This operating agreement is used when the parties to the 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 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.
Virginia Joint Operating Agreement 82 Revised
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US-OG-757
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FAQ
The Joint Operating Agreement (JOA) in oil and gas industry is an underlying contractual framework of a Joint Venture (JV). The JOA is a contract where two or more parties agree to undertake a common task to explore and exploit an area for hydrocarbons.
The Relationship Under a Joint Operating Agreement The standard Form 610 establishes a contractual basis for these multiple leasehold cotenants to operate the properties, jointly share costs and liabilities, and own equipment and production in proportion to their respective percentage of ownership and burdens.
Common pitfalls of a poorly drafted Operating Agreement include failing to: (i) specify what authority managers or members have; (ii) carve out key decisions that require a higher approval threshold (e.g., dissolution, sale of all or substantially all of the assets of the LLC, etc.); (iii) address how deadlocks in the ...
The document required to form an LLC in Virginia is called the Articles of Organization. The information required in the formation document varies by state. Virginia's requirements include: Registered agent.
Your Virginia LLC operating agreement is a legal document that establishes rules for how your LLC will handle procedures like voting, allocating profits and losses, management, and even?should it ever come to this?dissolution.
Virginia does not require an operating agreement in order to form an LLC, but executing one is highly advisable.
LLCs in Virginia aren't required to have operating agreements, but at the SBDC, we think it's a good idea to have one. Our Operating Agreement download describes the documentation and includes two samples.