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.
Illinois Joint Operating Agreement 89 Revised (IRA 89 Revised) is a legal document that outlines the collaboration between two or more oil and gas companies operating within the state of Illinois. This agreement helps the participating entities to efficiently manage their joint operations, allocate costs and revenues, and establish a framework for decision-making. The IRA 89 Revised is primarily designed to govern the exploration, development, and production of oil and gas resources in Illinois. It ensures that the involved parties coordinate their efforts and resources effectively, minimize conflicts, and maximize the value generated from joint operations. This agreement includes key components such as: 1. Operator ship: The IRA 89 Revised designates one party as the operator responsible for managing the day-to-day activities of the joint operations. The operator is entrusted with tasks such as drilling, production, accounting, and reporting. 2. Contributions and Expenses: It defines the financial contributions each party is required to make regarding exploration, development, and ongoing operational expenses. The allocation of costs is typically based on the participating parties' ownership interests or as mutually agreed upon. 3. Decision-making: The IRA 89 Revised establishes a decision-making framework, clarifying how various operational, financial, and strategic decisions will be made. It outlines the voting rights and procedures necessary for making important joint operation decisions, ensuring fair and transparent governance. 4. Dispute Resolution: In case of disagreements or disputes among the parties, the agreement provides a mechanism for resolving conflicts through negotiation, mediation, or arbitration. This mechanism aims to maintain a harmonious operating environment and address any conflicts in a fair and efficient manner. It is important to note that while the IRA 89 Revised represents a standardized agreement template, it may have variations or additional provisions tailored to specific joint operating scenarios or particular oil and gas fields within Illinois. These variations may address unique technical, legal, or commercial considerations associated with different types of oil and gas reservoirs, well types, or lease arrangements. Some common variations of the IRA 89 Revised include IRA 89 Revised for onshore operations, IRA 89 Revised for offshore operations, and IRA 89 Revised for unconventional resources. In summary, the Illinois Joint Operating Agreement 89 Revised is a legally binding document that governs the collaboration among oil and gas companies operating in Illinois. It ensures efficient management of joint operations, fair allocation of costs and revenues, and establishes a framework for decision-making. Various types of IRA 89 Revised may exist, accommodating specific characteristics of different oil and gas fields or operating environments.Illinois Joint Operating Agreement 89 Revised (IRA 89 Revised) is a legal document that outlines the collaboration between two or more oil and gas companies operating within the state of Illinois. This agreement helps the participating entities to efficiently manage their joint operations, allocate costs and revenues, and establish a framework for decision-making. The IRA 89 Revised is primarily designed to govern the exploration, development, and production of oil and gas resources in Illinois. It ensures that the involved parties coordinate their efforts and resources effectively, minimize conflicts, and maximize the value generated from joint operations. This agreement includes key components such as: 1. Operator ship: The IRA 89 Revised designates one party as the operator responsible for managing the day-to-day activities of the joint operations. The operator is entrusted with tasks such as drilling, production, accounting, and reporting. 2. Contributions and Expenses: It defines the financial contributions each party is required to make regarding exploration, development, and ongoing operational expenses. The allocation of costs is typically based on the participating parties' ownership interests or as mutually agreed upon. 3. Decision-making: The IRA 89 Revised establishes a decision-making framework, clarifying how various operational, financial, and strategic decisions will be made. It outlines the voting rights and procedures necessary for making important joint operation decisions, ensuring fair and transparent governance. 4. Dispute Resolution: In case of disagreements or disputes among the parties, the agreement provides a mechanism for resolving conflicts through negotiation, mediation, or arbitration. This mechanism aims to maintain a harmonious operating environment and address any conflicts in a fair and efficient manner. It is important to note that while the IRA 89 Revised represents a standardized agreement template, it may have variations or additional provisions tailored to specific joint operating scenarios or particular oil and gas fields within Illinois. These variations may address unique technical, legal, or commercial considerations associated with different types of oil and gas reservoirs, well types, or lease arrangements. Some common variations of the IRA 89 Revised include IRA 89 Revised for onshore operations, IRA 89 Revised for offshore operations, and IRA 89 Revised for unconventional resources. In summary, the Illinois Joint Operating Agreement 89 Revised is a legally binding document that governs the collaboration among oil and gas companies operating in Illinois. It ensures efficient management of joint operations, fair allocation of costs and revenues, and establishes a framework for decision-making. Various types of IRA 89 Revised may exist, accommodating specific characteristics of different oil and gas fields or operating environments.
