NYMEX Strip Price means the lower of (i) as of any date of determination the average of the 24 succeeding monthly futures contract prices, commencing with the month during which the determination date occurs, for each of the appropriate crude oil and natural gas categories included in the most recent Reserve Report provided by Borrower to Agent pursuant to Section 6.2(e), as quoted on the NYMEX; provided, that if the NYMEX no longer provides futures contract price quotes or has ceased to operate, the future contract prices used shall be the comparable futures contract prices quoted on such other nationally recognized commodities exchange as Agent shall designate and (ii) U.S. $27.43 per barrel of oil and U.S. $4.43 per MmBTU of natural gas produced from Oil and Gas Properties of Borrower provided, that with respect to the volume of Borrower's Hydrocarbons for which prices are fixed under an Acceptable Commodity Hedging Agreement, the NYMEX Strip Price for such volume of Hydrocarbons, if greater than the price determined above, shall be the price fixed under such Acceptable Commodity Hedging Agreement then in effect.
NYMEX Strip Price means the average closing price of contracts for future delivery for the next occurring 24 months as of the close of trading on the New York Mercantile Exchange ("NYMEX") on the date of any calculation. For crude oil, the reference contract will be light sweet crude oil, the NYMEX symbol for which is currently "CL." For natural gas, the reference contract will be natural gas delivered at the Xxxxx Hub in Louisiana, the NYMEX symbol for which is currently "NG." To the extent that reference prices are not available for the entire 24 month period, prices will be determined on the average of the contracts which are available during such 24 month period.
NYMEX Strip Price means as of any date of determination, the forward month prices as of such date for the most comparable hydrocarbon commodity applicable to such future production month for a five-year period (or such shorter period if forward month prices are not quoted for a reasonably comparable hydrocarbon commodity for the full five year period), with such prices for each year thereafter based on the last quoted forward month price of such five-year period, as such prices are (i) quoted on the New York Mercantile Exchange (or its successor) as of the determination date and (ii) as adjusted for any basis differential as of the date of determination and without future escalation (such determination to be reasonably agreed by Collateral Agent).
Examples of NYMEX Strip Price in a sentence
Woodloch Forest Dr., Suite 300 The Woodlands, Texas 77380Re: Evaluation Summary – NYMEX Strip Price Case Chisholm Energy, InterestsTotal Proved ReservesCertain Properties in Eddy and Lea Counties, New Mexico As of December 31, 2021 Dear Mr. Vernon: As you have requested, this report was completed on January 5, 2022 for the purpose of submitting our estimates of total proved reserves and forecasts of economics attributable to the interests of Chisholm Energy Operating, LLC and Chisholm Energy Agent, Inc.
The Lenders shall have received a borrowing base certificate setting forth the Borrowing Base, which includes a roll forward of production volumes and update of the NYMEX Strip Price from the Initial Reserve Report.
The Lenders shall have received a borrowing base certificate setting forth the Borrowing Base and the Revolver A Borrowing Base, each of which includes a roll forward of production volumes and update of the NYMEX Strip Price from the Initial Reserve Report, together with a detailed breakdown of each oil and gas well setting forth whether such well is subject to a Mortgage or the Production Payment 2001 Lien.
More Definitions of NYMEX Strip Price
NYMEX Strip Price as of any date of determination, (i) for the 36 month period commencing with the month in which the date of determination occurs, the average of the 36 succeeding monthly futures contract prices, commencing with the month during which the determination date occurs, for each of the appropriate crude oil and natural gas categories included in the most recent Reserve Report provided by the Borrower to the Agents pursuant to subsection 7.1(e), as quoted on the NYMEX, and (ii) for periods after such 36 month period, the average of the quoted prices for the period from and including the 25th month in such 36 month period through the 36th month in such period; PROVIDED, that if the NYMEX no longer provides futures contract price quotes or has ceased to operate, the comparable futures contract prices quoted on such other nationally recognized commodities exchange as the Collateral Agent shall designate.
NYMEX Strip Price means as of any date of determination (A) for the 24 month period commencing with the month in which the date of determination occurs, the average of the 24 succeeding monthly futures contract prices, commencing with the month during which the determination date occurs, for each of the appropriate crude oil and natural gas categories included in the most recent Reserve Report provided by Borrower to Agent pursuant to Section 5.2, as quoted on the NYMEX, and (B) for period after such 24 month period, the average of the quoted prices for the period from and including the 13th month in such 24 month period through the 24th month in such period; provided, that if the NYMEX no longer provides futures contract price quotes or has ceased to operate, the future contract prices used shall be the comparable futures contract prices quoted on such other nationally recognized commodities exchange as Agent shall designate.
