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.
Minnesota Joint Operating Agreement 89 Revised is a legal contract established between two or more parties involved in the exploration, development, and production of oil and gas resources in the state of Minnesota. This agreement governs the working relationship, responsibilities, and rights of the named parties. Under the Minnesota Joint Operating Agreement 89 Revised, the participating parties agree to collaborate together, pool resources, and jointly conduct operations related to the exploration and extraction of oil and gas reserves. The agreement provides a clear framework for joint decision-making, cost-sharing, profit distribution, and risk management. The Minnesota Joint Operating Agreement 89 Revised plays a crucial role in supporting efficient resource development by facilitating cooperation, minimizing conflicts, and avoiding duplication of efforts among the participating parties. It promotes streamlined operations and ensures that every party's interests are protected. There are a few different types or variations of the Minnesota Joint Operating Agreement 89 Revised, each tailored to specific circumstances. These may include: 1. Exploration and Production Agreement: This type of joint operating agreement governs the exploration, drilling, and production activities of oil and gas reserves. 2. Farm out Agreement: In this agreement, one party (the armor) assigns a portion of their interest in a specific oil or gas lease to another party (the farmer) who agrees to perform certain drilling or exploration works. 3. Unit Operating Agreement: This agreement is employed when several leases are combined into a "unit." It outlines the rights and obligations of parties involved in the joint development and operation of the unitized area. 4. Surface Agreement: When a party agrees to allow another party to use their land for exploration or production activities, a surface agreement describes the terms and conditions for such access. In summary, the Minnesota Joint Operating Agreement 89 Revised is a legally binding contract that governs the collaborative efforts of parties involved in oil and gas exploration and production activities in Minnesota. It establishes guidelines for decision-making, resource pooling, cost-sharing, and risk management. The different types of agreements may include exploration and production agreements, farm out agreements, unit operating agreements, and surface agreements, each serving specific purposes within the broader framework.
