Arkansas Oil/Gas Management and Service Agreement is a legally binding contract that outlines the terms and conditions between an oil/gas operator and a service provider in the state of Arkansas. This agreement has significant importance as it governs the relationship between the two parties involved in the exploration, production, and management of oil and gas resources. Key elements involved in an Arkansas Oil/Gas Management and Service Agreement include: 1. Scope of Work: The agreement delineates the specific services to be provided by the service provider, such as drilling, well completion, production management, maintenance, transportation, and accounting. 2. Parties Involved: The agreement identifies the involved parties, including the operator (oil/gas company) and the service provider, ensuring clarity regarding roles and responsibilities. 3. Term and Termination: The agreement specifies the duration of the agreement and conditions under which either party can terminate the contract, including breach of contract, non-performance, or completion of the agreed-upon tasks. 4. Compensation: The agreement outlines the compensation structure for the services rendered by the service provider, which may include fixed fees, variable fees based on production levels, or a combination of both. 5. Health, Safety, and Environmental Standards: The agreement includes provisions to ensure compliance with relevant safety and environmental regulations governing oil and gas operations in Arkansas. Types of Arkansas Oil/Gas Management and Service Agreements: 1. Drilling Services Agreement: This type of agreement focuses specifically on drilling-related activities, such as the design, execution, and management of well drilling and completion operations. 2. Production Management Agreement: This agreement primarily deals with the ongoing production management and maintenance activities of oil/gas wells, including regular monitoring, maintenance, stimulation, and well optimization. 3. Transportation Agreement: Involving the transportation of oil/gas resources, this agreement outlines the responsibilities and obligations of the parties related to gathering, processing, and transporting oil/gas from the wellhead to processing facilities or end markets. 4. Asset Management Agreement: This type of agreement covers a broader range of services, including drilling, production management, maintenance, transportation, and accounting, all bundled together to provide comprehensive management of oil/gas assets. In conclusion, Arkansas Oil/Gas Management and Service Agreement is a critical document that governs the relationship between oil/gas operators and service providers in Arkansas. With different types of agreements available, both parties can secure a clear understanding of their rights, duties, and obligations while efficiently managing and maximizing the potential of oil and gas resources.
Arkansas Oil / Gas Management and Service Agreement
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How to fill out Oil / Gas Management And Service Agreement?
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The Arkansas Oil and Gas Commission (OGC) prevents waste and encourages conservation of the Arkansas oil, natural gas, and brine resources, to protect the correlative rights associated with those resources, and to respect the environment during the production, extraction, and transportation of those resources. Oil and Gas Commission - Arkansas.gov arkansas.gov ? state_agencies ? oil-and-gas-... arkansas.gov ? state_agencies ? oil-and-gas-...
Other States By Production Rank RankStateOil Produced# 12Arkansas412.3K BBL# 13Mississippi1.2M BBL# 14Montana1.2M BBL# 15AlabamaBBL14 more rows
Ten counties in Arkansas produce oil, all in the southern region of the state: Ashley, Bradley, Calhoun, Columbia, Hempstead, Lafayette, Miller, Nevada, Ouachita, and Union. Historically, most of this production has been in Union, Lafayette, Columbia, and Ouachita counties.
The Atoka Formation of Pennsylvanian age contains the principal gas-producing units in the Arkoma basin. The Atoka Formation is a succession of alternating beds of sandstone and shale with a maximum subsurface thickness of approximately 15,000 - 20,000 feet in this region.
As of May 2017, hydraulic fracturing in Arkansas occurred primarily in the Fayetteville Shale, a geological formation that spans northern Arkansas.
A common industry standard for primary term is three to five years, although depending on circumstances, terms of less than three years are not uncommon. This window of time is intended to allow a Lessee to explore for mineral resources before the leased mineral rights transfer back to the mineral owner. introduction - Arkansas Oil & Gas Commission aogc.state.ar.us ? owners ? Royalty_and_Sur... aogc.state.ar.us ? owners ? Royalty_and_Sur...