PDP Reserves definition

PDP Reserves means the Proven Reserves which are categorized as both “developed” and “producing” under the definitions for oil and gas reserves promulgated by the Society of Petroleum Evaluation Engineers (or any generally recognized successor) as in effect at the time in question and reasonably acceptable to the Administrative Agent.

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PDP Reserves means “proved developed producing oil and gas reserves” as such term is defined by the SPE in its standards and guidelines.

PDP Reserves means Proved Reserves which are categorized as both “Developed” and “Producing” in the SPE/WPC Definitions; “Proved Developed Non Producing Reserves” or “PDNP Reserves” means Proved Reserves which are categorized as both “Developed” and “Non Producing” in the SPE/WPC Definitions; and “Proved Undeveloped Reserves” or “PUD Reserves” means Proved Reserves which are categorized as “Undeveloped” in the SPE/WPC Definitions.

Examples of PDP Reserves in a sentence

On or before each Hedge Deadline Date, the Borrower shall enter into (the date such Hedging Arrangements are entered into being the “Subject Date”) and maintain commodity Hedging Arrangements hedging notional volumes equal to at least 75% of the projected volumes of crude oil from PDP Reserves (as described in the applicable Engineering Report) for each calendar month during the initial twenty-four month period following the Subject Date.
The Reserve Report as of December 31 of each year shall be prepared (i) with respect to PDP Reserves, by one or more Approved Petroleum Engineers and (ii) with respect to PDNP Reserves and PUD Reserves, either by Approved Petroleum Engineers or by the Borrower’s internal reserve engineering staff in accordance with the procedures used in the immediately preceding December 31 Reserve Report.
Each Engineering Report shall be prepared by a third-party engineer or engineering firm reasonably acceptable to Lender utilizing economic and pricing parameters used by the Securities and Exchange Commission as established from time-to-time together with such other information as Lender shall deem reasonably necessary to determine the value of Borrower’s PDP Reserves.
Lender shall have received all appropriate evidence required by Lender in its sole discretion necessary to determine that Collateral Agent (for its benefit and the benefit of the Secured Creditors) shall have an Acceptable Security Interest in the Collateral which shall include at least 90% of the PV9 of the PDP Reserves of the Borrowing Base Oil and Gas Properties and 90% of the PV9 of the Proved Reserves of the Borrowing Base Oil and Gas Properties (as set forth in the Initial Engineering Report).
At all times after the delivery of such Engineering Report, at least 90% of the PV9 of the Proved Reserves and at least 90% of the PV9 of the PDP Reserves of the Borrowing Base Oil and Gas Properties are pledged under the Mortgages as Collateral and subject to an Acceptable Security Interest.

More Definitions of PDP Reserves

PDP Reserves means the Proved Reserves that are expected to be produced from existing ▇▇▇▇▇ with existing equipment and operating methods.

PDP Reserves means the Proven Reserves which are categorized as both "developed" and "producing" under the definitions for oil and gas reserves promulgated by the Society of Petroleum Evaluation Engineers (or any generally recognized successor) as in effect at the time in question and reasonably acceptable to the Administrative Agent.

PDP Reserves means proved, developed, producing Hydrocarbon reserves, as determined in conformity with the guidelines in effect from time to time as promulgated by the Society of Petroleum Engineers or its successor association.

PDP Reserves means proved, developed, producing reserves of Gas or Oil as shown on the Reserve Report.

PDP Reserves means "proved developed producing oil and gas reserves" as such term is defined by the SPE in its standards and guidelines. "Permitted Holders" means (a) HighPeak Pure Acquisition, LLC, a Delaware limited liability company, (b) HighPeak Energy Partners, LP, a

PDP Reserves means proved developed producing reserves of Methane, as determined in accordance with the definitions and standards promulgated by the Society of Petroleum Engineers. Each calculation of PDP Reserves shall be based on the then most recent reserve engineering report provided under Section 4.4 of the Conveyance.

PDP Reserves means the Hydrocarbon Interests designated as “proved developed producing” (in accordance with the Definitions for Oil and Gas Reserves approved by the Board of Directors of the Society of Petroleum Engineers, Inc. from time to time) in the most recently delivered Reserve Report.

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