Reserve Evaluation Report definition

Reserve Evaluation Report means an unsuperceded report that (a) is (i) prepared, in the case of the report required to be delivered by the Company pursuant to Section 9.01(f) hereof in connection with the Determination Date occurring on May 1 of each year, by the Independent Petroleum Engineer on the basis of assumptions and projections which the Company believes in good faith to be reasonable or, in the case of the report required to be delivered by the Company pursuant to Section 9.01(f) hereof in connection with each other Determination Date, by the Independent Petroleum Engineer on the basis of the most recently delivered Reserve Evaluation Report delivered in connection with the Determination Date occurring on May 1 of each year as adjusted for reserve additions and production from the date of such report, each as acceptable to the Independent Petroleum Engineer and (ii) satisfactory in form and substance to the Combined Majority Lenders (including as to assumptions) and (b) is prepared on the basis of findings and material data as of a date not more than 90 days prior to the effective date of such report, (i) identifies the Hydrocarbon Properties covered thereby, (ii) as to each of the Hydrocarbon Properties, sets forth (A) the Proved Reserves attributable to such Hydrocarbon Property, (B) the total amount of such Proved Reserves attributable to such Hydrocarbon Property that, in the opinion of the preparer of such report, the Company and its Restricted Subsidiaries have the right to produce for their own account in the current and each succeeding calendar year, (C) a projection of the rate of production and the Future Net Revenues of the Company and its Restricted Subsidiaries (including as additional information the data and assumptions used to determine such Future Net Revenues) from such Proved Reserves for the current and each succeeding calendar year, (D) the quantity and type of hydrocarbons recoverable from such Proved Reserves in the current and each succeeding calendar year, (E) an estimate of the projected revenues and expenses attributable to such Proved Reserves in the current and each succeeding calendar year, and (F) any reports or evaluations prepared by the Company regarding the expediency of any change in methods of treatment or operation of all or any ▇▇▇▇▇ drilled to produce any of such Proved Reserves that are producing or capable of producing hydrocarbons, any new drilling or development, any method of secondary recovery by repressuring or otherwise, or ...

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Reserve Evaluation Report means the Initial Reserve Evaluation Report and each subsequent unsuperseded report that is prepared on a basis reasonably consistent with the Initial Reserve Evaluation Report and is otherwise reasonably satisfactory in form and substance to the Required Lenders; provided that each such Reserve Evaluation Report, with respect to the Hydrocarbon Properties in which Thai Romo ▇▇▇ an interest, shall include, among other items, a delineation of the net cash flow to Thai Romo ▇▇▇er payment of the Kingdom of Thailand special remuneratory benefit, Thai corporate taxes and other Taxes owing in or to the Kingdom of Thailand.

Reserve Evaluation Report means the report referred to in Section 1.03(a)(i), and an unsuperseded report, in form and substance reasonably satisfactory to the Administrative Agent, setting forth, as of each January 1st (in the case of the Reserve Evaluation Report to be delivered by the Independent Petroleum Engineer pursuant to Section 1.03(a)(ii)) or July 1st (in the case of the Reserve Evaluation Report required to be delivered by the Borrower pursuant to Section 1.03(a)(iii)) (or such other date in the event of an interim redetermination pursuant to Section 1.03(d)) the oil and gas reserves attributable to the Borrower’s and its Restricted Subsidiaries’ interest in the production from Hydrocarbon Properties of the Borrower and its Restricted Subsidiaries, together with a projection of the rate of production and future net income, taxes, royalties, operating expenses, production sharing volumes and Development Costs with respect thereto as of such date, based upon the economic assumptions consistent with the Administrative Agent’s requirements at the time and using pricing data that the Banks may reasonably determine consistent with their current lending practices taking into account quality and basis and differentials related to the production being produced from the Borrower’s and its Restricted Subsidiaries’ interest in the production from Hydrocarbon Properties, provided that, with respect to the volume of Hydrocarbons subject to a Commodity Hedging Agreement, the Banks shall take into consideration the prices set forth in such Commodity Hedging Agreement.

