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i. Financing Statements recorded in the real property records pertaining to crops, farni <br />machinery, livestock, feed, tools, or irrigation equipment; <br />j. This Opinion expressly excludes review of the docwnents of record to ensure that valid <br />Pov,~ers of Attorney are recorded for all instruments executed by attorneys-in-fact; and, <br />k. This Opinion is limited to rights in oil and gas, and associated hydrocarbons. <br />4. This Opinion is based upon records maintained by Transnation Tale Company, Greeley, <br />Colorado, including tract indices and computerized indexing system (DMS1Property Index <br />Search. Report), which indexes documents according to legal description. In relying entirely <br />upon these records for determining title, there is some risk that documents affecting title were <br />not indexed against the captioned lands and thus not included in the title examination. Under <br />Colorado law you axe charged with constructive notice of any such omitted document(s) if <br />it could be found by an examination of the grantorlgrantee records maintained by the Office <br />of the County Clerk and Recorder. Though it is acceptable industry practice to rely on the <br />title company's records, in the event you become aware of any gaps in the chain of title or <br />any claimed or suspected interest in the said lands, you should examine the grantor/grantee <br />records to complete the chain of title or determine the validity of any potential claim. <br />5. This Opininn is rendered for the reliance of only the addressee and its purchaser(s) and no <br />other person{s) may rely upon it. The undersigned accepts nn responsibility or liability <br />regarding this Opinion to anyone other than the addressee and its purchaser(s). <br />GENERAL AND AD~TISORY COMMENTS <br />1. The captioned lands ~~~ere transferred into private ownership by Patent dated February 26, <br />1897, from the Uii.ted States of America to Union Pacific Railway Company, pursuantto Act <br />of Congress dated July 1, 1862 (12 Stat. 489),: without reservation of mineral rights. <br />The above information was obtained from the Bureau of Land Management, General Land <br />Off ce (`BLM-GLO") website and is subject to the disclaimer contained on such site. For <br />absolute assurance of title, PDC should obtain certified copies of the above-referenced <br />Patents from the BLM-GLO and verify that no interest in the mineral estate was withheld <br />from the Patent transfers adverse to its interest in the captioned lands. <br />2. Prior to drilling, obtain all necessary pernts, licenses and other authority, including drilling <br />permits from the Colorado Oil and Gas Conservation Commission, and comply with all rules <br />and regulations, whether federal, state or local. Furthermore, all operations must be <br />conducted in accordance with applicable spacing rules and orders in effect for the target <br />formation. <br />;. The following notices and/or maps appear of record in field. County reflecting the presence <br />of utilities on, aver, or under the subject lands: <br />13 "{t is distinctly understood and agreed as euidonc4d ~y yotar <br />acce~`anca of this opinion that Petroleum c~evelopmenY <br />~~arporation and its su~sidiarias are in no 4vay liable to any <br />>~.~.~~~;, iiiTTi of corporation for Gny loss or incon}~enienc~ <br />1~;i:vE,.~:lc~ by li 8 llc~ i.~f Gr r8i18E?C~_l!,L'C~n t(lIS Cpir~i~n.k <br />