Examples of Proved Reserves in a sentence
The risk reductions shall be subject to upward or downward adjustment by the General Partner if, during the period between the Appraisal Date and the Effective Date (as defined in Section 15.5), there has been a material increase or decrease in the current price of oil or gas or in the estimated amount of the Partnership's Proved Reserves.
THE MERGER VALUES INVOLVE ESTIMATES THAT WILL NOT BE ADJUSTED Estimates of Proved Reserves and Future Net Revenues May Change.
In determining the Repurchase Price for Unit Holders pursuant to this Article Fifteen, the present value of the Partnership's Proved Developed Producing Reserves shall be reduced by 25% for risk and the present value of all other categories of Proved Reserves shall be reduced by 35% for risk.
As of December 31, 1992 and annually thereafter (the "Appraisal Date") the General Partner shall appraise the Proved Reserves and other assets of the Partnership pursuant to the provisions set forth herein and shall assign a repurchase price (the "Repurchase Price") to the Unit Holders' Units in the Partnership in accordance with the provisions set forth herein.
The Repurchase Price shall be recalculated monthly with the Repurchase Price being reduced by the amount of any cash distributions to Unit Holders during the period from the Appraisal Date to the date of the payment of the Repurchase Price and shall otherwise be adjusted to reflect the effect of material operations during such period, including a material increase or decrease in the current price of oil or gas or in the estimated amount of the Partnership's Proved Reserves.