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.
The Utah Joint Operating Agreement 89-03 Revised is a legal document that outlines the terms and conditions for cooperative operations between oil and gas companies in the state of Utah. This agreement provides a framework for joint exploration, development, and production of oil and gas resources while ensuring efficient and cost-effective operations. Keywords: Utah Joint Operating Agreement, 89-03 Revised, oil and gas companies, cooperative operations, exploration, development, production, resources, efficient, cost-effective. There are different types of Utah Joint Operating Agreement 89-03 Revised, based on the specific circumstances and parties involved. Some of these variations include: 1. Farm out Agreement: This type of Joint Operating Agreement allows one company (the "armor") to assign a portion of its working interest in a specific oil or gas property to another company (the "farmer"), who agrees to undertake the exploration and development activities at their own expense. The farmer receives a share of the production in return. 2. Unitization Agreement: In cases where an oil or gas reservoir stretches across multiple leases or properties owned by different companies, an unitization agreement is formed. This agreement combines the leases and creates a jointly operated unit, allowing for efficient development and production of the resource. 3. Participation Agreement: A participation agreement is signed when multiple companies come together to jointly explore and develop a specific oil or gas property, each contributing to the costs and sharing in the production. This type of agreement allows for risk-sharing and greater efficiency in operations. 4. Area of Mutual Interest (AMI) Agreement: An AMI agreement is formed between companies that have identified a specific geographic area with potential oil or gas resources. The agreement enables the companies to jointly pursue exploration and development efforts within the designated area, sharing costs and benefits. Each of these variations of the Utah Joint Operating Agreement 89-03 Revised serves the purpose of facilitating cooperation among oil and gas companies and maximizing the potential benefits of exploration and production activities in the state of Utah.
