This operating agreement exhibit states the intent of the Parties that each Party shall have the right to take in kind and separately dispose of its proportionate share of gas (including casinghead gas) produced from each formation in each well located on the acreage (the "Contract Area") covered by the Operating Agreement.
New Jersey Exhibit E to Operating Agreement Gas Balancing Agreement — Form 3 is a legal document that outlines the specific terms and conditions related to gas balancing agreements in the state of New Jersey. This document is designed to regulate and govern the gas balancing activities between parties involved in the gas industry. The primary purpose of New Jersey Exhibit E to Operating Agreement Gas Balancing Agreement — Form 3 is to establish a framework for the balancing of gas supplies and demand within the state. By creating a clear and comprehensive set of rules, this agreement ensures a smooth and efficient gas supply system for both producers and consumers. This document highlights important aspects of the gas balancing process, including the allocation of gas supplies, measurement and verification procedures, penalty mechanisms, and dispute resolution mechanisms. It also provides guidelines for monitoring and reporting gas imbalances, as well as the resolution of any discrepancies that may arise during the balancing process. There may be different versions or types of New Jersey Exhibit E to Operating Agreement Gas Balancing Agreement — Form 3, depending on specific requirements and variations in gas balancing practices. These variations may include: 1. Standard New Jersey Exhibit E to Operating Agreement Gas Balancing Agreement — Form 3: This version is the most widely used and follows a standardized format that is commonly accepted within the gas industry. 2. Customized New Jersey Exhibit E to Operating Agreement Gas Balancing Agreement — Form 3: This type of agreement may be tailored to meet the specific needs or preferences of the parties involved. It may include additional provisions, clauses, or modifications to suit the unique circumstances of a particular gas balancing arrangement. 3. Revised New Jersey Exhibit E to Operating Agreement Gas Balancing Agreement — Form 3: Over time, the original agreement may undergo revisions or updates to reflect changes in industry practices, regulatory requirements, or technological advancements. These revisions ensure that the agreement remains up-to-date and effective in addressing the evolving needs of the gas industry. In summary, New Jersey Exhibit E to Operating Agreement Gas Balancing Agreement — Form 3 is a crucial legal document that facilitates the efficient balancing of gas supplies and demands within the state. It establishes a framework for fair and equitable gas allocation, measurement, verification, and dispute resolution. Different versions or types may exist depending on specific requirements or modifications to suit the unique circumstances of each gas balancing arrangement.