NYMEX Strip Price the lower of (i) as of any date of determination (A) for the 24 month period commencing with the month in which the date of determination occurs, the average of the 24 succeeding monthly futures contract prices, commencing with the month during which the determination date occurs, for each of the appropriate crude oil and natural gas categories included in the most recent Reserve Report provided by Borrower to the Administrative Agent pursuant to Section 5.1(i), as quoted on the NYMEX, and (B) for periods after such 24 month period, the average of the quoted prices for the period from and including the 13/th/ month in such 24 month period through the 24/th/ month in such period; provided, that if the NYMEX no longer provides futures contract price quotes or has ceased to operate, the future contract prices used shall be the comparable futures contract prices quoted on such other nationally recognized commodities exchange as the Administrative Agent shall designate, and (ii) $27.43 per barrel of oil and $4.43 per MmBTU of natural gas produced from Oil and Gas Properties located in the continental United States, provided, that with respect to the volume of Acceptable Oil and Gas Hedging Contracts, the NYMEX Strip Price for such volume of Hydrocarbons, if greater than the price determined above, shall be the average weighted price fixed under the Acceptable Oil and Gas Hedging Contracts then in effect.
NYMEX Strip Price means the lower of (i) as of any date of determination (A) for the 24 month period commencing with the month in which the date of determination occurs, the average of the 24 succeeding monthly futures contract prices, commencing with the month during which the determination date occurs, for each of the appropriate crude oil and natural gas categories included in the most recent Reserve Report provided by the Borrower to the Agents pursuant to Section 7.01(a)(vi), as quoted on the NYMEX, and (B) for periods after such 24 month period, the average of the quoted prices for the period from and including the 13/th/ month in such 24 month period through the 24/th/ month in such period; provided, that if the NYMEX no longer provides futures contract price quotes or has ceased to operate, the comparable futures contract prices quoted on such other nationally recognized commodities exchange as Agent shall designate, provided, further, that with respect to the volume of Hydrocarbons covered by Acceptable Hedging Agreements, the NYMEX Strip Price determined under this clause (i) for such volume of Hydrocarbons, if greater than the price determined above, shall be the average weighted price fixed under the Acceptable Hedging Agreements then in effect, and (ii) $25.00 per barrel of oil and $4.50 per MmBTU of natural gas.
NYMEX Strip Price. Reserve Report" and "Basis Differential" that would result in an increase of the Borrowing Base (or in any definition contained in this Agreement used in connection with the definition of the foregoing terms that would result in an increase in the Borrowing Base) in each case, without the written consent of each Lender. Notwithstanding the foregoing, no amendment, waiver or consent shall, unless in writing and signed by an Agent, affect the rights or duties of such Agent (but not in its capacity as a Lender) under this Agreement or the other Loan Documents.
NYMEX Strip Price means as of any date of determination, the average of the 24 succeeding monthly futures contract prices, commencing with the month during which the determination date occurs, for each of the appropriate crude oil and natural gas categories included in the most recent Reserve Report provided by the Borrower to the Agents pursuant to Section 7.01(a)(vi) as quoted on the NYMEX; provided, that if the NYMEX no longer provides futures contract price quotes or has ceased to operate, the comparable futures contract prices quoted on such other nationally recognized commodities exchange as Agent shall designate.
NYMEX Strip Price means as of any date of determination, the average of the 24 succeeding monthly futures contract prices, commencing with the month during which the determination date occurs, for each of the appropriate crude oil and natural gas categories included in the most recent Reserve Report provided by the Borrower to the Agents pursuant to Section 7.01(a)(vi) as quoted on the NYMEX; provided, (i) that if the NYMEX no longer provides futures contract price quotes or has ceased to operate, the comparable futures contract prices quoted on such other nationally recognized commodities exchange as Agent shall designate, and (ii) that such monthly futures contract prices for crude oil and natural gas shall not exceed $50.00 and $6.25, respectively, for the first 24 month period and $40.00 and $5.00, respectively, thereafter.”