Reserves and Production Sample Clauses

The 'Reserves and Production' clause defines how the quantities of natural resources, such as oil, gas, or minerals, are measured, reported, and managed under an agreement. It typically outlines the methods for estimating reserves, the frequency and standards for reporting production volumes, and the responsibilities of each party in maintaining accurate records. For example, it may require the operator to provide regular updates on production rates or to use industry-standard techniques for reserve estimation. This clause ensures transparency and accuracy in resource accounting, which is essential for fair revenue distribution and effective project management.
Reserves and Production. Taken as a whole with regard to each Basin, the factual, non-interpretive data and information (excluding interpretive data, projections and estimates) supplied by the Seller and its Affiliates to the Reserve Engineers for purposes of facilitating each of the Reserve Engineer’s review of the oil and gas reserves of Seller and its Affiliates was true and correct in all material respects on the date supplied. To the extent any Reserve Engineer requested from the Seller or any of its Affiliates any additional information in connection with the preparation of the Reports beyond that which was originally supplied by the Seller or any of its Affiliates, either the Seller or its Affiliates provided such information.
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Reserves and Production. (a) An estimate of proved, probable and possible reserves in the Field for each reservoir (in each case, determined on a life-of-field basis, without regard to the duration of the Operation Period), separated by Liquid Hydrocarbons (separately for crude oil, condensate and natural gas liquids) and Natural Gas. (b) An estimate of the production profile for each reservoir of the Hydrocarbons that the Contractors expect to deliver to the Affiliate in each year during the Operation Period for the proved and proved plus probable reserves cases (separately indicating the amount of projected Incremental Production), and an explanation of how the production profile in the proved reserve case achieves the Maximum Economic Rate of Production (unless Production is constrained by the Delivery Point Capacity)
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Related to Reserves and Production

  • Production Lessee shall, subject to applicable laws, regulations and orders, operate and produce all ▇▇▇▇▇ upon the leased land so long as the same are capable of producing in paying quantities, and shall operate the same so as to produce at a rate commensurate with the rate of production of ▇▇▇▇▇ on adjoining lands within the same field and within the limits of good engineering practice, except for such times as there exist neither market nor storage therefore, and except for such limitations on, or suspensions of, production as may be approved in writing by Lessor. Lessee shall be responsible for adequate site security on all producing properties.

  • Inventories All of the Assets constituting inventory are owned or used by Company, are in good, current, standard and merchantable condition and are not obsolete or defective.

  • Delivery Points ‌ Project water made available to the Agency pursuant to Article 6 shall be delivered to the Agency by the State at the delivery structures established in accordance with Article 10.

  • Gas If Customer has selected a Gas Fixed Rate, Customer’s Price will be based on the Fixed Rate(s), plus the Administration Charge, set forth in the Application, which includes RITERATE ENERGY’s compressor fuel and transportation charges, administrative and transaction costs and the Gas Balancing Amount and any Regulatory Charges (defined below).

  • Access to Properties and Records (a) CCE shall, and shall cause TPC to, afford to ETP and ETP’s accountants, counsel and representatives full reasonable access during normal business hours throughout the period prior to the Closing Date (or the earlier termination of this Agreement pursuant to Article VII hereof) to all of the properties, books, contracts, commitments and records (including all environmental studies, reports and other environmental records and all pipeline cost-of-service and rate-related studies, reports and records related to TPC and, during such period, shall furnish to ETP all information concerning the business, properties, Liabilities and personnel related to TPC as ETP may request, provided, however, that no investigation or receipt of information pursuant to this Section 5.2 shall affect any representation or warranty of CCE or the conditions to the obligations of ETP. To the extent not located at the offices or properties of TPC as of the Closing Date, as promptly as practicable thereafter, CCE shall deliver, or cause its appropriate Affiliates to deliver to ETP all of the books of accounts, minute books, record books and other records (including safety, health, environmental, maintenance and engineering records and drawings) pertaining to the business operations of TPC and all financial and accounting records related to TPC. Such delivery shall include all work papers, pleadings, testimony, exhibits, spread sheets, research, drafts, memoranda, correspondence and other documents related to the TPC Rate Case (“TPC Rate Case Work Product”). TPC Rate Case Work Product has been and will be prepared in contemplation of litigation, and the use of TPC Rate Case Work Product has been and will be under the control of TPC’s attorneys. Notwithstanding anything to the contrary contained in this Agreement, CCE shall not be obligated to provide to ETP any documents or records relating to litigation and regulatory matters in which TPC is involved to the extent that CCE reasonably believes such documents or records are subject to the attorney-client or other applicable privilege in circumstances in which TPC is not the sole client unless the parties entitled to such attorney-client or other applicable privilege shall consent thereto and enter into an appropriate joint defense agreement for the purpose of preservation of such attorney-client or other applicable privilege. (b) The information contained herein, in the CCE Disclosure Letter or heretofore or hereafter delivered to ETP or its authorized representatives in connection with the transactions contemplated by this Agreement shall be held in confidence by ETP and its representatives in accordance with the Confidentiality Agreement until the Closing Date with respect to information relating to TPC. Following the Closing Date, CCE shall keep confidential all information related to the business and properties of TPC to the same extent as ETP is obligated to keep such information confidential in accordance with the terms of the Confidentiality Agreement (without regard to the preceding sentence) prior to the Closing Date.