Common use of Reserve Reports Clause in Contracts

Reserve Reports. The Linn Parties have delivered or otherwise made available to the Company true and correct copies of all written reports requested or commissioned by any Linn Party or its Subsidiaries and delivered to a Linn Party or its Subsidiaries in writing on or before the date of this Agreement estimating the Linn Parties’ and such Subsidiaries’ proved oil and gas reserves prepared by any unaffiliated person (each, a “Linn Party Report Preparer”) concerning the Oil and Gas Interests of the Linn Parties and such Subsidiaries as of December 31, 2012 (the “Linn Party Reserve Reports”). The factual, non-interpretive data provided by the Linn Parties and their Subsidiaries to each Linn Party Report Preparer in connection with the preparation of the Linn Party Reserve Reports that was material to such Linn Party Report Preparer’s estimates of the proved oil and gas reserves set forth in the Linn Party Reserve Reports was, as of the time provided (or as modified or amended prior to the issuance of the Linn Party Reserve Reports) accurate in all material respects. The oil and gas reserve estimates of the Linn Parties set forth in the Linn Party Reserve Reports are derived from reports that have been prepared by the petroleum consulting firm as set forth therein, and such reserve estimates fairly reflect, in all material respects, the oil and gas reserves of the Linn Parties at the dates indicated therein and are in accordance with SEC guidelines applicable thereto applied on a consistent basis throughout the periods involved. Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by production, there has been no change in respect of the matters addressed in the Linn Party Reserve Reports that, individually or in the aggregate, has had or would have a Linn Party Material Adverse Effect.

Reserve Reports. The Linn Parties have delivered or otherwise Company has made available to the Company Parent true and correct copies of all written reports requested or commissioned by any Linn Party or its Subsidiaries and delivered to a Linn Party or its received by the Company or the Company Subsidiaries in writing on or before from January 1, 2016 to the date of this Agreement hereof estimating the Linn Parties’ Company and such the Company Subsidiaries’ proved oil and gas reserves reserves, in each case prepared by any unaffiliated person a Person that is not an Affiliate (each, a “Linn Party Company Report Preparer”) concerning the Oil and Gas Interests of the Linn Parties Company and such the Company Subsidiaries as of December 31, 2012 (the “Linn Party Company Reserve Reports”). The factual, non-interpretive data provided by the Linn Parties Company and their the Company Subsidiaries to each Linn Party Company Report Preparer in connection with the preparation of the Linn Party Company Reserve Reports that was material to such Linn Party Company Report Preparer’s estimates of the proved oil and gas reserves set forth in the Linn Party Company Reserve Reports was, as of the time provided (or as modified or amended prior to the issuance of the Linn Party Company Reserve Reports) ), accurate in all respects, except as has not had and would not reasonably be expected to have a Company Material Adverse Effect. To the Company’s Knowledge, there are no material respectserrors in the assumptions and estimates provided by the Company to any Company Report Preparer in connection with their preparation of any Company Reserve Reports prepared by such Company Report Preparer. The oil and gas reserve estimates of the Linn Parties Company set forth in the Linn Party Company Reserve Reports are derived from reports that have been prepared by the petroleum consulting firm Company Report Preparer as set forth therein, and such reserve estimates fairly reflect, in all material respects, the oil and gas reserves of the Linn Parties Company at the dates indicated therein and are in accordance with the rules promulgated by the SEC guidelines applicable thereto and applied on a consistent basis throughout the periods involvedreflected therein. Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by production, there has been no material change in respect of the matters addressed in the Linn Party Company Reserve Reports that, individually or in the aggregate, has had or would have a Linn Party Material Adverse EffectReports.

Reserve Reports. The Linn Parties have Company has delivered or otherwise made available to the Company Parent true and correct copies of all written reports requested or commissioned by any Linn Party the Company or its Subsidiaries and delivered to a Linn Party the Company or its Subsidiaries in writing on or before the date of this Agreement estimating the Linn Parties’ Company’s and such Subsidiaries’ proved oil and gas reserves prepared by any unaffiliated person (each, a “Linn Party Report Preparer”) concerning the Company Oil and Gas Interests of the Linn Parties and such Subsidiaries as of December 31, 2012 2018 (the “Linn Party Company Reserve Reports”). The Except for any such matters that, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect, the factual, non-interpretive data provided by the Linn Parties Company and their its Subsidiaries to each Linn Party Report Preparer in connection with the preparation of the Linn Party Company Reserve Reports that was material to such Linn Party Report Preparer’s estimates of the proved oil and gas reserves set forth in the Linn Party Company Reserve Reports was, as of the time provided (or as modified or amended prior to the issuance of the Linn Party Company Reserve Reports) ), accurate in all material respects. The Except for any such matters that, individually or in the aggregate, have not had and would not reasonably be expected to have a Company Material Adverse Effect, the oil and gas reserve estimates of the Linn Parties Company set forth in the Linn Party Company Reserve Reports are derived from reports that have been prepared by the petroleum consulting firm Company Report Preparer as set forth therein, and such reserve estimates fairly reflect, in all material respects, the oil and gas reserves of the Linn Parties Company at the dates indicated therein and are in accordance with the rules promulgated by the SEC guidelines applicable thereto and applied on a consistent basis throughout the periods involvedreflected therein. Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by production, there has been no change in respect of the matters addressed in the Linn Party Company Reserve Reports that, individually or in the aggregate, has had or would reasonably be expected to have a Linn Party Company Material Adverse Effect.

Reserve Reports. The Linn Parties have delivered or otherwise made available to information underlying the estimates of the reserves of the Company, which was supplied by the Company true and correct copies to Xxxxx Xxxxx Company LP, (“Xxxxx Xxxxx”), independent petroleum engineers, for purposes of all written preparing the reserve reports requested or commissioned incorporated by any Linn Party or its Subsidiaries and delivered to a Linn Party or its Subsidiaries in writing on or before reference into the date of this Agreement estimating the Linn Parties’ and such Subsidiaries’ proved oil and gas reserves prepared by any unaffiliated person (each, a “Linn Party Report Preparer”) concerning the Oil and Gas Interests of the Linn Parties and such Subsidiaries as of December 31, 2012 Registration Statement (the “Linn Party Reserve Reports”). The factual, non-interpretive data including, without limitation, production, volumes, sales prices for production, contractual pricing provisions under oil or gas sales or marketing contracts under hedging arrangements, costs of operations and development, and working interest and net revenue interest information relating to the Company’s ownership interests in properties, was true and correct in all material respects on the dates of such Reserve Reports; the estimates of future capital expenditures and other future exploration and development costs supplied to Xxxxx Xxxxx were prepared in good faith and with a reasonable basis; the information provided to Xxxxx Xxxxx by the Linn Parties and their Subsidiaries to each Linn Party Report Preparer in connection with Company for purposes of preparing the preparation of the Linn Party Reserve Reports that was material to such Linn Party Report Preparer’s estimates of the proved oil and gas reserves set forth prepared in the Linn Party Reserve Reports accordance with customary industry practices; Xxxxx Xxxxx was, as of the time provided (or dates of the Reserve Reports, and is, as modified or amended prior of the date hereof, independent petroleum engineers with respect to the issuance Company; other than any decrease in reserves resulting from normal production of the Linn Party Reserve Reports) accurate reserves and intervening spot market product price fluctuations disclosed in all material respects. The oil the Preliminary Prospectus Supplement and gas reserve estimates incorporated by reference into the Registration Statement, to the knowledge of the Linn Parties set forth in the Linn Party Reserve Reports are derived from reports that have been prepared by the petroleum consulting firm as set forth therein, and such reserve estimates fairly reflect, in all material respects, the oil and gas reserves of the Linn Parties at the dates indicated therein and are in accordance with SEC guidelines applicable thereto applied on a consistent basis throughout the periods involved. Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by productionCompany, there has been no change in respect of are not any facts or circumstances that would adversely effect the matters addressed in the Linn Party Reserve Reports that, individually or reserves in the aggregate, has had or would have the aggregate present value of future net cash flows therefrom, as disclosed in the Preliminary Prospectus Supplement and incorporated by reference into the Registration Statement and reflected in the Reserve Reports such as to cause a Linn Party Material Adverse Effectmaterial adverse change; estimates of such reserves and the present value of the future net cash flows therefrom as disclosed in the Preliminary Prospectus Supplement and incorporated by reference into the Registration Statement and reflected in the Reserve Reports comply in all material respects to the applicable requirements of Regulation S-X and Industry Guide 2 under the Act.

Reserve Reports. The Linn Parties have Acquiror has delivered or otherwise made available to the Company true and correct copies of all written reports requested or commissioned by any Linn Party Acquiror or its Subsidiaries and delivered to a Linn Party Acquiror or its Subsidiaries in writing on or before the date of this Agreement estimating the Linn Parties’ Acquiror’s and such Subsidiaries’ proved oil and gas reserves prepared by any unaffiliated person (each, a “Linn Party Acquiror Report Preparer”) concerning the Oil and Gas Interests of the Linn Parties Acquiror and such its Subsidiaries as of December 31, 2012 2013 (the “Linn Party Acquiror Reserve Reports”). The factual, non-interpretive data provided by the Linn Parties Acquiror and their its Subsidiaries to each Linn Party Acquiror Report Preparer in connection with the preparation of the Linn Party Acquiror Reserve Reports that was material to such Linn Party Acquiror Report Preparer’s estimates of the proved oil and gas reserves set forth in the Linn Party Acquiror Reserve Reports was, as of the time provided (or as modified or amended prior to the issuance of the Linn Party Acquiror Reserve Reports) accurate in all material respects. The oil and gas reserve estimates of the Linn Parties Acquiror set forth in the Linn Party Acquiror Reserve Reports are derived from reports that have been prepared by the petroleum consulting firm as set forth therein, and such reserve estimates fairly reflect, in all material respects, the oil and gas reserves of the Linn Parties Acquiror at the dates indicated therein and are in accordance with SEC guidelines applicable thereto applied on a consistent basis throughout the periods involved. Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by production, there has been no change in respect of the matters addressed in the Linn Party Acquiror Reserve Reports thatthat would have, or reasonably be expected to have, individually or in the aggregate, has had or would have a Linn Party Material Adverse EffectEffect on Acquiror.

Reserve Reports. The Linn Parties have Parent has delivered or otherwise made available to the Company true and correct copies of all written reports requested or commissioned by any Linn Party Parent or its Subsidiaries and delivered to a Linn Party Parent or its Subsidiaries in writing on or before the date of this Agreement estimating the Linn Parties’ Parent’s and such Subsidiaries’ proved oil and gas reserves prepared by any unaffiliated person (each, a “Linn Party Report Preparer”) Preparer concerning the Parent Oil and Gas Interests of the Linn Parties and such Subsidiaries as of December 31, 2012 2018 (the “Linn Party Parent Reserve Reports”). The Except for any such matters that, individually or in the aggregate, have not had and would not reasonably be expected to have a Parent Material Adverse Effect, the factual, non-interpretive data provided by the Linn Parties Parent and their its Subsidiaries to each Linn Party Report Preparer in connection with the preparation of the Linn Party Parent Reserve Reports that was material to such Linn Party Report Preparer’s estimates of the proved oil and gas reserves set forth in the Linn Party Parent Reserve Reports was, as of the time provided (or as modified or amended prior to the issuance of the Linn Party Parent Reserve Reports) ), accurate in all material respects. The Except for any such matters that, individually or in the aggregate, have not had and would not reasonably be expected to have a Parent Material Adverse Effect, the oil and gas reserve estimates of the Linn Parties Parent set forth in the Linn Party Parent Reserve Reports are derived from reports that have been prepared by the petroleum consulting firm Report Preparer as set forth therein, and such reserve estimates fairly reflect, in all material respects, the oil and gas reserves of the Linn Parties Parent at the dates indicated therein and are in accordance with the rules promulgated by the SEC guidelines applicable thereto and applied on a consistent basis throughout the periods involvedreflected therein. Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by production, there has been no change in respect of the matters addressed in the Linn Party Parent Reserve Reports that, individually or in the aggregate, has had or would reasonably be expected to have a Linn Party Parent Material Adverse Effect.

Reserve Reports. The Linn Parties have delivered information underlying the estimates of the reserves of the Company and its Subsidiaries, which was supplied by the Company to Xxxxxx & Company, Inc. (the “Reserve Engineer”) for purposes of preparing the latest reserve report incorporated by reference into the Registration Statement (the “Reserve Report”), including, without limitation, production, volumes, sales prices for production, contractual pricing provisions under oil or otherwise made available gas sales or marketing contracts under hedging arrangements, costs of operations and development, and working interest and net revenue interest information relating to the Company Company’s ownership interests in properties, was true and correct copies of in all written reports requested or commissioned by any Linn Party or its Subsidiaries and delivered to a Linn Party or its Subsidiaries in writing material respects on or before the date of this Agreement estimating the Linn Parties’ and such Subsidiaries’ proved oil and gas reserves prepared by any unaffiliated person (each, a “Linn Party Report Preparer”) concerning the Oil and Gas Interests dates of the Linn Parties Reserve Report; the estimates of future capital expenditures and such Subsidiaries as of December 31, 2012 (other future exploration and development costs supplied to the “Linn Party Reserve Reports”). The factual, non-interpretive data Engineer was prepared in good faith and with a reasonable basis; the information provided to the Reserve Engineer by the Linn Parties and their Subsidiaries to each Linn Party Company for purposes of preparing the Reserve Report Preparer was prepared in connection accordance with customary industry practices; the preparation of the Linn Party Reserve Reports that was material to such Linn Party Report Preparer’s estimates of the proved oil and gas reserves set forth in the Linn Party Reserve Reports Engineer was, as of the time provided (date of the Reserve Report, and is, as of the date hereof, an independent petroleum engineer with respect to the Company; other than any decrease in reserves resulting from normal production of the reserves and intervening spot market product price fluctuations or as modified or amended prior disclosed in the Registration Statement and the Prospectus, to the issuance knowledge of the Linn Party Reserve Reports) accurate in all material respects. The oil and gas reserve estimates of the Linn Parties set forth in the Linn Party Reserve Reports are derived from reports that have been prepared by the petroleum consulting firm as set forth therein, and such reserve estimates fairly reflect, in all material respects, the oil and gas reserves of the Linn Parties at the dates indicated therein and are in accordance with SEC guidelines applicable thereto applied on a consistent basis throughout the periods involved. Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by productionCompany, there has been no change in respect of are not any facts or circumstances that would adversely affect the matters addressed in the Linn Party Reserve Reports that, individually or reserves in the aggregate, has had or would the aggregate present value of future net cash flows therefrom, as disclosed in the Prospectus and the Registration Statement and reflected in the Reserve Report such as to cause a material adverse change; estimates of such reserves and the present value of the future net cash flows therefrom as disclosed in the Prospectus and incorporated by reference into the Registration Statement and reflected in the Reserve Report comply in all material respects to the applicable requirements of Regulation S-X and Industry Guide 2 under the Securities Act. The estimates of such proved reserves and standardized measure as described in the Registration Statement and Prospectus and reflected in the reports referenced therein have been prepared in a Linn Party Material Adverse Effectmanner that complies with the applicable requirements of the rules under the Securities Act with respect to such estimates.

Reserve Reports. The Linn EnerJex Parties have delivered or otherwise made available to the Company BRE true and correct copies of all written reports requested or commissioned by any Linn Party Buyer Entity or its Subsidiaries and delivered to a Linn Party Buyer Entity or its Subsidiaries in writing on or before the date of this Agreement estimating the Linn EnerJex Parties’ and such Subsidiaries’ proved oil and gas reserves prepared by any unaffiliated person (each, a “Linn Party "Parent Report Preparer”") concerning the Oil and Gas Interests of the Linn EnerJex Parties and such Subsidiaries as of December 31, 2012 (the “Linn Party "Parent Reserve Reports”"). The factual, non-interpretive data provided by the Linn EnerJex Parties and their Subsidiaries to each Linn Party Parent Report Preparer in connection with the preparation of the Linn Party Parent Reserve Reports that was material to such Linn Party Parent Report Preparer’s estimates of the proved oil and gas reserves set forth in the Linn Party Parent Reserve Reports was, as of the time provided (or as modified or amended prior to the issuance of the Linn Party Parent Reserve Reports) accurate in all material respects. The oil and gas reserve estimates of the Linn EnerJex Parties set forth in the Linn Party Parent Reserve Reports are derived from reports that have been prepared by the petroleum consulting firm as set forth therein, and such reserve estimates fairly reflect, in all material respects, the oil and gas reserves of the Linn EnerJex Parties at the dates indicated therein and are in accordance with SEC guidelines applicable thereto applied on a consistent basis throughout the periods involved. Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by production, there has been no change in respect of the matters addressed in the Linn Party Parent Reserve Reports that, individually or in the aggregate, has had or would have a Linn Party Material Adverse Effect.

Reserve Reports. The Linn EnerJex Parties have delivered or otherwise made available to the Company AgEagle true and correct copies of all written reports requested or commissioned by any Linn Party Buyer Entity or its Subsidiaries and delivered to a Linn Party Buyer Entity or its Subsidiaries in writing on or before the date of this Agreement estimating the Linn EnerJex Parties’ and such Subsidiaries’ proved oil and gas reserves prepared by any unaffiliated person (each, a “Linn Party Parent Report Preparer”) concerning the Oil and Gas Interests of the Linn EnerJex Parties and such Subsidiaries as of December 31, 2012 2014 (the “Linn Party Parent Reserve Reports”). The factual, non-interpretive data provided by the Linn EnerJex Parties and their Subsidiaries to each Linn Party Parent Report Preparer in connection with the preparation of the Linn Party Parent Reserve Reports that was material to such Linn Party Parent Report Preparer’s estimates of the proved oil and gas reserves set forth in the Linn Party Parent Reserve Reports was, as of the time provided (or as modified or amended prior to the issuance of the Linn Party Parent Reserve Reports) accurate in all material respects. The oil and gas reserve estimates of the Linn EnerJex Parties set forth in the Linn Party Parent Reserve Reports are derived from reports that have been prepared by the petroleum consulting firm as set forth therein, and such reserve estimates fairly reflect, in all material respects, the oil and gas reserves of the Linn EnerJex Parties at the dates indicated therein and are in accordance with SEC guidelines applicable thereto applied on a consistent basis throughout the periods involved. Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by production, there has been no change in respect of the matters addressed in the Linn Party Parent Reserve Reports that, individually or in the aggregate, has had or would have a Linn Party Material Adverse Effect.

Reserve Reports. The Linn Parties have Lynden has delivered or otherwise made available to the Company Earthstone true and correct copies of all written reports requested or commissioned by any Linn Party Lynden or its the Lynden Subsidiaries and delivered to a Linn Party Lynden or its the Lynden Subsidiaries in writing on or before the date of this Agreement estimating the Linn Parties’ Lynden’s and such Subsidiariessubsidiaries’ proved oil and gas reserves prepared by any unaffiliated person (each, a “Linn Party Lynden Report Preparer”) concerning the Oil and Gas Interests of the Linn Parties Lynden and such Subsidiaries subsidiaries as of December 31June 30, 2012 2015 (the “Linn Party Lynden Reserve Reports”). The Except for any such matters that, individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect on Lynden, the factual, non-interpretive data provided by Lynden and the Linn Parties and their Lynden Subsidiaries to each Linn Party Lynden Report Preparer in connection with the preparation of the Linn Party Lynden Reserve Reports that was material to such Linn Party Lynden Report Preparer’s estimates of the proved oil and gas reserves set forth in the Linn Party Lynden Reserve Reports was, as of the time provided (or as modified or amended prior to the issuance of the Linn Party Lynden Reserve Reports) accurate accurate. With respect to the proved reserves reflected in the Lynden Reserve Reports, the Lynden Reserve Report conforms in all material respects. The oil and gas reserve estimates of respects to the Linn Parties set forth in the Linn Party Reserve Reports are derived from reports that have been prepared by the petroleum consulting firm as set forth therein, and such reserve estimates fairly reflect, in all material respects, the oil and gas reserves of the Linn Parties at the dates indicated therein and are in accordance with SEC guidelines applicable thereto applied on a consistent basis throughout the periods involved. Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by production, there has been no change in respect of the matters addressed in the Linn Party Lynden Reserve Reports thatthat would have, or reasonably be expected to have, individually or in the aggregate, has had or would have a Linn Party Material Adverse EffectEffect on Lynden.

Reserve Reports. The Linn Parties have Earthstone has delivered or otherwise made available to the Company Lynden true and correct copies of all written reports requested or commissioned by any Linn Party Earthstone or its the Earthstone Subsidiaries and delivered to a Linn Party Earthstone or its the Earthstone Subsidiaries in writing on or before the date of this Agreement estimating the Linn Parties’ Earthstone’s and such Subsidiariessubsidiaries’ proved oil and gas reserves prepared by any unaffiliated person (each, a “Linn Party Earthstone Report Preparer”) concerning the Oil and Gas Interests of the Linn Parties Earthstone and such Subsidiaries subsidiaries as of December 31, 2012 2014 (the “Linn Party Earthstone Reserve Reports”). The Except for any such matters that, individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse Effect on Earthstone, the factual, non-interpretive data provided by Earthstone and the Linn Parties and their Earthstone Subsidiaries to each Linn Party Earthstone Report Preparer in connection with the preparation of the Linn Party Earthstone Reserve Reports that was material to such Linn Party Earthstone Report Preparer’s estimates of the proved oil and gas reserves set forth in the Linn Party Earthstone Reserve Reports was, as of the time provided (or as modified or amended prior to the issuance of the Linn Party Earthstone Reserve Reports) accurate accurate. With respect to the proved reserves reflected in the Earthstone Reserve Reports, the Earthstone Reserve Report conforms in all material respects. The oil and gas reserve estimates of respects to the Linn Parties set forth in the Linn Party Reserve Reports are derived from reports that have been prepared by the petroleum consulting firm as set forth therein, and such reserve estimates fairly reflect, in all material respects, the oil and gas reserves of the Linn Parties at the dates indicated therein and are in accordance with SEC guidelines applicable thereto applied on a consistent basis throughout the periods involved. Except for changes generally affecting the oil and gas exploration, development and production industry (including changes in commodity prices) and normal depletion by production, there has been no change in respect of the matters addressed in the Linn Party Earthstone Reserve Reports thatthat would have, or reasonably be expected to have, individually or in the aggregate, has had or would have a Linn Party Material Adverse EffectEffect on Earthstone.