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.
Iowa Joint Operating Agreement 82 Revised, commonly referred to as IRA 82 Revised, is a legal document that outlines the terms and conditions for joint operations among oil and gas companies in Iowa. This agreement is specifically designed to govern the exploration, development, production, and marketing of oil and gas resources within the state. The IRA 82 Revised is a vital document that ensures smooth coordination and cooperation between the participating companies. It outlines the responsibilities, rights, and obligations of each entity involved, ensuring equitable distribution of costs, risks, and profits associated with joint ventures in the oil and gas industry. This agreement serves as a comprehensive framework that defines the relationship between the operating companies, aiding them in maximizing efficiency and reducing conflicts. There are several types of Iowa Joint Operating Agreement 82 Revised that cater to different aspects and situations in the oil and gas industry. Some key types include: 1. Exploration Agreement: This type of IRA 82 Revised focuses on joint exploration activities, such as seismic surveys and drilling for identifying potential oil and gas reserves. It establishes guidelines for sharing technical data, costs, and ownership rights during the exploration phase. 2. Development Agreement: Once a potential reserve is identified, this agreement comes into play, outlining the joint development strategies. It covers areas like well construction, production facilities, and other infrastructure development in accordance with the agreed-upon terms and investment provisions. 3. Production Agreement: This agreement governs the production phase of the joint operations, specifying the roles and responsibilities of each participating company, such as production schedules, output allocation, and cost-sharing mechanisms for maintaining and operating production facilities. 4. Marketing Agreement: After the extraction of oil and gas, this agreement regulates the marketing and selling of the produced resources. It includes provisions related to pricing, sales volumes, transportation, and revenue distribution among the participating companies. Overall, Iowa Joint Operating Agreement 82 Revised is a crucial legal instrument that enables collaboration between oil and gas companies in Iowa. It ensures balanced risk-sharing, efficient decision-making, and mutual benefits for all parties involved. With its various types catering to different stages of operations, this agreement plays a significant role in facilitating successful joint ventures in the state's oil and gas industry.
