Common use of Physical Condition of the Assets Clause in Contracts

Physical Condition of the Assets. PURCHASER acknowledges that the Oil & Gas Interests have been used by SELLER for oil and gas drilling and production operations and related oilfield operations and physical changes in the Oil & Gas Interests (or adjacent lands) may have occurred as a result of such uses. In this regard, the Oil & Gas Interests may also contain unplugged well▇, ▇▇llbores or buried pipelines or other equipment, whether or not of a similar nature, the locations of which may not now be Known by SELLER or be readily apparent by a physical inspection of the property. PURCHASER and SELLER understand that neither SELLER nor PURCHASER has the requisite information with which to determine the exact condition of the Oil & Gas Interests nor the effect any such use has had on the physical condition of the Oil & Gas Interests.

Physical Condition of the Assets. PURCHASER acknowledges that the Oil & Gas Interests have been used by SELLER for oil and gas drilling and production operations and related oilfield operations and physical changes in the Oil & Gas Interests (or adjacent lands) may have occurred as a result of such uses. In this regard, the Oil & Gas Interests may also contain unplugged well(or improperly plugged) ▇▇▇▇▇, ▇▇llbores wellbores or buried pipelines or other equipment, whether or not of a similar nature, the locations of which may not now be Known by SELLER or be readily apparent by a physical inspection of the property. PURCHASER and SELLER understand that neither SELLER nor PURCHASER has the requisite information with which to determine the exact condition of the Oil & Gas Interests nor the effect any such use has had on the physical condition of the Oil & Gas Interests.