Common use of Oil and Gas Matters Clause in Contracts

Oil and Gas Matters. (a) The Company has made available to Parent the report of X.X. Xxxx and Associates, Inc. (“Gruy”) regarding its estimate, as of December 31, 2023, of the proved Hydrocarbon reserves of the Company and the Company Subsidiaries with respect to the Oil and Gas Properties of the Company and the Company Subsidiaries referred to in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Company Gruy Reserve Report”). The factual, non-interpretive data relating to the Oil and Gas Properties of the Company and the Company Subsidiaries on which the Company Gruy Reserve Report was based was complete and accurate at the time such data was provided to Gruy for use in the Company Gruy Reserve Report, except for any incompleteness or inaccuracy that would not be reasonably expected to have, individually or in the aggregate, a Company Material Adverse Effect. To the Knowledge of the Company, there are no material errors in the assumptions and estimates used by Gruy in connection with the preparation of the Company Gruy Reserve Report. The proved Hydrocarbon reserve estimates of Gruy set forth in the Company Gruy Reserve Report fairly reflect, in all material respects, the proved Hydrocarbon reserves of the Company and the Company Subsidiaries at the dates indicated therein and are in accordance with the rules promulgated by the SEC, as applied on a consistent basis throughout the periods reflected therein. Except for changes (including changes in Hydrocarbon commodity prices) generally affecting the oil and gas industry and normal depletion by production, there has been no change in respect of the matters addressed in the Company Gruy Reserve Report that would be reasonably expected to have, individually or in the aggregate, a Company Material Adverse Effect. The estimates of proved Hydrocarbon reserves used by Gruy in connection with the preparation of the Company Gruy Reserve Report complied in all material respects with Rule 4-10 of Regulation S-X promulgated by the SEC.

Oil and Gas Matters. (a) The Company Parent has made available to Parent the Company the report of X.X. Xxxx and AssociatesXxxxx Xxxxx Company, Inc. L.P. (“GruyXxxxx Xxxxx”) regarding its estimate, as of December 31, 2023, of the proved Hydrocarbon reserves of the Company Parent and the Company Parent Subsidiaries with respect to the Oil and Gas Properties of the Company Parent and the Company Parent Subsidiaries referred to in the CompanyParent’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Company Gruy Parent Reserve Report”). The factual, non-interpretive data relating to the Oil and Gas Properties of the Company Parent and the Company Parent Subsidiaries on which the Company Gruy Parent Reserve Report was based was complete and accurate at the time such data was provided to Gruy Xxxxx Xxxxx for use in the Company Gruy Parent Reserve Report, except for any incompleteness or inaccuracy that would not be reasonably expected to have, individually or in the aggregate, a Company Parent Material Adverse Effect. To the Knowledge of the CompanyParent, there are no material errors in the assumptions and estimates used by Gruy Xxxxx Xxxxx in connection with the preparation of the Company Gruy Parent Reserve Report. The proved Hydrocarbon reserve estimates of Gruy Xxxxx Xxxxx set forth in the Company Gruy Parent Reserve Report fairly reflect, in all material respects, the proved Hydrocarbon reserves of the Company Parent and the Company Parent Subsidiaries at the dates indicated therein and are in accordance with the rules promulgated by the SEC, as applied on a consistent basis throughout the periods reflected therein. Except for changes (including changes in Hydrocarbon commodity prices) generally affecting the oil and gas industry and normal depletion by production, there has been no change in respect of the matters addressed in the Company Gruy Parent Reserve Report that would be reasonably expected to have, individually or in the aggregate, a Company Parent Material Adverse Effect. The estimates of proved Hydrocarbon reserves used by Gruy Xxxxx Xxxxx in connection with the preparation of the Company Gruy Parent Reserve Report complied in all material respects with Rule 4-10 of Regulation S-X promulgated by the SEC.