Common use of Hedging Program Clause in Contracts

Hedging Program. Not later than the fifteenth (15th) day following the Restatement Effective Date, the Company shall, and shall cause its Subsidiaries to enter into, and shall maintain at all times thereafter during the relevant period, Derivative Contracts for the purpose of hedging prices on the Oil and Gas thereafter expected to be produced by the Company or any of its Subsidiaries, which contracts shall (a) at all times through the third anniversary of the Restatement Effective Date cover not less than 50% of the Company's and its Subsidiaries' aggregate Projected Oil and Gas Production anticipated to be sold in the ordinary course of such Persons' business during such three-year period, (b) thereafter, roll forward on a semi-annual basis in order to cover not less than 50% of the Company's and its Subsidiaries' aggregate Projected Oil and Gas Production anticipated to be sold in the ordinary course of such Person's business during the ensuing twelve (12) fiscal quarters and (c) shall otherwise be in form and substance reasonably acceptable to the Administrative Agent. The Company shall provide copies to the Administrative Agent of all Derivative Contracts then in effect not later than the fifteenth (15th) day following the Restatement Effective Date, and thereafter contemporaneously with the delivery of each Reserve Report as prescribed by Section 7.2(c) beginning with the delivery of the Reserve Report required to be delivered on or before October 1, 2007. Delivery of such copies at such times shall be accompanied by delivery of a certificate of a Responsible Officer certifying that the Company is in compliance with the requirements of this Section 7.16.

Hedging Program. Not later than the fifteenth (15th) day following the Restatement First Amendment Effective Date, the Company shall, and shall cause its Subsidiaries to to, enter into, and shall maintain at all times thereafter during the relevant period, Derivative Contracts for the purpose of hedging prices on the Oil and Gas thereafter expected to be produced by the Company or any of its Subsidiaries, which contracts shall (a) at all times through the third anniversary of the Restatement First Amendment Effective Date cover not less than 50% of the Company's and its Subsidiaries' aggregate Projected Oil and Gas Production anticipated to be sold in the ordinary course of such Persons' business during such three-year period, (b) thereafter, roll forward on a semi-annual basis in order to cover not less than 50% of the Company's and its Subsidiaries' aggregate Projected Oil and Gas Production anticipated to be sold in the ordinary course of such Person's Persons' business during the ensuing twelve (12) fiscal quarters and (c) shall otherwise be in form and substance reasonably acceptable to the Administrative Agent. The Company shall provide copies to the Administrative Agent of all Derivative Contracts then in effect not later than the fifteenth (15th) day following the Restatement First Amendment Effective Date, and thereafter contemporaneously with the delivery of each Reserve Report as prescribed by Section 7.2(c7.2(c)(i) beginning with the delivery of the Reserve Report required to be delivered on or before October 1, 2007. Delivery of such copies at such times shall be accompanied by delivery of a certificate of a Responsible Officer Officer, certifying that the Company is in compliance with the requirements of this Section 7.16." (f) Section 8.1(e) is hereby amended and restated in its entirety to read as follows: