This form is an agreement used when the Owner is the owner of oil and gas properties consisting of producing mineral, royalty, overriding royalty, and working interests, and/or leased and unleased nonproducing mineral and royalty interests, all collectively referred to in this Agreement as the Properties. Owner desires to engage the services of Manager to advise and assist Owner in the management of the Properties, and Manager is willing to undertake those responsibilities in accordance with this Agreement.
A Michigan Oil Gas Service Agreement for Management of Properties is a legally binding contract between an oil and gas company and the owner/landlord of properties that contain oil and gas resources in the state of Michigan. This agreement establishes the terms and conditions under which the oil and gas company will manage and explore the properties for the extraction and production of oil and gas. Keywords: Michigan, oil, gas, service agreement, management, properties, exploration, extraction, production. There are several types of Michigan Oil Gas Service Agreements for Management of Properties, based on the specific needs and requirements of the parties involved. Some common types include: 1. Exploration and Development Agreement: This type of agreement outlines the responsibilities of the oil and gas company regarding the exploration, testing, and appraisal of the properties. It may detail the steps and procedures for drilling, seismic surveys, and data analysis to determine the potential for oil and gas extraction. 2. Production Sharing Agreement: In this type of agreement, the oil and gas company agrees to share a portion of the produced oil and gas with the property owner/landlord in return for their rights to manage and operate the properties. It sets out the terms of revenue sharing, royalty rates, and cost recovery mechanisms. 3. Joint Venture Agreement: In a joint venture agreement, the oil and gas company and the property owner/landlord from a partnership to jointly explore, develop, and produce oil and gas resources. It specifies the capital contributions, profit sharing, decision-making processes, and responsibilities of each party. 4. Lease Agreement: This is a common type of agreement where the property owner/landlord grants the oil and gas company the exclusive right to explore, drill, and extract oil and gas from the properties for a specified period. It outlines the lease terms, rental payments, royalty rates, and obligations of both parties. 5. Operating Agreement: An operating agreement defines the roles, responsibilities, and procedures for the day-to-day operation of oil and gas properties. It covers aspects such as maintenance, safety regulations, environmental compliance, and reporting requirements. These different types of Michigan Oil Gas Service Agreements for Management of Properties ensure that the rights, obligations, and interests of both parties are clearly defined and that the exploration and development of oil and gas resources are conducted in a fair and mutually beneficial manner.
