PDP Reserves definition

PDP Reserves means the Proven Reserves which are categorized as both “developed” and “producing” under the definitions for oil and gas reserves promulgated by the Society of Petroleum Evaluation Engineers (or any generally recognized successor) as in effect at the time in question and reasonably acceptable to the Administrative Agent.

PDP Reserves means “proved developed producing oil and gas reserves” as such term is defined by the SPE in its standards and guidelines.

PDP Reserves means Proved Reserves which are categorized as both “Developed” and “Producing” in the SPE/WPC Definitions; “Proved Developed Non Producing Reserves” or “PDNP Reserves” means Proved Reserves which are categorized as both “Developed” and “Non Producing” in the SPE/WPC Definitions; and “Proved Undeveloped Reserves” or “PUD Reserves” means Proved Reserves which are categorized as “Undeveloped” in the SPE/WPC Definitions.

Examples of PDP Reserves in a sentence

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• Lender shall have received all appropriate evidence required by Lender in its sole discretion necessary to determine that Collateral Agent (for its benefit and the benefit of the Secured Creditors) shall have an Acceptable Security Interest in the Collateral which shall include at least 90% of the PV9 of the PDP Reserves of the Borrowing Base Oil and Gas Properties and 90% of the PV9 of the Proved Reserves of the Borrowing Base Oil and Gas Properties (as set forth in the Initial Engineering Report).

• The Administrative Agent shall be satisfied in its sole discretion with the title to the Oil and Gas Properties included in the Borrowing Base and that such Oil and Gas Properties constitute at least 80% of the present value of the Proven Reserves of the Borrower and its Restricted Subsidiaries or 95% of the present discounted value of the Borrower's and Guarantors' PDP Reserves and, in each case, the Oil and Gas Properties relating thereto as determined by the Administrative Agent in its sole discretion.

• Lender shall be satisfied, in its sole discretion, with the title to the Borrowing Base Oil and Gas Properties of Borrowers and that such Borrowing Base Oil and Gas Properties constitute at least 80% of the PV9 of the PDP Reserves and at least 80% of the PV9 of the Proved Reserves of the Borrowing Base Oil and Gas Properties (as set forth in the Initial Engineering Report) as determined by Lender in its sole discretion.

• Each Engineering Report shall be prepared by a third-party engineer or engineering firm reasonably acceptable to Lender utilizing economic and pricing parameters used by the Securities and Exchange Commission as established from time-to-time together with such other information as Lender shall deem reasonably necessary to determine the value of Borrower’s PDP Reserves.

More Definitions of PDP Reserves

PDP Reserves means the Proved Reserves that are expected to be produced from existing xxxxx with existing equipment and operating methods.

PDP Reserves means the Proven Reserves which are categorized as both “developed” and “producing” under the O&G Definitions.

PDP Reserves means the Proven Reserves which are categorized as both "developed" and "producing" under the definitions for oil and gas reserves promulgated by the Society of Petroleum Evaluation Engineers (or any generally recognized successor) as in effect at the time in question and reasonably acceptable to the Administrative Agent.

PDP Reserves means proved, developed, producing reserves of Gas or Oil as shown on the Reserve Report.

PDP Reserves means proved, developed, producing Hydrocarbon reserves, as determined in conformity with the guidelines in effect from time to time as promulgated by the Society of Petroleum Engineers or its successor association.

PDP Reserves means the Hydrocarbon Interests designated as “proved developed producing” (in accordance with the Definitions for Oil and Gas Reserves approved by the Board of Directors of the Society of Petroleum Engineers, Inc. from time to time) in the most recently delivered Reserve Report.

PDP Reserves means the Proven Reserves which are categorized as both “developed” and “producing” under the O&G Definitions. “Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA orSections 412 and 430 of the Code or Section 302 of ERISA.