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.
South Dakota Joint Operating Agreement 89 Revised is a legal document that outlines the terms and conditions for a cooperative venture between oil and gas operators in the state of South Dakota. This agreement governs the joint exploration, development, and production of oil and gas resources, providing a framework for efficient coordination and cost-sharing among the participating parties. The main purpose of South Dakota Joint Operating Agreement 89 Revised is to establish a fair and transparent mechanism for the allocation of costs, risks, and rewards associated with the oil and gas operations. It provides guidelines for the determination of each party's ownership interests, the funding of exploration and development activities, and the distribution of revenues generated from the production. The agreement includes provisions for decision-making, project management, drilling operations, and the implementation of safety and environmental standards. It specifies the obligations and responsibilities of the operators, as well as mechanisms for dispute resolution and termination of the agreement. Different types of South Dakota Joint Operating Agreement 89 Revised may include variations tailored to specific circumstances or geological formations. For example, there could be agreements that focus on the exploration and development of shale gas, while others may be specific to conventional oil reservoirs. Each variant of the agreement may incorporate different technical and financial considerations relevant to the specific hydrocarbon resources involved. Keywords: South Dakota, Joint Operating Agreement, 89 Revised, legal document, cooperative venture, oil and gas operators, exploration, development, production, coordination, cost-sharing, allocation of costs, risks, rewards, ownership interests, funding, revenues, decision-making, project management, drilling operations, safety standards, environmental standards, obligations, responsibilities, dispute resolution, termination, shale gas, conventional oil reservoirs.
