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.
Delaware Joint Operating Agreement 89 Revised, often referred to as the DOA 89 Revised, is a legally binding document that outlines the rights, obligations, and responsibilities between parties involved in joint operations in Delaware. This agreement is specifically designed for oil and gas operations within the state and serves as a standardized framework that aims to streamline collaboration and minimize potential conflicts. The primary objective of the Delaware Joint Operating Agreement 89 Revised is to clearly define operational procedures, cost-sharing arrangements, and decision-making processes for multiple parties engaged in exploration, development, and production activities within designated areas in Delaware. It provides a comprehensive and fair structure that ensures efficient resource utilization while protecting the interests of all parties involved. The DOA 89 Revised is an updated version of the original Delaware Joint Operating Agreement 89 and incorporates refinements and amendments to address evolving industry practices and regulatory requirements. It offers increased flexibility and clarity in areas such as drilling operations, unitization agreements, accounting, environmental obligations, and dispute resolution mechanisms. Different types of Delaware Joint Operating Agreement 89 Revised may exist to accommodate specific circumstances or project requirements. Some examples include: 1. Exploration and Production Agreement (EPA): This type of DOA 89 Revised is tailored for joint ventures primarily focused on exploring and producing hydrocarbon resources. It outlines the parties' roles and responsibilities, sharing of operational costs, as well as rules for sharing production revenues. 2. Drilling Services Agreement (DSA): In cases where one party specializes in drilling operations while others provide financial or technical support, a DSA within the Delaware Joint Operating Agreement 89 Revised frameworks may be utilized. This agreement details the obligations and remuneration related to drilling services rendered by the specialized party. 3. Unitization Agreement (UA): When multiple leasehold interests are involved in a joint operation, an Unitization Agreement may be incorporated into the DOA 89 Revised. This agreement addresses the pooling of acreage and resources, establishes unit boundaries, and determines the allocation of production, costs, and royalties among the participating parties. 4. Joint Development Agreement (JDA): In scenarios where companies collaborate on a specific project or field development, a JDA can be established under the Delaware Joint Operating Agreement 89 Revised. This agreement outlines the joint objectives, funding arrangements, risk-sharing, and performance obligations of the participating entities. It is important for parties considering joint operations in Delaware to carefully review and tailor the Delaware Joint Operating Agreement 89 Revised to their specific needs. Consulting legal professionals experienced in Delaware oil and gas operations is crucial to ensure compliance with state regulations and create a harmonious working relationship among all parties involved.
