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 lands identified in Exhibit A to the Agreement. The Parties have reached an agreement to explore and develop the Leases and/or Oil and Gas Interests for the production of Oil and Gas to the extent and as provided for in this Agreement.
Iowa Joint Operating Agreement 89-03 Revised, also known as Iowa JOB 89-03 Revised, is a legal document that governs the joint operations and working relationships between two or more parties engaged in oil and gas exploration or production activities in the state of Iowa. This agreement outlines the rights, responsibilities, and obligations of the parties involved, ensuring a fair and coordinated effort in efficiently and effectively conducting operations. The Iowa JOB 89-03 Revised covers various aspects of the joint operations, including but not limited to: 1. Ownership and Interests: The agreement defines the interests and ownership percentages held by each party involved, specifying their rights to explore, drill, develop, and produce oil and gas resources within the defined geographic areas. 2. Funding and Expenses: It outlines the financial obligations and responsibilities of each party in funding the joint operations. This includes provisions for the collection, allocation, and disbursements of funds, as well as the accounting methods and reporting procedures to be followed. 3. Operation and Decision-Making: The agreement provides guidelines for decision-making processes, appointment of operators, and standards for conducting operations. It outlines the scope of authority and limitations of the operator and requires them to act in the best interests of all the parties involved. 4. Drilling and Development: The Iowa JOB 89-03 Revised stipulates the procedures and criteria for the initiation, design, approval, and execution of drilling and development activities. It covers the requirements for obtaining necessary permits, compliance with regulations, safety measures, and environmental considerations. 5. Production and Marketing: It addresses the procedures for marketing and selling oil and gas produced, including the determination of sales prices, allocation of production shares, and royalty distributions. 6. Dispute Resolution: In the event of conflicts or disputes arising from the agreement, the Iowa JOB 89-03 Revised defines the mechanisms and procedures for resolution, including mediation, arbitration, or other agreed-upon methods. It is important to note that Iowa JOB 89-03 Revised may have variants or specific versions tailored to different circumstances, projects, or organizations. These versions may include modifications, supplemental agreements, or amendments that adapt the agreement to suit specific requirements. In conclusion, the Iowa Joint Operating Agreement 89-03 Revised establishes a framework for collaboration and cooperation among parties involved in oil and gas exploration or production in Iowa. It ensures clear guidelines for the joint operations, safeguarding the interests of all parties while promoting efficient and responsible resource development.
