Common use of Minimum Production Clause in Contracts

Minimum Production. Beginning with the Fiscal Quarter ending December 31, 2012, the Issuer shall not permit the net sales volume of oil from the Oil and Gas Properties for the Fiscal Quarter set forth below to be less than the amount for such period as set forth opposite such Fiscal Quarter below. For the purposes of this Section 7.7(b), every 6MCF of gas shall be converted into 1Bbls of oil. The Issuer will provide the Administrative Agent with evidence that the preceding is being satisfied within thirty (30) days after the end of each quarter. Each Fiscal Quarter Ending on the Following Dates Minimum Production in MBbls of Oil Per Fiscal Quarter December 31, 2012 40 March 31, 2013 50 June 30, 2013 60 September 30, 2013 70 December 31, 2013 80 March 31, 2014 and each fiscal quarter thereafter 90

Minimum Production. Beginning with the Fiscal Quarter ending December 31June 30, 20122013, the Issuer shall not permit the net sales volume of oil from the Oil and Gas Properties for the Fiscal Quarter set forth below to be less than the amount for such period as set forth opposite such Fiscal Quarter below. For the purposes of this Section 7.7(b), every 6MCF of gas shall be converted into 1Bbls of oil. The Issuer will provide the Administrative Agent with evidence that the preceding is being satisfied within thirty (30) days after the end of each quarter. Each Fiscal Quarter Ending on the Following Dates Minimum Production in MBbls of Oil Per Fiscal Quarter December 31, 2012 40 March 31, 2013 50 June 30, 2013 60 35 September 30, 2013 70 50 December 31, 2013 60 March 31, 2014 70 June 30, 2014 80 March September 30, 2014 90 December 31, 2014 and each fiscal quarter Fiscal Quarter thereafter 90100 3.6 Amendment to Section 7.7(c). Section 7.7(c) of the Note Purchase Agreement is hereby amended and restated in its entirety, and so amended shall read as follows: