Established Reserves definition

Established Reserves means, collectively, the Cost Report Liability Reserve, the Interest Rate Agreement Reserve and the Cash Management Obligations Reserve.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Established Reserves means those reserves recoverable under current technology and present and anticipated economic conditions specifically proved by drilling, testing or production, plus the portion of contiguous recoverable reserves that are interpreted to exist from geological, geophysical or similar information with reasonable certainty.

Established Reserves means proved reserves plus risked (50%) probable reserves, with “proved reserves” and “probable reserves” having the meanings ascribed to them under former National Policy Statement 2-B of the Canadian Securities Administrators;

Examples of Established Reserves in a sentence

• Buyer agrees that Seller has no obligation to transfer the Established Reserves to Compression and that, following the Closing, Seller will have no continuing liability or obligation to Compression employees under such plans or programs except to the extent that an obligation or liability arises under such plans and relates to any event or occurrence prior to the Closing or an entitlement or right of an employee to participate in such plan or program vested prior to the Closing.

• The Company will not, as at the end of each fiscal year of the Trust, permit Consolidated Total Debt to exceed 60% of the Consolidated Total Established Reserves determined and calculated not later than the last day of the first fiscal quarter of the next succeeding fiscal year of the Trust.

• Buyer acknowledges that Seller has established certain balance sheet reserves (the "Established Reserves") for potential liabilities that may be incurred with respect to Compression employees under (i) Seller's medical and dental program for employees, (ii) Seller's retiree medical and life insurance programs, (iii) retiree pension benefits, and (iv) worker's compensation programs.

• Buyer further acknowledges that the Compression Financial Statements, to be delivered by Seller to Buyer, will not include the Established Reserves.

More Definitions of Established Reserves

Established Reserves means those reserves determined to be Proved Reserves, plus those reserves determined to be Probable Reserves, the Probable Reserves being reduced by 50% to reflect the risks associated with recovery of those reserves.

Established Reserves means proved reserves plus risked probable reserves;

Established Reserves means those reserves estimated as Proved Reserves plus a portion of the Probable additional reserves, reduced to reflect the risks associated with recovery of those reserves. In the Gilbert Report, Established Reserves have been determined as the sum of 50 percent of Probable Reserves and 100 percent of Proved Reserves.

Established Reserves means the sum of 50% of Probable Reserves and 100% of Proved Reserves.

Established Reserves are 100% of proved reserves plus 50% of probable reserves. Reserves are gross company interest reserves before deduction of royalties. Columns may not add due to rounding. Canscot recently acquired an additional 45.0% interest in its Big Bend property, adding 8,848 mmcf of established reserves to bring the total established reserves to 5,468 mboe. BOARDS APPROVE TRANSACTION The boards of directors of APF and Canscot have approved the transaction, and the board of directors of Canscot has resolved to recommend to its shareholders that they accept the APF offer. The transaction will be completed by way of a takeover bid and APF anticipates mailing its circular to Canscot shareholders in mid-August. Closing is subject to the tendering of at least 90% of the outstanding shares of Canscot, regulatory approval and other standard conditions. APF expects to take up and pay for the Canscot shares in mid-September. The officers and directors of Canscot, their associates and affiliates, and certain other Canscot shareholders, have agreed to execute lock-up agreements representing at least 23% of the fully-diluted outstanding shares of Canscot under which they will agree to deposit and not withdraw their shares under the offer, except in specified circumstances. The board of directors of Canscot has also agreed that it will not solicit or initiate discussions or negotiations with any third party for any business combination involving Canscot. Under certain circumstances, Canscot has agreed to pay APF a non-completion fee of $1.5 million and APF has a right of first refusal in certain circumstances to match any unsolicited competing bid. APF Energy Trust is a Calgary-based conventional oil and gas royalty trust that acquires, develops, produces and sells crude oil, natural gas, and natural gas liquids and distributes the resulting cash flow to unitholders. Trust units of APF are traded on the Toronto Stock Exchange under the symbol "AY.UN". Certain statements in this material may be "forward-looking statements" including outlook on oil and gas prices, estimates of future production, estimated completion dates of acquisitions and construction and development projects, business plans for drilling and exploration, estimated amounts and timing of capital expenditures and anticipated future debt levels and royalty rates. Information concerning reserves contained in this material may also be deemed to be forward-looking statements as such estimates involve the implied assess...

Established Reserves means Proven Reserves plus 50% of Probable Reserves, before the deduction of royalties and based on escalated price and cost assumptions, unless otherwise indicated;

Established Reserves means, collectively, each of the following reserves against Eligible Accounts: (i) the Cost Report Liability Reserve, (ii) the PIP Limitation Reserve, (iii) the PIP Reserve and (iv) the Interest Rate Agreement Reserve.