Common use of Operating History Clause in Contracts

Operating History. Except as contemplated herein and with respect to the Purchase and Sale Agreement dated effective March 1, 2017 between Rockies Standard Oil Company, LLC (“RSOC”) and the Company (the “Asset Purchase Agreement”), as amended, and the transactions contemplated therein, the Company is not a party to any agreement or undertaking, has never commenced operations or received or expended any money or other property and has no assets or liabilities, other than transaction costs incurred in connection with such agreements which will be paid on or prior to Closing. The Company is managed by a sole Manager, ▇▇▇▇ ▇. ▇▇▇▇▇▇, who has managed the Company solely in his capacity as manager.