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.
North Dakota Joint Operating Agreement 89-03 Revised is a legally binding document that governs the cooperation and collaboration between multiple parties in the oil and gas industry in North Dakota. This agreement sets out the terms and conditions under which the participants can jointly develop, explore, and produce hydrocarbon resources within a specific geographic area. The agreement provides a comprehensive framework for managing the operations, costs, rights, and responsibilities of all parties involved. It outlines the rights and obligations of the working interest owners, defines the roles of the operator, and establishes clear procedures for decision-making, expense sharing, and dispute resolution. There are different types of North Dakota Joint Operating Agreement 89-03 Revised, including: 1. Standard Agreement: This is the most common type of joint operating agreement used in North Dakota's oil and gas industry. It follows the industry-accepted practices and provisions to ensure efficient and effective operations. 2. Modified Agreement: Some parties may choose to customize certain clauses of the standard agreement to suit their specific needs and circumstances. This allows for flexibility in addressing unique operational or financial requirements. 3. Area-Specific Agreement: In certain cases, joint operating agreements may be tailored to cover a specific geographic area or field. This ensures that the agreement's provisions align with the specific characteristics and challenges associated with that particular location. Keywords: North Dakota, Joint Operating Agreement 89-03 Revised, cooperation, collaboration, oil and gas industry, hydrocarbon resources, operations, costs, rights, responsibilities, working interest owners, operator, decision-making, expense sharing, dispute resolution, standard agreement, modified agreement, area-specific agreement.
