Gas Balancing. As of the Effective Time, (a) Seller is not obligated to deliver any quantities of gas or to pay any penalties or other amounts, in connection with the violation of any of the terms of any gas contract or other agreement with shippers with respect to the Properties; (b) Seller is not obligated to pay any penalties or other payments under any gas transportation or other agreement as a result of the delivery of quantities of gas from the Properties in excess of the contract requirements; and (c) there are no Gas Imbalances with respect to Seller’s obligations relating to the Properties.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Contango Oil & Gas Co), Purchase and Sale Agreement (Mid-Con Energy Partners, LP)