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| | California Resources Corporation November 16, 2018 Page 2 |
In connection with the opinions expressed herein, we have examined, among other things, originals or copies, certified or otherwise identified to our satisfaction, of (i) the Registration Statement, including the Prospectus, (ii) the form of Indenture relating to the Debt Securities and filed as an exhibit to the Registration Statement (the “Senior Indenture”), (iii) the form of Subordinated Indenture relating to the Debt Securities and filed as an exhibit to the Registration Statement (the “Subordinated Indenture” and together with the Senior Indenture, the “Indentures”), (iv) the Amended and Restated Certificate of Incorporation, dated May 31, 2016, and the Amended and Restated Bylaws of the Company, dated November 4, 2015, (v) other formation documents and agreements, as applicable, of the Subsidiary Guarantors, (vi) the records of corporate proceedings that have occurred prior to the date hereof with respect to the Registration Statement and (vii) such other certificates, instruments and documents as we considered appropriate for purposes of the opinions hereafter expressed. We have also reviewed such questions of law as we have deemed necessary or appropriate. As to matters of fact relevant to the opinions expressed herein, and as to factual matters arising in connection with our examination of corporate documents, records and other documents and writings, we relied upon certificates and other communications of corporate officers of the Company, without further investigation as to the facts set forth therein.
In connection with rendering the opinions set forth below, we have assumed that:
| (1) | all information contained in all documents reviewed by us is true and correct; |
| (2) | all signatures on all documents examined by us are genuine; |
| (3) | all documents submitted to us as originals are authentic and all documents submitted to us as copies conform to the originals of those documents; |
| (4) | each certificate from governmental officials reviewed by us is accurate, complete and authentic, and all official public records are accurate and complete; |
| (5) | the Registration Statement, and any amendments thereto (including post-effective amendments), will have become effective and such effectiveness shall not have been terminated or rescinded; |
| (6) | a prospectus supplement will have been prepared and filed with the Commission describing the Securities offered thereby; |
| (7) | the Indentures relating to the Debt Securities and a warrant agreement (“Warrant Agreement”) relating to the Warrants will be duly authorized, executed and delivered by the parties thereto; |