SEEKING TO MODIFY, REVOKE OR
DENY RENEWAL OF ANY SUCH PERMITS. SCHEDULE 4.12 LISTS ALL SUCH PERMITS.
4.23
BONDING MATTERS.
SCHEDULE 4.23 LISTS ALL OF THE BONDS AND OTHER
SECURITY ARRANGEMENTS THAT SELLER OR COMPANY MAINTAINS AS TO THE OIL AND GAS
PROPERTIES OR ANY PORTION THEREOF.
NO CLAIM HAS BEEN MADE BY ANY GOVERNMENTAL
AUTHORITY THAT THE COMPANY HAS FAILED TO COMPLY WITH ANY LAW OR REGULATION
GOVERNING THE REQUIREMENTS OF BONDS AS TO THE SELLER'S OR COMPANY'S OPERATIONS
OF THE OIL AND GAS PROPERTIES.
4.24
INSURANCE.
SCHEDULE 4.24 LISTS ALL OF THE INSURANCE POLICIES AND
COVERAGES OF ANY SORT MAINTAINED BY THE COMPANY, SELLER OR ANY OF THEIR
AFFILIATES WHICH, ANY WAY, AFFECT THE COMPANY'S OPERATIONS RELATING TO THE OIL
AND GAS PROPERTIES. SUCH INSURANCE COVERAGE COMPLIES WITH ALL LEGAL AND
CUSTOMARY REQUIREMENTS FOR A BUSINESS CONDUCING OPERATIONS SUCH AS THOSE
CONDUCTED BY THE COMPANY ON OR RELATING TO THE OIL AND GAS PROPERTIES. THE
COMPANY HAS COMPLIED IN ALL MATERIAL RESPECTS WITH THE TERMS AND PROVISIONS OF
SUCH POLICIES. BETWEEN THE EFFECTIVE DATE AND CLOSING, SELLER SHALL INSURE THAT
POLICIES SUBSTANTIALLY EQUIVALENT TO THOSE SET FORTH ON SCHEDULE 4.24 SHALL
REMAIN IN FULL FORCE AND EFFECT.
4.25
ERISA. THE COMPANY DOES NOT EMPLOY AND HAS NOT AT ANY TIME EMPLOYED
ANY INDIVIDUAL. THE COMPANY NEITHER MAINTAINS NOR CONTRIBUTES TO, NOR HAS IT
PREVIOUSLY MAINTAINED OR CONTRIBUTED TO, ANY "EMPLOYEE BENEFIT PLANS," AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED ("ERISA"), WHETHER OR NOT SUBJECT TO ERISA, AND THE COMPANY HAS NOT,
NOR WILL IT HAVE ANY LIABILITIES OR OBLIGATIONS WITH RESPECT TO EMPLOYEE BENEFIT
PLANS MAINTAINED OR CONTRIBUTED TO OR PREVIOUSLY MAINTAINED OR CONTRIBUTED TO BY
THE COMPANY OR ANY TRADE OR BUSINESS, WHETHER OR NOT INCORPORATED THAT TOGETHER
WITH THE COMPANY WOULD BE DEEMED A "SINGLE EMPLOYER" WITHIN THE MEANING OF
SECTION 4001(A)(15) OF ERISA, AND THE RULES AND REGULATIONS PROMULGATED
THEREUNDER.
4.26
CONDITION OF ASSETS.
THE COMPANY HAS MAINTAINED ALL OF THE
COMPANY'S TANGIBLE ASSETS AND PROPERTIES OWNED OR LEASED ON THE DATE HEREOF IN
GOOD WORKING ORDER AND OPERATING CONDITION, SUBJECT ONLY TO ORDINARY WEAR AND
TEAR.
4.27
LEASE OPERATING EXPENSES.
THE INFORMATION PROVIDED TO BUYER BY
SELLER AND THE COMPANY WITH RESPECT TO THE COMPANY'S HISTORICAL LEASE OPERATING
EXPENSES IS ACCURATE AND COMPLETE IN ALL MATERIAL RESPECTS.
4.28
HEDGING TRANSACTIONS.
SCHEDULE 4.28 CONTAINS A COMPLETE AND
CORRECT LIST OF ALL HEDGING TRANSACTIONS (INCLUDING EACH OUTSTANDING COMMODITY
OR FINANCIAL HEDGING POSITION) ENTERED INTO BY OR ASSIGNED TO THE COMPANY OR FOR
THE ACCOUNT OF ANY OF ITS CUSTOMERS AS OF THE
17
DATE OF THIS AGREEMENT ("FOREST HEDGES"). ALL MATERIAL FOREST HEDGES WERE, AND
ANY MATERIAL FOREST HEDGES ENTERED INTO AFTER THE DATE OF THIS AGREEMENT WILL
BE, ENTERED INTO IN ACCORDANCE WITH APPLICABLE LAWS, AND IN ACCORDANCE WITH THE
INVESTMENT, SECURITIES, COMMODITIES, RISK MANAGEMENT AND OTHER POLICIES,
PRACTICES AND PROCEDURES EMPLOYED BY THE COMPANY, AND WERE, AND WILL BE, ENTERED
INTO WITH COUNTERPARTIES BELIEVED