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.
Maryland Joint Operating Agreement 89-03 Revised is a legal document that outlines the terms and conditions for the joint operation of oil and gas properties in the state of Maryland. This agreement is primarily used by oil and gas companies operating in Maryland to establish a framework for collaboration and cooperation in the exploration, production, and development of oil and gas resources. The Maryland Joint Operating Agreement 89-03 Revised sets out the rights, obligations, and responsibilities of the parties involved in the joint venture. These parties typically include the operating company, which undertakes the day-to-day activities of exploration and production, and non-operating adventurers or partners, who contribute capital or other resources to the venture. This agreement covers various aspects of the joint operation, including the sharing of costs and revenues, the governance and decision-making structure, the allocation of risks and liabilities, and the termination or withdrawal from the joint venture. It includes detailed provisions on accounting, reporting, and auditing requirements to ensure transparency and accuracy in financial matters. The Maryland Joint Operating Agreement 89-03 Revised also addresses the rights and interests of the parties in relation to the oil and gas properties. It defines the working interest and the proportionate share of each party, as well as the mechanisms for acquiring or divesting such interests. It may also include provisions on the transferability of interests, the exploration and development obligations, and the environmental and regulatory compliance requirements. While the Maryland Joint Operating Agreement 89-03 Revised is a standard template used in the industry, there may be different variations or amendments of this agreement depending on the specific needs and circumstances of the parties involved. These variations can be tailored to address particular aspects such as tax considerations, local law requirements, or specific operational conditions. In summary, the Maryland Joint Operating Agreement 89-03 Revised is a comprehensive legal document that governs the joint operation of oil and gas properties in Maryland. It serves as a roadmap for collaboration, provides clarity on rights and obligations, and ensures the efficient and effective exploration and production of oil and gas resources in the state.