Examples of Reserve Evaluation Report in a sentence

The effective date of the redetermined Borrowing Base and Threshold Amount (if applicable) shall be established in accordance with Section 1.04(b) hereof, provided that no Reserve Evaluation Report shall be required for a determination of the Borrowing Base following a Redetermination Event referred to in paragraph (c), (d) and (e) of the definition of such term in Section 1.01 hereof.
On or before each Report Delivery Date, the Company shall furnish to the Agent and the Banks an updated Reserve Evaluation Report.
The Company has furnished to the Agent and the Banks a reserve report as of January 1, 1995, which report shall be deemed to be the initial Reserve Evaluation Report.
A Reserve Evaluation Report dated as of June 30, 2006 in respect of the Colombian Hydrocarbon Properties prepared by the Independent Petroleum Engineer, in form and substance satisfactory to the Administrative Agent.
In grades 6-12, similar course selections will be equalized whenever feasible.
Such redetermined Borrowing Base and the Threshold Amount shall become effective on the Determination Date immediately following the Report Delivery Date for such Reserve Evaluation Report (or such later date as notified by the Administration Agent to the Borrower and the Lenders) and shall remain effective until again redetermined pursuant to this Section 1.04.
The Initial Reserve Evaluation Report in form and substance satisfactory to the Administrative Agent.
The Company has furnished to the Agent and the Banks a reserve report as of July 1, 1996, which report shall be deemed to be the initial Reserve Evaluation Report.
The definitions of "INDEPENDENT PETROLEUM ENGINEER", "PROVED RESERVES" and "NET BACK POOL REPORT" in Section 1 of the Second Amended and Restated Credit Agreement shall be amended by changing the words "Reserve Evaluation Report" to "Borrowing Base Report" wherever they appear.
On or before each Report Delivery Date, the Borrower shall furnish to each Lender an updated Reserve Evaluation Report as provided in Sections 9.01(h) and (i) hereof.

More Definitions of Reserve Evaluation Report

Reserve Evaluation Report shall have the meaning assigned to such term in the Existing Credit Agreement on the date hereof.

Reserve Evaluation Report means an unsuperceded report that (a) is (i) prepared, in the case of the report required to be delivered by Canadian Forest, in connection with the Determination Date occurring on May 1 of each year, by the Independent Petroleum Engineer on the basis of assumptions and projections which Canadian Forest believes in good faith to be reasonable or, in the case of the report required to be delivered by Canadian Forest, in connection with the Determination Date occurring on October 15 of each year, by Canadian Forest and (ii) satisfactory in form and substance to the Majority Lenders (including as to assumptions) and (b) is prepared on the basis of findings and material data (x) as of January 1 of such year, in the case of a report prepared by the Independent Petroleum Engineer in connection with the Determination Date occurring on May 1 of each year and (y) as of July 1 of such year, in the case of a report prepared by Canadian Forest in connection with the Determination Date occurring on October 15 of each year, and (i) identifies the Hydrocarbon Properties covered thereby and (ii) as to each of the Hydrocarbon Properties, sets forth (A) the Proved Reserves attributable to such Hydrocarbon Property (in the case of the report prepared by the Independent Petroleum Engineer) describing the producing and nonproducing Proved Reserves separately for purposes of the following items (B) through (F), (B) the total amount of such Proved Reserves attributable to such Hydrocarbon Property that, in the opinion of the preparer of such report, Canadian Forest and the Subsidiary Borrowers (and Forest, in the case of the Forest Pledged Properties) have the right to produce for their own account in the current and each succeeding calendar year, (C) a projection of the rate of production and the Future Net Revenues of Canadian Forest, the Subsidiary Borrowers and Forest, as applicable (including as additional information the data and assumptions used to determine such Future Net Revenues), from such Proved Reserves for the current and each succeeding calendar year, (D) the quantity and type of hydrocarbons recoverable from such Proved Reserves in the current and each succeeding calendar year, (E) an estimate of the projected revenues and expenses attributable to such Proved Reserves in the current and each succeeding calendar year, and (F) any reports or evaluations prepared by Canadian Forest regarding the expediency of any change in methods of treatment or operation of all o...