Proved plus Probable Reserves definition
Proved plus Probable Reserves means the aggregate of Proved Reserves and Probable Reserves.
Proved plus Probable Reserves means the aggregate of Proved Reserves and Probable Reserves, before deduction of royalties.
Proved plus Probable Reserves in accordance with the Society of Petroleum Engineers (provided that if such guidelines are modified after the date of such Agreement and as a result of such modification, the Technical Bank (acting reasonably in consultation with the Company) is of the opinion that such definition of the term “Probable Reserves” will need to be modified to take account of the relevant modification to such guidelines, then such definition shall be modified as required by the Technical Bank (acting reasonably in consultation with the Company and the Lenders).
Examples of Proved plus Probable Reserves in a sentence
It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P).
More Definitions of Proved plus Probable Reserves
Proved plus Probable Reserves means the estimated quantities of crude oil, natural gas and natural gas liquids classified as proved plus probable reserves (2P) in the Company’s most recent SEC Reserve Report plus the proved plus probable reserves underlying any assets acquired or otherwise transferred and minus the proved plus probable reserves underlying any assets sold or otherwise transferred by the Company since the date of the SEC Reserve Report minus Excluded Reserves.
Proved plus Probable Reserves means, collectively, Proved Reserves and Probable Reserves.
Proved plus Probable Reserves means Proved Reserves plus Probable Reserves.