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.
Nebraska Joint Operating Agreement 89 Revised, also known as the NSA 89, is a legally binding agreement that governs the exploration and development of oil and gas resources in the state of Nebraska. It serves as a framework for joint operation activities, defining the rights, responsibilities, and obligations of the participating parties. The primary objective of NSA 89 is to facilitate cooperation and coordination among operators in order to maximize the efficiency and profitability of operations. This agreement is specifically tailored to regulate the joint operations within Nebraska, considering the unique geological, regulatory, and legal characteristics of the state. Through NSA 89, operators can pool their resources, knowledge, and expertise to streamline operations while minimizing risks and costs associated with oil and gas exploration. The Nebraska Joint Operating Agreement 89 Revised encompasses various key aspects, including: 1. Operating Committee: NSA 89 establishes an Operating Committee comprising representatives from each participating party. This committee acts as a decision-making body, sharing information, evaluating proposals, and establishing guidelines for operations. 2. Joint Operations: The agreement outlines the scope and nature of joint operations, including drilling, production, and service activities. It sets forth detailed processes for planning, execution, and reporting of joint operations. 3. Rights and Interests: NSA 89 defines the rights and interests of the participating parties in the joint operations. It specifies the allocation of costs, risks, profits, and losses proportionally based on each party's working interest or ownership stake. 4. Confidentiality and Data Exchange: The agreement emphasizes the importance of maintaining confidentiality and sets guidelines for sharing and protecting sensitive information. This ensures that proprietary data and trade secrets are safeguarded during the joint operations. 5. Termination and Dispute Resolution: NSA 89 provides provisions for terminating the agreement if necessary. It also specifies the procedures for resolving disputes that may arise during the joint operations. It is important to note that while the Nebraska Joint Operating Agreement 89 Revised serves as a general framework, specific variations or amendments may exist to address specific circumstances or considerations. These variations may take into account factors such as location, scale of operations, or specific regulatory requirements. Overall, the Nebraska Joint Operating Agreement 89 Revised is a crucial legal instrument in the oil and gas industry within Nebraska. It promotes collaboration, efficiency, and compliance, allowing operators to efficiently explore and extract valuable resources while adhering to the state's regulatory framework.
