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 land identified in Exhibit A to the Agreement, and the parties 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.
Wisconsin Joint Operating Agreement 89 Revised (JOB 89 Revised) is a legal document that governs the relationship and collaboration between multiple oil and gas companies operating in the state of Wisconsin. It provides a framework for resource allocation, cost sharing, and risk management among these companies. Under the Wisconsin JOB 89 Revised, various types of agreements can be established based on the nature and scope of the joint operations. Some key types of this agreement include: 1. Exploration and Production Agreement: This type of JOB 89 Revised is commonly used for joint ventures involving exploration and production activities in the oil and gas industry. It outlines the responsibilities and financial obligations of the participating parties in exploring and extracting hydrocarbon reserves in Wisconsin. 2. Development Agreement: A JOB 89 Revised for development purposes focuses on the joint efforts of multiple companies involved in the development of oil and gas fields. It outlines the specific development plans, resource allocation, and cost-sharing arrangements necessary to bring the reserves into production. 3. Production Sharing Agreement (PSA): A PSA under the Wisconsin JOB 89 Revised is usually utilized when there is a larger share of risk borne by a single company or operator. This agreement establishes the rights and obligations of the parties involved in sharing the production output and related costs. 4. Area of Mutual Interest (AMI) Agreement: When companies identify a specific geographic area with potential oil and gas reserves, they may form an AMI agreement under the JOB 89 Revised. This agreement allows the parties to jointly explore, develop, and produce hydrocarbons within the designated area while sharing costs and benefits. The Wisconsin Joint Operating Agreement 89 Revised serves as a comprehensive legal document that ensures efficient operation, dispute resolution, and collective decision-making among participating oil and gas companies. It enables effective collaboration, risk mitigation, and resource optimization in the pursuit of exploration, development, and production activities within the state of Wisconsin.
