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.
Oregon Joint Operating Agreement 89-03 Revised is a legal document that outlines the terms and conditions governing the joint operations and partnerships between oil and gas companies in the state of Oregon. This agreement serves as a collaborative framework for multiple companies to explore, develop, and produce hydrocarbon resources from shared oil and gas fields while maintaining operational efficiency and reducing costs. The Oregon Joint Operating Agreement 89-03 Revised provides a comprehensive set of guidelines that allow different parties to work together seamlessly and efficiently. It establishes the roles, responsibilities, and obligations of each participating company, ensuring a fair distribution of costs and liabilities, as well as the allocation of production revenues. There are several types of Oregon Joint Operating Agreement 89-03 Revised, which may include: 1. Exploration and Production Agreement: This type of joint operating agreement emphasizes the activities related to exploration, drilling, and extraction of oil and gas reserves in Oregon. It outlines the exploration program, the sharing of geological and geophysical data, and the allocation of costs and responsibilities associated with drilling and production operations. 2. Unitization Agreement: Unitization agreements are designed to streamline the development and production operations of oil and gas fields that extend across multiple leases or property boundaries. The Oregon Joint Operating Agreement 89-03 Revised provides specific provisions for unitization, allowing companies to combine their leases and resources to maximize efficiency and minimize waste. 3. Farm-out Agreement: A farm-out agreement entails the transfer of part or all of the working interest in a particular lease or property to another company for exploration and development purposes. The Oregon Joint Operating Agreement 89-03 Revised includes clauses and provisions to facilitate such arrangements, ensuring a smooth transfer of interest and compliance with all legal requirements. 4. Production Sharing Agreement: In certain cases, the Oregon Joint Operating Agreement 89-03 Revised may include provisions for a production sharing agreement. This agreement allows companies to share a portion of the produced hydrocarbons with the state of Oregon, providing the state with a share of the revenue generated from oil and gas production. Overall, the Oregon Joint Operating Agreement 89-03 Revised aims to foster cooperation and efficiency among oil and gas companies operating in the state. It ensures proper risk sharing, dispute resolution mechanisms, and compliance with relevant state regulations, ultimately facilitating the responsible and sustainable development of Oregon's oil and gas resources.
