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 lands identified in Exhibit A to the Agreement. The Parties have reached an agreement to explore and develop the 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 89-03 Revised is a legal document that outlines the terms and conditions under which multiple parties can jointly operate an oil or gas property in the state of New Mexico. This agreement is specifically designed for the oil and gas industry and sets the guidelines for exploration, development, and production activities. The New Mexico Joint Operating Agreement 89-03 Revised serves as a comprehensive framework for cooperation among multiple parties involved in the extraction and production of oil and gas resources. It provides a clear and transparent structure, allocating responsibilities, rights, and obligations among the participating entities. These agreements are vital for minimizing disputes and ensuring efficient collaboration while adhering to the applicable state and federal laws. The New Mexico Joint Operating Agreement 89-03 Revised lays down the guidelines for the financial aspects of the joint venture, including the sharing of costs, revenues, and liabilities. It also addresses important operational considerations such as drilling, well operations, facilities management, abandonment procedures, and environmental and safety protocols. It is important to note that there may be different types of New Mexico Joint Operating Agreements 89-03 Revised, often tailored to specific project requirements or parties' preferences. For instance, some agreements may include provisions for technical expertise transfer, preferential rights, or specific clauses related to land use, surface rights, or water rights, depending on the unique characteristics of the oil or gas field. In summary, the New Mexico Joint Operating Agreement 89-03 Revised is a legally binding document that provides a well-defined framework for collaboration and operation in the oil and gas industry in New Mexico. These agreements enable multiple parties to work together efficiently, ensuring compliance with legal requirements and promoting responsible resource extraction practices.
