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.
The New Mexico Joint Operating Agreement 89 Revised is a legally binding contract that governs the cooperation between multiple parties involved in oil and gas exploration and production activities in the state of New Mexico, United States. This agreement allows companies to collaborate and efficiently exploit oil and gas resources while minimizing conflicts and maximizing operational efficiency. This revised version of the New Mexico Joint Operating Agreement 89 incorporates important updates and changes to the previous agreement, ensuring that it aligns with the evolving regulatory framework and industry practices. It offers clear guidelines and provisions addressing various aspects of joint operations, including but not limited to drilling, production, risk allocation, cost sharing, and dispute resolution. The New Mexico Joint Operating Agreement 89 Revised is designed to promote efficient utilization of resources, reduce duplication of efforts, and encourage responsible and sustainable oil and gas exploration and production practices. It outlines the rights, responsibilities, and liabilities of all parties involved, ensuring a fair distribution of costs and benefits among them. Some important keywords related to the New Mexico Joint Operating Agreement 89 Revised include: 1. Oil and gas: The agreement specifically focuses on the exploration and production activities in the oil and gas industry. 2. Joint operations: Refers to the collaborative efforts among multiple parties to perform various tasks related to oil and gas exploration and production. 3. Cooperative agreement: The agreement emphasizes cooperation and coordination among parties to ensure smooth operations and maximize productivity. 4. Risk allocation: Specifies how risks associated with drilling, production, and other operations are allocated among the participating parties. 5. Cost sharing: Outlines how the costs related to exploration, drilling, equipment, and facilities are shared among the parties involved. 6. Dispute resolution: Provides mechanisms and procedures for resolving disputes that may arise during the course of operations. 7. Sustainable practices: Encourages the adoption of sustainable and environmentally friendly practices while exploring and producing oil and gas resources. Different types or versions of New Mexico Joint Operating Agreement 89 Revised may exist, typically differentiated by the specific parties involved, project scope, and the nuances of provisions tailored to meet individual needs. Furthermore, oil and gas companies may have their own modifications to the base agreement to address additional operational requirements and comply with specific regulations.
