Definition of PNG Assets


PNG Assets means the Petroleum and Natural Gas Rights, the Seismic Data, the Tangibles and the Miscellaneous Interests.
Sample 1

Examples of PNG Assets in a sentence

To the knowledge of the Vendor and other than as disclosed on the Land Schedule, the interests of Leland Energy in the PNG Assets are not subject either to reduction on account of actions or omissions taken or omitted by them or conversion or subject to change to an interest of any other size, and the interests of Leland Energy are not subject to penalty or forfeiture as a result of non-participation in any joint operation.
Leland Energy has not received and, to the knowledge of the Vendor, none of its agents or any applicable operator of the PNG Assets has received any notice of default under the Title and Operating Documents or any notice alleging material default under any other agreement pertaining to any of the PNG Assets, which default has not been rectified as of the Signing Date.
Except as specifically disclosed in Schedule 4.6 and Schedule 4.7, there are no outstanding authorizations for expenditure or outstanding financial commitments in excess of $50,000 respecting the PNG Assets pursuant to which expenditures are or may be required by the Purchaser as a result of the acquisition of Amalco Shares or in respect of which any amount is outstanding in excess of $50,000.
None of the Watford Entities, Watford Energy or Amalco has received and, to the knowledge of the Vendors, none of its agents or any applicable operator of the PNG Assets have received any notice of default under the Title and Operating Documents or any notice alleging material default under any other agreement pertaining to any of the PNG Assets which default has not been rectified as of the Signing Date.
ARTICLE 10 CONFIDENTIALITY 10.1 RESTRICTIONS ON DISCLOSURE OF PURCHASER Prior to the Closing, the Purchaser shall keep confidential all information disclosed to it by the Vendor, a Purchased Entity or their agents relating to the Purchased Entities and the PNG Assets in accordance with the provisions of the Confidentiality Agreement.