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.
Colorado Joint Operating Agreement 82 Revised (COJOA-82 Revised) is a legally binding contract frequently used in the oil and gas industry to govern joint operations between different parties. This agreement facilitates collaboration between companies operating in Colorado, outlining the rights, responsibilities, and liabilities of each participant involved in joint exploration, development, and production activities. Keywords: Colorado, Joint Operating Agreement, COJOA-82 Revised, oil and gas industry, joint operations, collaboration, parties, exploration, development, production activities. There are two main types of Colorado Joint Operating Agreement 82 Revised: 1. COJOA-82 Revised for Exploration and Development: This type of agreement is specifically tailored for joint ventures involved in exploring and developing oil and gas reserves in Colorado. It sets forth the roles and obligations of participating parties during the exploration phase, including the undertaking of seismic surveys, drilling, and testing of wells, as well as the costs incurred for these activities. Additionally, it delineates the responsibilities and ownership rights of each participant, ensuring fair distribution of production revenues. 2. COJOA-82 Revised for Production: This variant of the Colorado Joint Operating Agreement 82 Revised focuses primarily on the joint operation of producing wells in Colorado. It defines the terms and conditions for sharing costs, revenues, and risks associated with ongoing production operations, including extraction, processing, transportation, and marketing of oil and gas. This agreement also outlines mechanisms for resolving disputes, managing environmental and safety concerns, and coordinating production schedules among the participating entities. Overall, the Colorado Joint Operating Agreement 82 Revised serves as a comprehensive framework that enables efficient and effective collaboration among multiple parties operating in the oil and gas sector in Colorado. Its provisions aim to clarify responsibilities, minimize conflicts, and ensure the smooth execution of joint operations, ultimately maximizing the potential of oil and gas assets in the state.
