Independent Engineering Report definition

Independent Engineering Report means a report, in form and substance satisfactory to the Administrative Agent and each of the Lenders, prepared by an Independent Engineer, addressed to the Administrative Agent and the Lenders with respect to the Oil and Gas Properties owned by the Borrower or its Subsidiaries (or to be acquired by the Borrower or any of its Subsidiaries, as applicable) which are or are to be included in the Borrowing Base, which report shall (a) specify the location, quantity, and type of the estimated Proven Reserves attributable to such Oil and Gas Properties, (b) contain a projection of the rate of production of such Oil and Gas Properties, (c) contain an estimate of the net operating revenues to be derived from the production and sale of Hydrocarbons from such Proven Reserves based on product price and cost escalation assumptions specified by the Administrative Agent and the Lenders, and (d) contain such other information as is customarily obtained from and provided in such reports or is otherwise reasonably requested by the Administrative Agent or any Lender.
Independent Engineering Report means a report prepared by an independent petroleum engineer or engineers approved by the Lenders, acting reasonably, to be dated effective on or about January 1 of the calendar year in which such report is to be delivered by the Borrower pursuant to Section 9.1(d) (or such other date as may be acceptable to the Agent depending upon the purpose for which such report is delivered to the Agent), which report (a) covers all of the Borrowing Base Properties which account for not less than 90% of the Borrowing Base (and is supplemented by an Internal Reserves Change Report for any Borrowing Base Properties not covered thereby), (b) is certified by the independent petroleum engineer or engineers, (c) is prepared in accordance with established criteria generally accepted in the oil and gas industry and standards customarily used by such independent petroleum engineer or engineers in making determinations and appraisals, (d) is based upon assumptions, methods of calculation, estimates and projections fully disclosed in such report and which are satisfactory to the Lenders, acting reasonably, and (e) contains a statement of any changes in assumptions, methods of calculations or data base from the previous engineering report delivered by the Borrower pursuant to Section 9.1(d) or otherwise pursuant hereto;
Independent Engineering Report means a report, in form and substance consistent with the report dated January 2012 in respect of Credit Partiesfacility in Wyeville, Wisconsin or otherwise reasonably satisfactory to the Administrative Agent, prepared by an independent engineer, with respect to the Sand Reserves owned by the Borrower or its Subsidiaries which report shall specify the location, quantity, and type of the estimated Sand Reserves.

Examples of Independent Engineering Report in a sentence

  • Boyd Company permitting the Administrative Agent and the Lenders to rely on such Independent Engineering Report.

  • The Initial Independent Engineering Report is the latest engineering report available to the Companies relating to the Evaluated Properties.

  • Within 20 days after the Administrative Agent and the Lenders’ receipt of such Independent Engineering Report and other information, the Administrative Agent shall deliver to each Lender the Administrative Agent’s recommendation for the redetermined Borrowing Base.

  • The Administrative Agent shall have received the Independent Engineering Report dated January 2012 in respect of the Credit Parties’ facility in Wyeville, Wisconsin, together with a letter from John T.

  • In connection with any redetermination of the Borrowing Base under this Section 2.02(c), the Borrower shall provide the Administrative Agent and the Lenders with such information regarding the Borrower and its Subsidiaries’ business (including its Oil and Gas Properties, the Proven Reserves, and production relating thereto) as the Administrative Agent or any Lender may request, including, without limitation, an updated Independent Engineering Report.


More Definitions of Independent Engineering Report

Independent Engineering Report means one or more economic and reserve engineering evaluation reports prepared by an independent engineering firm chosen by the Borrower covering all of the proved Oil and Gas Properties.
Independent Engineering Report means each engineering report prepared by an Independent Engineer, which shall be (i) effective as of January 1st of each year, (ii) in a form satisfactory to the Purchasers and (iii) prepared in accordance with the then existing standards of the Society of Petroleum Engineers.
Independent Engineering Report means a report prepared by an Independent Petroleum Engineer which sets forth the gross and net volume of Hydrocarbons projected to be produced from the Petroleum Properties, the Net Proceeds of Production and the present net worth of the Net Proceeds of Production, using assumptions provided by the Agent and the Required Banks (through the Agent), in each case by calendar year, for the remaining economic life of the Petroleum Properties. Each Independent Engineering Report shall also contain a list of Petroleum Properties of the members of the Combined Group and shall identify which of the Petroleum Properties covered thereby are "proved developed producing", "proved developed non-producing" and "proved undeveloped" (as defined in the "Definitions for Oil and Gas Reserves" as published by the Society of Petroleum Engineers). Each such report shall be prepared in accordance with established criteria generally accepted in the oil and gas industry and standards customarily used by independent petroleum engineers well regarded in the industry in making reserve determinations or appraisals, and shall be based on such assumptions, estimates and projections as are fully disclosed in such Independent Engineering Report.
Independent Engineering Report means the engineering reports prepared by the Independent Engineer (i) covering all of the material oil and gas properties of the Company, (ii) prepared at the Company's expense, (iii) reporting on the Proved Developed Producing Reserves, Proved Developed Non-Producing Reserves and Proved Undeveloped Reserves of the oil and gas properties of the Company, and separately calculating the NPV10 of each such category of Reserves, and (iv) using pricing specified in the definition of NPV10 of Proved Reserves.
Independent Engineering Report means any Engineering Report prepared by an Independent Engineer.