Proved Reserves

Proved Reserves. Means the Proved Developed Producing Reserves, Proved Non-Producing Reserves and Proved Undeveloped Reserves of the Corporation;

Proved Reserves. Means estimated quantities of hydrocarbons that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, including prices and costs as of the date the estimate is made, and as further determined by reference to the definitions utilized by the Society of Petroleum Engineers.

Proved Reserves. Proved Reserves as defined in the Definitions for Oil and Gas Reserves (in this paragraph, the "Definitions") promulgated by the Society of Petroleum Engineers (or any generally recognized successor) as in effect at the time in question.