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This excerpt taken from the BBEP 8-K filed Oct 16, 2006. Initial Reserve Report.
The Company has heretofore delivered to the Lenders a true and complete
copy of a report, dated effective as of December 21, 2005, prepared by
Netherland, Sewell and Associates, Inc. (the “Initial Reserve Report”) relating to an
evaluation of the Oil and Gas attributable to certain of the Mortgaged
Properties described therein. To
the knowledge of the Company, (a) the
assumptions stated or used in the preparation of the Initial Reserve Report are
reasonable, (b) all information furnished by the Company to Netherland, Sewell
and Associates, Inc. (the “Independent Engineer”)
for use in the preparation of the Initial Reserve Report was accurate in all
material respects, (c) there has been no material adverse change in the amount
of the estimated Oil and Gas shown in the Initial Reserve Report since the date
thereof, except for changes which have occurred as a result of production in
the ordinary course of business, and (d) the Initial Reserve Report does not
omit any material statement or information necessary to cause the same not to
be misleading to the Lenders.
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