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.
The Louisiana Joint Operating Agreement 89-03 Revised is a legally binding contract commonly used in the oil and gas industry. It serves as a framework for multiple parties to collaboratively explore, develop, and produce hydrocarbon reserves within the state of Louisiana. This agreement establishes the rights, duties, and obligations of the participating operators, also known as working interest owners. The primary objective of the Louisiana Joint Operating Agreement 89-03 Revised is to promote effective coordination and cost-sharing among the parties involved, ensuring efficient operations while minimizing conflicts and disputes. The agreement outlines various provisions related to governance, financing, decision-making, and risk allocation strategies. It helps streamline the overall operations and sets guidelines for exploration, drilling, production, and management of shared assets. One of the noteworthy features of the Louisiana Joint Operating Agreement 89-03 Revised is its flexibility, allowing customization and tailoring to suit the specific needs and characteristics of the participating parties and projects. This adaptability allows for the inclusion of additional provisions, terms, and clauses specific to the project requirements, ensuring a fair and equitable distribution of both risks and rewards. Although Louisiana Joint Operating Agreement 89-03 Revised is commonly used, there might be variations or specific amendments depending on the specific industry or project. Some different types or iterations of this operating agreement include: 1. Louisiana Joint Operating Agreement 89-03 Revised for Offshore Operations: This version is tailored specifically for oil and gas exploration and production activities conducted in the offshore areas of Louisiana, extending beyond state jurisdiction into federal waters. It accounts for additional regulatory considerations and specific requirements applicable to offshore operations. 2. Louisiana Joint Operating Agreement 89-03 Revised for Onshore Operations: This variant caters to oil and gas activities conducted solely within the territorial boundaries of Louisiana, excluding offshore areas. It may incorporate specific provisions relevant to onshore drilling, environmental regulations, and local landowner relationships. 3. Louisiana Joint Operating Agreement 89-03 Revised for Unconventional Resources: This version is designed to address the unique challenges and opportunities associated with exploring and producing unconventional resources, such as shale gas or tight oil formations. It includes provisions pertaining to hydraulic fracturing, well stimulation techniques, and reservoir characterization in unconventional plays. In summary, the Louisiana Joint Operating Agreement 89-03 Revised is a comprehensive contractual instrument that brings together multiple parties in the oil and gas industry to efficiently and effectively collaborate on exploration, development, and production activities in Louisiana. Its flexibility and customizable nature allow for tailoring according to the specific requirements of different projects and operating environments.
