Proved Mineral Interests definition

Proved Mineral Interests means, collectively, Proved Producing Mineral Interests, Proved Nonproducing Mineral Interests, and Proved Undeveloped Mineral Interests.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Proved Mineral Interests means, collectively, proved developed producing reserves, proved developed non-producing reserves, and proved undeveloped reserves.

Proved Mineral Interests means, collectively, all Mineral Interests which constitute “proved reserves”, “proved developed producing reserves,” “proved developed nonproducing reserves”, and “proved undeveloped reserves,” as such terms are defined from time to time by the Society of Petroleum Engineers of the American Institute of Mining Engineers.

Examples of Proved Mineral Interests in a sentence

Any Proved Mineral Interests of the Credit Parties will at all times be owned by one or more Restricted Subsidiaries.
Borrower shall not directly own any interest in any Proved Mineral Interests of the Credit Parties.
Upon written request of Borrower at any time, but not more frequently than twice during any calendar year, Administrative Agent shall deliver to Borrower a calculation of the Recognized Value of all Proved Mineral Interests evaluated by Bank of America for purposes of the most recent redetermination of the Borrowing Base.
Borrower and its Restricted Subsidiaries are not required to grant Liens on Mineral Interests other than their Proved Mineral Interests.
Each April 1 Reserve Report shall be a complete report prepared by independent reservoir engineers reasonably acceptable to Agent relating to the Proved Mineral Interests attributable to the Mortgaged Properties and such other oil and gas properties of the Loan Parties as Borrower may select.
Each April 1 Reserve Report shall be a complete report prepared by independent reservoir engineers reasonably acceptable to Agent relating to the Proved Mineral Interests attributable to the Mortgage Properties known as “West ▇▇▇▇ ▇▇▇▇▇▇▇ Bay” and “Permian Basin”, and such other oil and gas properties of the Loan Parties as Borrower may select.
On or before September 30 of each year, Borrower shall furnish Administrative Agent a Reserve Report as of the preceding June 30 prepared by one or more Approved Petroleum Engineers covering the Proved Mineral Interests in all of the oil and gas properties of Borrower and its Subsidiaries, including the Mortgaged Properties.
Administrative Agent and its counsel shall have completed a review of title (including opinions of title) to that portion of the Subject Properties which results in Administrative Agent and its counsel having reviewed title to Proved Mineral Interests with a Recognized Value equal to or not less than eighty percent (80%) of the Recognized Value of all Proved Mineral Interests owned by Borrower (after giving effect to the Subject Acquisitions).
On or before March 30 of each year, Borrower shall furnish Administrative Agent a Reserve Report as of the preceding December 31 prepared by one or more Approved Petroleum Engineers or Borrower's own engineers (as approved by Administrative Agent) and certified by the President or other Responsible Officer of the Borrower covering the Proved Mineral Interests in all of the oil and gas properties of Borrower and its Subsidiaries, including the Mortgaged Properties.
Until further notice from Agent, Borrower shall only be required to deliver Title Opinions to Agent and the Banks covering Proved Mineral Interests up to the Required Reserve Value as Agent shall reasonably request.

More Definitions of Proved Mineral Interests

Proved Mineral Interests means, collectively, Proved Producing Mineral ------------------------- Interests, Proved Nonproducing Mineral Interests, and Proved Undeveloped Mineral Interests.

Proved Mineral Interests means the forecasted production for oil and gas, each taken individually, for the applicable calendar year as reflected in the most recent Reserve Report delivered to Administrative Agent pursuant to Section 5.1 hereof, after giving effect to any pro forma adjustments for the consummation of any "material acquisitions or dispositions" between the effective date of such Reserve Report and the measurement date. "Material acquisitions or dispositions" means any acquisition or disposition of any asset with a Recognized Value in excess of $10,000,000, or any cumulative total of all immaterial acquisitions or dispositions which in the aggregate have a Recognized Value in excess of $10,000,000."

Proved Mineral Interests which shall read in full as follows:

Proved Mineral Interests means, collectively, all Mineral Interests which constitute (i) proved developed producing reserves, and (ii) proved developed nonproducing reserves.