Proved Producing Reserves definition

Proved Producing Reserves means those oil and gas reserves estimated as recoverable under current technology and existing economic conditions from that portion of a reservoir which can be reasonably evaluated as economically productive on the basis of analysis of drilling, geological, geophysical and engineering data, including reserves to be obtained by enhanced recovery processes demonstrated to be economic and technically successful in the subject reservoir and which are actually on production;

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Proved Producing Reserves means, with respect to the Oil and Gas Properties covered under the most recent Reserve Report delivered to the Administrative Agent and any Oil and Gas Properties acquired by the Loan Parties after the effective date H-979305v2 Seventh Amendment of such Reserve Report, the reasonably anticipated production for each month for the total Oil and Gas classified as “proved producing” for such Oil and Gas Properties.

Proved Producing Reserves means Proved Reserves that are recoverable from existing wells with current ▇▇▇▇▇ting methods and expenses and are producing.

Examples of Proved Producing Reserves in a sentence

In addition to the Borrower's covenants found in Schedule A hereto, the Borrower will not sell, convey or otherwise dispose of any of its Proved Producing Reserves or related facilities, other than in the normal course of business and on arm's length terms, provided that, if cumulative proceeds of all dispositions to be received by the Borrower exceed $1,000,000 in any calendar year, such proceeds will be used to permanently repay the Principal Indebtedness, unless other arrangements are made with CIBC.
Such projections shall, at all times, be equal to the projections set out in the most current Reserve Report then available for the Borrower's and the Restricted Subsidiaries' Oil and Gas Properties which constitute Proved Producing Reserves.
The Additional Proved Producing Reserves shall be included in the next Reserve Report prepared in accordance with Section 8.12 and, at such time, the Borrower shall be subject to the limitations on Hedging Agreements contemplated by Section 9.18 with respect to such Additional Proved Producing Reserves.
If the Borrower provides a Production Forecast to the Administrative Agent, the Borrower shall also provide the Administrative Agent with any other information requested by the Administrative Agent with respect to such Additional Proved Producing Reserves.
Such projections shall, at all times, be equal to the projections set out in the most current Reserve Report then available for the Borrower's and the Subsidiaries' Oil and Gas Properties that constitute Proved Producing Reserves.
As used herein, “Speculative Transaction” means a Hedge Agreement which would cause the Borrower and its Restricted Subsidiaries to have in place Hedging Agreements covering at any time more than 100% of the Borrower’s and its Restricted Subsidiaries’ total projected production of oil or more than 100% of the Borrower’s and its Restricted Subsidiaries’ total projected production of natural gas, in each case, from Proved Producing Reserves on an individual commodity basis (and not on an equivalency basis).
All Proved Producing Reserves relied upon by Borrower in its certification and request shall be supported by a reserve study or studies dated within thirty (30) days of the request date.
For purposes hereof, the term Proved Producing Reserves shall mean the estimated quantities of crude oil, natural gas and natural gas liquids which, based upon engineering and geologic data, are expected to be recovered under existing economic and operating conditions from existing wells in reservoirs (inc▇▇▇▇▇g behind the pipe reservoirs) that have produced at any time during the twelve (12) months before the reporting date.
For purposes hereof, the term Proved Producing Reserves shall mean the estimated quantities of crude oil, natural gas and natural gas liquids which, based upon engineering and geologic data, are expected to be recovered under existing economic and operating conditions from existing w▇▇▇▇ in reservoirs (including behind the pipe reservoirs) that have produced at any time during the twelve (12) months before the reporting date.

More Definitions of Proved Producing Reserves

Proved Producing Reserves means Proved Reserves that are recoverable from existing ▇▇▇▇▇ with current operating methods and expenses and are producing.

Proved Producing Reserves means those oil and gas reserves estimated as ---------------------------- recoverable under current technology and existing economic conditions from that portion of a reservoir which can be reasonably evaluated as economically productive on the basis of analysis of drilling, geological, geophysical and engineering data, including reserves to be obtained by enhanced recovery processes demonstrated to be economic and technically successful in the subject reservoir and which are actually on production.

Proved Producing Reserves means, as determined by the Lenders in accordance with their usual and customary practices, those oil and gas reserves estimated as recoverable under current technology and existing economic conditions from that portion of a reservoir which can be reasonably evaluated as economically productive on the basis of analysis of drilling, mining, geological, geophysical and engineering data, including reserves to be obtained by enhanced recovery processes demonstrated to be economic and technically successful in the subject reservoir; and which, in any case, are actually on production.

Proved Producing Reserves means Proven Reserves which are categorized as both “Proved Reserves” and “Producing” in the Definitions for Oil and Gas Reserves (the “Reserve Definitions”) promulgated by the Society of Petroleum Engineers (or any generally recognized successor) as in effect at the time in question.

Proved Producing Reserves proved developed producing oil and gas reserves as such term is defined by the SEC in its standards and guidelines.