correct, but
EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ARTICLE 4, SELLER MAKES NO
REPRESENTATION, EXPRESS OR IMPLIED, AS TO THE ACCURACY, CORRECTNESS,
COMPLETENESS, OR ADEQUACY OF SAME AND DOES NOT WARRANT OR GUARANTEE SUCH
INFORMATION IN ANY WAY. SELLER HAS MADE NO WARRANTIES OR REPRESENTATIONS
CONCERNING THE CONDITION OF THE "PROPERTIES", PRODUCTION RATES, RECOMPLETION
OPPORTUNITIES, DECLINE RATES, GEOLOGICAL OR GEOPHYSICAL DATA OR INTERPRETATIONS,
THE QUALITY, QUANTITY OR RECOVERABILITY OF ANY HYDROCARBON
14
RESERVES, ANY PRODUCT PRICING ASSUMPTIONS, THE ABILITY TO SELL OR MARKET ANY
HYDROCARBONS AFTER CLOSING, OR THE PRESENT OR FUTURE VALUE OF THE ANTICIPATED
INCOME, EXPENSES, OR PROFITS, IF ANY, TO BE DERIVED FROM THE "PROPERTIES." BUYER
IS RESPONSIBLE FOR MAKING SUCH INDEPENDENT INVESTIGATION AND EVALUATION OF THE
"PROPERTIES" AS BUYER SHALL DEEM APPROPRIATE, REALIZING THAT SELLER DOES NOT
ASSUME AND SHALL HAVE NO LIABILITY TO BUYER OR ANY OTHER PARTY FOR ANY RELIANCE
WHICH MAY BE PLACED ON ANY OF THE INFORMATION, DOCUMENTS, DATA, STATISTICS,
SUMMARIES, ELECTRONIC TRANSMISSIONS OR FACSIMILES FURNISHED TO BUYER.
SPECIFICALLY, BUT WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE
DESCRIPTION OF "LEASES" INCLUDED IN THE "PROPERTIES", THE ACREAGE PURPORTED TO
BE COVERED THEREBY, DEPTH LIMITATIONS (IF ANY), ROYALTY AND OTHER BURDENS
AFFECTING SAME, AND QUANTUM OF INTEREST HAVE BEEN DERIVED STRICTLY FROM SELLER'S
RECORDS AND SELLER HAS NOT UNDERTAKEN ANY EXAMINATION OF TITLE TO VERIFY SAME.
EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, SELLER DOES NOT WARRANT TITLE TO
THE "PROPERTIES" AND BUYER SHOULD THEREFORE UNDERTAKE SUCH TITLE EXAMINATION AS
IT DEEMS APPROPRIATE PRIOR TO THE "NOTIFICATION DEADLINE" (AS DEFINED IN ARTICLE
8.2) AND THE END OF THE "EXAMINATION PERIOD" (AS DEFINED IN ARTICLE 10.1).
7.2. Regulatory Status.
OTHER THAN AS EXPRESSLY SET FORTH ELSEWHERE IN THIS AGREEMENT, SELLER MAKES NO
WARRANTY OR REPRESENTATION WHATSOEVER AS TO THE REGULATORY STATUS OF THE
"PROPERTIES", AND BUYER SHOULD SATISFY ITSELF AS TO SUCH MATTERS PRIOR TO THE
END OF THE "EXAMINATION PERIOD" (AS DEFINED IN ARTICLE 10.1).
7.3. No Warranties.
EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN AND AS TO THE SPECIAL WARRANTY OF
TITLE EXPRESSLY CONTAINED IN THE ASSIGNMENT, CONVEYANCE OF THE "PROPERTIES" WILL
BE MADE WITHOUT WARRANTIES OR COVENANTS, EXPRESS OR IMPLIED IN FACT OR IN LAW,
AS TO TITLE, MERCHANTABILITY, DURABILITY, USE, OPERATION, FITNESS FOR ANY
PARTICULAR PURPOSE, CONDITION, SAFETY OF THE PROPERTIES, COMPLIANCE WITH
REGULATORY AND ENVIRONMENTAL REQUIREMENTS OR OTHERWISE. SELLER HEREBY DISCLAIMS
ANY AND ALL, AND MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, OF
ANY KIND TO BUYER INCLUDING WARRANTIES RELATING TO THE PHYSICAL CONDITION OF ANY
OF THE "PROPERTIES" OR (EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN) RELATING
TO TITLE, MERCHANTIBILITY, DURABILITY, USE, OPERATION, FITNESS FOR ANY
PARTICULAR PURPOSE, SAFETY OR COMPLIANCE WITH REGULATORY OR ENVIRONMENTAL
REQUIREMENTS.
15
7.4. Buyer Inspection.
EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, BUYER HEREBY ACCEPTS THE
"PROPERTIES" ASSIGNED AND CONVEYED HEREIN (INCLUDING ALL WELLS, PERSONAL
PROPERTY AND EQUIPMENT) "AS IS, WHERE IS" AND "WITH ALL FAULTS", INCLUDING THE
ENVIRONMENTAL CONDITION OF THE PROPERTIES.
BUYER COVENANTS, REPRESENTS AND WARRANTS THAT (i) BUYER HAS INSPECTED OR