Proved Developed Producing Reserves definition

Proved Developed Producing Reserves means Proved Reserves which are categorized as both “Developed” and “Producing” in the Definitions, “Proved Developed Nonproducing Reserves” means Proved Reserves which are categorized as both “Developed” and “Nonproducing” in the Definitions, and “Proved Undeveloped Reserves” means Proved Reserves which are categorized as “Undeveloped” in the Definitions.

Proved Developed Producing Reserves means oil and gas reserves that, in accordance with Petroleum Industry Standards, are classified as both “Proved Reserves” and “Developed Producing Reserves.”

Proved Developed Producing Reserves means those Oil and Gas Properties designated as proved developed producing (in accordance with the Definitions for Oil and Gas Reserves approved by the Board of Directors of the Society of Petroleum Engineers, Inc. from time to time) in the Reserve Report.

Examples of Proved Developed Producing Reserves in a sentence

• In determining the Repurchase Price for Unit Holders pursuant to this Article Fifteen, the present value of the Partnership's Proved Developed Producing Reserves shall be reduced by 25% for risk and the present value of all other categories of Proved Reserves shall be reduced by 35% for risk.

• The Borrower shall from time to time enter into Swap Agreements in respect of commodities so that the notional volumes of all Swap Agreements, in the aggregate, are more than 75% of the reasonably anticipated projected production from Borrower's Proved Developed Producing Reserves for each month during the term of this Agreement.

• The Borrower will not permit, as of the last day of any fiscal ----------- quarter, from and after January 1, 2004, its ratio of the Net Present Value of Proved Developed Producing Reserves, to Total Debt to be less than 1.00:1.

• Prior to January 1, 2011, Proved Developed Producing Reserves was used for the calculation of unit-of-production depreciation, depletion and amortization recorded in the Group’s consolidated financial information for property, plant and equipment related to oil and gas production activities.

• The Borrower shall cause the Mortgaged Properties to constitute at least eighty-five percent (85%) of the total value of the Proved Reserves of the Borrower and its Subsidiaries and at least eighty-five percent (85%) of the total value of the Proved Developed Producing Reserves of the Borrower and its Subsidiaries (in this Section called the “Required Percentages”).

More Definitions of Proved Developed Producing Reserves

Proved Developed Producing Reserves which are proved developed reserves which are expected to be produced from existing wells; and

Proved Developed Producing Reserves has the meaning assigned such term in the SPE Definitions.

Proved Developed Producing Reserves means the Proved Reserves that are Developed Oil and Gas Reserves and are expected to be recovered from completion intervals that are open and producing at the time of determination; provided that improved recovery Proved Reserves are considered producing only after the improved recovery project is in operation.

Proved Developed Producing Reserves or “PDP Reserves” means Proved Reserves which are categorized as both “Developed” and “Producing” in the SPE/WPC Definitions; “Proved Developed Non Producing Reserves” or “PDNP Reserves” means Proved Reserves which are categorized as both “Developed” and “Non Producing” in the SPE/WPC Definitions; and “Proved Undeveloped Reserves” or “PUD Reserves” means Proved Reserves which are categorized as “Undeveloped” in the SPE/WPC Definitions.

Proved Developed Producing Reserves has the meaning assigned to that term by the Society of Petroleum Engineers, as it may be amended from time to time, but generally shall mean the subcategory of “Proved Developed Reserves” (as defined by the Society of Petroleum Engineers) which are recoverable by natural reservoir energies (including pumping) from the completion intervals currently open and producing to market. Additional oil and gas expected to be obtained through the application of fluid injection or other improved recovery techniques for supplementing the natural forces and mechanisms of primary recovery will be included as “Proved Developed Producing Reserves” only after testing by a pilot project or after the operation of an installed program has confirmed through production response through existing completions producing to market that increased recovery will be achieved. Proved Developed Producing Reserves shall not include any Proved Developed Non-Producing Reserves.

Proved Developed Producing Reserves or “PDP Reserves” means “proved developed producing oil and gas reserves” as such term is defined by the SPE in its standards and guidelines.

Proved Developed Producing Reserves or “PDP” means “proved developed producing oil and gas reserves” as such term is defined by the SEC in its standards and guidelines.