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 Oklahoma Joint Operating Agreement (JOB) 89 Revised is a legal document that governs the relationship and operations between multiple parties involved in the exploration, development, and production of oil and gas properties in the state of Oklahoma. It sets the ground rules and establishes the rights and obligations of the parties involved, ensuring fair and efficient collaboration among them. One of the notable aspects of the Oklahoma JOB 89 Revised is its specificity to operations in Oklahoma. It takes into account the unique legal and regulatory frameworks governing the oil and gas industry in the state, ensuring compliance with all relevant laws and incorporating standard industry practices. The Oklahoma JOB 89 Revised is designed to accommodate various scenarios and parties involved in oil and gas operations. It allows for flexibility in terms of the number and type of parties, including operators, non-operating working interest owners, and royalty owners. It enables these parties to come together, pool their resources, and jointly undertake exploration and production activities, thereby sharing the costs, risks, and benefits associated with these operations. In addition to the general Oklahoma JOB 89 Revised, there may be different types of agreements tailored to specific circumstances and parties. These variations may include: 1. Operating Agreement for Conventional Operations: This type of JOB focuses on conventional oil and gas exploration and production techniques, involving vertical drilling and traditional reservoirs. 2. Operating Agreement for Unconventional Operations: With the rise of unconventional resources, such as shale and tight oil and gas formations, this JOB variant addresses the unique challenges and considerations associated with the development of these resources, including horizontal drilling and hydraulic fracturing techniques. 3. Area of Mutual Interest (AMI) Agreement: In some cases, parties may wish to establish a broader cooperation framework in a specific geographic area or play, known as an AMI. The AMI agreement, often attached to the JOB 89 Revised, defines the boundaries of the chosen area and outlines rules for joint exploration and development activities within it. It is important to consult with legal professionals specialized in oil and gas law to understand the specific terms and provisions of Oklahoma JOB 89 Revised as well as any additional agreements that may accompany it. This ensures that all parties involved have a comprehensive understanding of their rights and obligations under the agreement, promoting smoother operations and reducing potential disputes.
