This operating agreement is used when the parties to the Agreement are owners of oil and gas leases and/or oil and gas interests in the land identified in Exhibit A to the agreement, and have reached an agreement to explore and develop these leases and/or oil and gas interests for the production of oil and gas to the extent and as provided for in this Agreement.
Arkansas Joint Operating Agreement 82 Revised is a legal document that outlines the terms and conditions for cooperation between two or more parties involved in oil and gas exploration and production activities within the state of Arkansas, United States. This agreement is specific to operations governed by regulation 82 of the Arkansas Oil and Gas Commission. The purpose of this agreement is to establish the rights, duties, and liabilities of all parties involved, ensuring efficient coordination and resource management. The Arkansas Joint Operating Agreement 82 Revised facilitates the sharing of costs, risks, and rewards among the participating parties, enabling them to pool their resources and expertise for maximizing productivity and minimizing individual operational expenses. The key components addressed in the Arkansas Joint Operating Agreement 82 Revised include: 1. Parties: This section identifies each party involved in the joint operation, including operators, working interest owners, and non-operators. It clearly defines their roles, responsibilities, and ownership percentages. 2. Area of Operations: This clause outlines the specific geographical area within which the joint operations will take place, describing the boundaries, leasehold interests, and any unitization agreements that may be applicable. 3. Management and Decision Making: The agreement establishes a mechanism for decision-making, including the formation of a management committee comprised of representatives from all participating parties. The committee's responsibilities include approving budgets, selecting contractors, managing day-to-day operations, and resolving disputes. 4. Financial Matters: This section details the financial aspects, such as the sharing of costs, profits, and losses. It outlines the procedure for reimbursing expenses, distributing revenues, and resolving any financial disputes. 5. Liabilities and Indemnities: The agreement addresses liabilities and risk allocations among the parties involved, including environmental liabilities, accidents, insurance requirements, and indemnification provisions. 6. Default and Termination: This part covers the circumstances under which the agreement may be terminated, the consequences of defaulting on obligations, and dispute resolution mechanisms. 7. Exhibits and Attachments: Any additional documents, maps, or data required to support and supplement the terms of the agreement are appended as exhibits. It is important to note that the Arkansas Joint Operating Agreement 82 Revised may have specific variations or amendments depending on the requirements of the parties involved, the nature of the project, or the specific fields involved. However, these modifications will generally fall within the framework of the original agreement. Overall, the Arkansas Joint Operating Agreement 82 Revised serves as a crucial legal instrument, ensuring efficient collaboration and risk-sharing among oil and gas industry participants in the state of Arkansas.
