This operating agreement is used when the parties to this 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 the parties 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 89 Revised, also known as JOB 89 Revised, is a legally binding agreement commonly used in the oil and gas industry. This agreement governs the relationship and operations between two or more parties involved in the exploration, development, and production of oil and gas resources in Arkansas. The primary purpose of the Arkansas Joint Operating Agreement 89 Revised is to establish a framework for the cooperation, coordination, and allocation of rights, responsibilities, costs, and revenues among the parties involved. It outlines the terms and conditions under which the parties will jointly participate in petroleum exploration and production activities in Arkansas. Keywords: Arkansas, Joint Operating Agreement, JOB 89 Revised, oil and gas industry, exploration, development, production, resources, cooperation, coordination, allocation, rights, responsibilities, costs, revenues, petroleum exploration. Within the realm of Arkansas Joint Operating Agreement 89 Revised, there are different types or categories that pertain to specific situations or variations in terms: 1. Arkansas JOB 89 Revised for Exploration: This type of JOB specifically focuses on the joint exploration and evaluation of potential oil and gas reserves in Arkansas. It covers activities such as seismic surveying, drilling of exploratory wells, and geophysical studies. 2. Arkansas JOB 89 Revised for Development: This JOB type comes into play once the potential reserves have been identified, and parties decide to move forward with the development phase. It outlines the responsibilities, costs, and obligations related to the construction and production of wells, infrastructure, and other facilities required for the extraction of oil and gas. 3. Arkansas JOB 89 Revised for Production: Once oil and gas production begins, this JOB type takes effect. It regulates the ongoing operations, maintenance, and management of the producing assets, including the distribution and allocation of produced hydrocarbons and revenues between the parties involved. 4. Arkansas JOB 89 Revised with Unitization: In situations where several producing oil and gas fields overlap or are in proximity, parties might opt for an unitized operation. This type of JOB sets the terms for cooperative production and sharing of resources across multiple fields to maximize efficiency and resource recovery. Overall, the Arkansas Joint Operating Agreement 89 Revised serves as a vital tool in facilitating the collaborative efforts of multiple parties in exploring, developing, and producing oil and gas resources in Arkansas. It ensures a fair and equitable distribution of costs, risks, revenues, and responsibilities, creating a mutually beneficial arrangement among the involved parties.
