Borrowing Base Oil and Gas Properties Sample Clauses

Borrowing Base Oil and Gas Properties. If and when the La Brisa Ranch #1-A (Ranier), La Brisa Land & Cattle #1 (McKi▇▇▇▇) ▇▇d La Brisa Ranch #1 (Whee▇▇▇) ▇▇ll▇ (▇▇ more fully described on Schedule 1.01(a) attached hereto): (i) are completed as well▇ ▇▇▇able of producing oil or gas in paying quantities on or before the first scheduled Borrowing Base review occurring after the date of this Agreement, (ii) have been producing oil or gas for at least ten consecutive days, and (iii) have commenced sales of such production, Borrower shall notify Bank thereof and provide Bank with the completion reports for such well▇, ▇▇cumentary evidence that the production and sale of oil and gas therefrom have commenced, and such other information relative to the well▇ ▇▇ Bank may request. Following the Bank's evaluation of such information, if the Bank determines in its sole discretion that its preliminary evaluation of such well▇ ▇▇▇ been reconfirmed, the Borrowing Base and Monthly Borrowing Base Reduction then in effect with respect to the Borrowing Base Oil and Gas Properties will be redetermined to the respective amounts reflected on Schedule 2.07 attached hereto, effective upon Bank's written notification to Borrower of such increase. On or before April 1, 1997, Borrower shall furnish to Bank information sufficient to update to an effective date of January 1, 1997, the most recent petroleum engineering reports and geological data provided to Bank prior to Closing relative to the Proved Reserves that are attributable to the Oil and Gas Properties that constitute part of the Borrowing Base Oil and Gas Properties, as well as such other information as Bank may request regarding volumes of production produced and sold, contracts, pricing, gross revenues, expenses, and other information and engineering and geological data as may relate to the Borrowing Base Oil and Gas Properties (collectively the "Borrowing Base Property Data"). Upon receipt of such Borrowing Base Property Data, Bank shall, in the normal course of business, redetermine the Borrowing Base and the Monthly Borrowing Base Reduction attributed to the Borrowing Base Oil and Gas Properties, which redetermination shall become effective upon written notification from Bank to Borrower, and which, subject to the other provisions of this Agreement, shall be the basis on which the Borrowing Base shall thereafter be calculated until the effective date of the next redetermination of the Borrowing Base and the Monthly Borrowing Base Reduction as set