AFEs. Except as set forth on Schedule 5.08, there are no outstanding authorizations for expenditures or other capital commitments which are binding on the Assets and which individually would require the owner of the Assets after the Effective Time to expend monies in excess of Fifty Thousand Dollars ($50,000).
AFEs. Before undertaking an operation or making a single expenditure to be in excess of Two Hundred and Fifty Thousand Dollars ($250,000), and before conducting an activity or operation to drill, Sidetrack, Deepen, Complete, Rework or Recomplete a well (regardless of the estimated cost), Operator shall submit an AFE for the operation or expenditure to the Parties for approval. Operator shall also furnish an informational AFE to all Parties for an operation or single expenditure estimated to cost Two Hundred and Fifty Thousand Dollars ($250,000) or less, but in excess of One Hundred Thousand Dollars ($100,000), if Operator prepares same for its own use.
AFEs. Schedule 6.01(o) contains a true and correct list as of the Effective Time of all material authorities for expenditures (collectively, “AFEs”) to drill or rework Xxxxx or for capital expenditures with respect to the Assets that have been proposed by any Person having authority to do so other than internal AFEs of Seller not delivered to Third Parties. For the purposes of this Section 6.01(o), an AFE shall be material if, net to Seller’s interest, such AFE exceeds $37,500 and such AFE is (or was as of the Effective Time) valid and outstanding.
AFEs. With respect to the joint, unit or other operating agreements or operations relating to any Property, except as set forth in Schedule 3.2.9, there are no outstanding calls or payments in excess of One Hundred Thousand Dollars ($100,000) (net to Seller’s interest) under authorities for expenditures (“AFEs”) for payments relating to any Property which are due or which Seller has committed to make which have not been made or that relate to the period from and after the Effective Time.
AFEs. With respect to the joint, unit or other operating agreements relating to the Assets, except as set forth in Schedule 6.13, there are no outstanding calls or payments in excess of $50,000 (net to Seller’s interest) under authorities for expenditures for payments relating to the Assets which are due or which Seller has committed to make which have not been made.
AFEs. Except for emergency expenditures as provided for in Section 4.11 and expenditures as mentioned in Section 2.3.2 of the Accounting Procedure, the Operator shall before entering into any commitment or incurring any expenditure under an approved Programme and Budget submit to the Parties an AFE therefor. An AFE shall include the information set out in, and be prepared in accordance with, Section 7.2 of the Accounting Procedure. To the extent that the Operating Committee approves an AFE, the Operator shall be authorised and obligated, subject to Section 6.11, to proceed with such commitment or expenditure.
AFEs. Section 5.25 of the Disclosure Schedules sets forth, as of the date of this Agreement, all authorities for expenditures or other capital commitments (the “AFEs”) in excess of $250,000 (net to Target’s and Nominee’s collective interest) that are outstanding relating to the Properties, including AFEs to drill or rework any well; provided, nothing contained in this Section or elsewhere in this Agreement shall reduce, diminish or affect Buyer’s obligation to, after the Closing, make payment for its proportionate share of any AFEs relating to the period at and after the Effective Time which are approved by Target after the Execution Date in the Ordinary Course of Business and regardless of the form of such AFE.
AFEs. As long as multiple drilling rigs are being used in Phase I and II, PVOG shall not present to GMX more than two AFEs per drilling rig utilized in either Phase I or Phase II within any fifteen (15) day period for any operations conducted under this Section 2.3.
AFEs. Schedule 6.01(t) contains a true and correct list as of the Execution Date of all material authorities for expenditures (collectively, “AFEs”) for capital expenditures with respect to the Assets in which such Seller owns an interest that have been proposed by any Person having authority to do so (including internal AFEs of Operator not delivered to Third Parties) or other commitment to make expenditures in respect of the ownership or operation of the Assets in an amount in excess of $100,000. For the purposes of this Section 6.01(t), an AFE shall be material if, net to all Sellers’ interests, such AFE exceeds $100,000 and such AFE is currently valid and outstanding.
AFEs. Except as set forth on Section 3.27 of the Company Disclosure Schedule, there are no outstanding calls or payments under authorities for expenditures for payments or other capital commitments relating to the Company’s or one of its Subsidiary’s Oil and Gas Interests which exceed U.S.$200,000 (net to Company’s or one of its Subsidiaries’ interest) and which are due or which the Company has committed to make which have not been made.
