Company is in the process of arranging for a loan facility of USD$4,000,000 from one or more lenders to fund 65% of the PDP PV-10 value of USD$6,495,580 for the Assets (the "Debt Financing").
The forward pricing used to calculate the PDP PV10 reserves value is based on 48 months of NYMEX futures contracts and is defined in the Loan Agreement.
Key financial covenants: 1.5x 1P PV10 coverage to net loan (after adjustment for cash & hedges).1.0x PDP PV10 coverage to net loan (after adjustment for cash & hedges).
Rockies▪ U.S. Energy operates over 90% of its asset base.▪ PDP reserves of 6,270 Mboe (76% oil).▪ PDP PV-10 of $110.6 mm.▪ PDNP reserves of 609 Mboe (99% oil) Bakken Operating Counterparties▪ PDNP PV-10 of $21.4 mm.
More Definitions of PDP PV-10
PDP PV-10 means the net present value, discounted at ten percent (10%) per annum, of the future net revenues (using NYMEX forward curve pricing for the next five (5) years as of the date of determination and flat prices from the fifth calendar year thereafter) expected to accrue to the Xxxxxxx Vehicle’s collective interest in any Proved Developed Producing Reserves (as defined in the Partnership Agreement) in any Joint Properties (in each case determined as of the last day of the most recent fiscal year or fiscal quarter for which a reserve report of the Partnership is available) during the remaining expected economic lives of such reserves. Each calculation of such expected future net revenues shall be made in accordance with the then existing standards of the Society of Petroleum Engineers, provided that in any event (a) appropriate deductions shall be made for severance and ad valorem taxes, and for operating, gathering, transportation and marketing costs required for the production and sale of such reserves, (b) the pricing assumptions used in determining PDP PV-10 Proved Reserves (as defined in the GP LLC Agreement) for any particular reserves shall be based upon the Strip Price (as defined under the GP LLC Agreement) for the next five (5) years, (c) the cash-flows derived from the pricing assumptions set forth in clause (b) above shall be further adjusted to account for the historical basis differential and (d) PDP PV-10 shall be based on the valuation of applicable properties in the Partnership reserve report as adjusted for the Xxxxxxx Vehicles’ working interest ownership percentage in such properties.
PDP PV-10 means, as of any date of determination thereof with respect to the Oil and Gas Properties comprised of Proved Developed Producing Properties described in the then most recent Reserve Report delivered to the Administrative Agent, the net present value, discounted at ten percent (10%) per annum, of the estimated future net revenues expected to accrue to the Borrower’s and Guarantors’ collective interest in such Oil and Gas Properties during the remaining expected economic lives of such Oil and Gas Properties. Each calculation of such expected future net revenues shall be made in accordance with Society of Petroleum Engineers then existing guidelines for reporting Proved Developed Producing Properties, provided that in any event (a) appropriate deductions shall be made for severance and ad valorem taxes, future plugging and abandonment expenses, and for operating, gathering, transportation and marketing costs required for the production and sale of such Oil and Gas Properties (without giving effect to non-property related expenses such as general and administrative expenses) and (b) the pricing assumptions used in determining PDP PV-10 for any Oil and Gas Properties shall be based upon the Strip Price and appropriate differentials as reasonably determined by the Administrative Agent. The amount of PDP PV-10 at any time shall be calculated on a pro forma basis for material sales or dispositions of Properties and material acquisitions of Oil and Gas Properties comprised of Proved Developed Producing Properties consummated by the Borrower and Guarantor since the date of the Reserve Report most recently delivered pursuant to this Agreement.
PDP PV-10 means, with respect to any Proved Developed Producing Reserves owned by an Obligor at any time, the net present value, discounted at 10% per annum, of the future net revenues expected to accrue to such Obligor’s interest in such reserves during the remaining expected economic lives of such reserves, based upon the economic assumptions acceptable to the Administrative Agent in its sole discretion. Each calculation of such expected future net revenues shall be made in accordance with the Definitions for Oil and Gas Reserves promulgated by the Society of Petroleum Engineers (or any generally recognized successor) as in effect at such time, but in any event (i) appropriate deductions shall be made for severance and ad valorem taxes, and for operating, gathering, transportation and marketing costs required for the production and sale of such reserves, (ii) appropriate adjustments shall be made for commodity and basis hedging activities and (iii) the cash-flows derived from the pricing assumptions set forth in clause (ii) above shall be further adjusted to account for the historical basis differential. The methodology (including the pricing assumptions) for calculating PDP PV-10 for each Obligor shall be set forth on the related Approval Notice and may only be modified with the prior written consent of the Administrative Agent.
PDP PV-10 means, as of any date of determination thereof, the Present Value of PDP Reserves of the Loan Parties and their Restricted Subsidiaries.
PDP PV-10 means, as of any date of determination thereof with respect to the Oil and Gas Properties comprised of Proved Developed Producing Properties described in the then most recent Reserve Report delivered to the Administrative Agent, the net present value, discounted at ten percent (10%) per annum, of the estimated future net revenues expected to accrue to the Borrower’s and Guarantors’ collective interest in such Oil and Gas Properties during the remaining expected economic lives of such Oil and Gas Properties. Each calculation of such expected future net revenues shall be made in accordance with the Society of Petroleum Engineers then existing guidelines for reporting Proved Developed Producing Properties; provided that in any event
PDP PV-10. (and the defined terms contained therein) shall have the meaning ascribed to it in the Credit Agreement for “PDP PV-10” and a Reserve Report (as defined in the Credit Agreement) as of the relevant date.
PDP PV-10 means, as of any date of determination thereof with respect to the Oil and Gas Properties comprised of Proved Developed Producing Properties described in the then most recent Reserve Report delivered to the Administrative Agent, the net present value, discounted at ten percent (10%) per annum, of the estimated future net revenues expected to accrue to the Borrower’s and Guarantors’ collective interest in such Oil and Gas Properties during the remaining expected economic lives of such Oil and Gas Properties. Each calculation of such expected future net revenues shall be made in accordance with the Society of Petroleum Engineers then existing guidelines for reporting Proved Developed Producing Properties; provided that in any event (a) appropriate deductions shall be made for severance and ad valorem taxes, future plugging and abandonment expenses, and for operating, gathering, transportation and marketing costs required for the production and sale of such Oil and Gas Properties (without giving effect to non-property related expenses such as general and administrative expenses) and