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.
Keywords: Ohio, Joint Operating Agreement 89-03 Revised, types Description: The Ohio Joint Operating Agreement 89-03 Revised is a legal document that outlines the collaboration and co-operation between parties involved in the oil and gas industry in Ohio. This agreement sets forth the terms and conditions under which multiple operators can work together to explore, develop, produce, and distribute oil and gas resources in the state. The Ohio Joint Operating Agreement 89-03 Revised is specifically crafted to comply with the unique regulatory and environmental requirements of Ohio. It ensures that all participating operators follow the stipulated guidelines and adhere to state laws to maintain a sustainable and responsible approach to oil and gas operations. There are different types of Ohio Joint Operating Agreement 89-03 Revised, each addressing specific aspects of collaboration and operations. These types include: 1. Exploration Agreement: This type of agreement focuses on the initial phase of oil and gas operations, emphasizing the joint exploration activities, data sharing, and risk management strategies among operators in Ohio. 2. Development Agreement: This agreement type is applicable when the exploration phase yields positive results, and the focus shifts towards the development and extraction of oil and gas resources. It outlines the responsibilities and decision-making processes involved in establishing production facilities, drilling wells, and managing infrastructure. 3. Production Agreement: When oil and gas production commences, the Production Agreement comes into effect. It identifies the roles and responsibilities of the operators in terms of production optimization, allocation of resources, monitoring well performance, and implementing safety measures. 4. Distribution Agreement: As oil and gas are extracted, there is a need for smooth distribution and marketing of the produced resources. The Distribution Agreement outlines the terms for transportation, storage, marketing, and sale of the oil and gas, ensuring equitable distribution of profits among operators. It is crucial for operators engaging in joint operations in Ohio to carefully analyze and understand the specific type of Joint Operating Agreement 89-03 Revised they are entering into. This ensures compliance with state regulations, promotes efficient cooperation between operators, mitigates risks, and safeguards the environment.
