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.
The Michigan Joint Operating Agreement 82 Revised is a legal contract that governs the relationship between parties involved in joint oil and gas operations in Michigan. It outlines the rights, responsibilities, and liabilities of each party to ensure smooth collaboration and efficiency in the exploration, drilling, and production process. This agreement is specifically designed to comply with Michigan's regulatory framework and takes into account the unique characteristics of the state's oil and gas industry. The Michigan Joint Operating Agreement 82 Revised establishes a clear understanding between the working interest owners (Lois), which are typically oil and gas companies, operating in a specific geographical area. It sets forth the terms and conditions for sharing costs, risks, and revenues associated with oil and gas operations in a designated contract area. This agreement ensures that all parties operate in accordance with state regulations and adhere to best practices in the industry, safeguarding the environment and minimizing potential risks. It addresses important aspects such as drilling obligations, cost recovery mechanisms, accounting procedures, insurance requirements, dispute resolution mechanisms, and termination clauses. While there may not be different types of Michigan Joint Operating Agreement 82 Revised, it is important to note that the agreement can be customized and tailored to meet the specific needs and requirements of the parties involved. However, any modifications or amendments should be done in compliance with Michigan's laws and regulations governing oil and gas operations. In summary, the Michigan Joint Operating Agreement 82 Revised is a comprehensive legal document that establishes the terms and conditions under which joint oil and gas operations are conducted in Michigan. It promotes collaboration, ensures compliance with regulations, and protects the rights and interests of all parties involved.
