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.
Joint Operating Agreement 89-03 Revised
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Multi-State
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US-OG-759
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Word;
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FAQ
A JOA is defined as a contract between co-tenants or separate owners of oil and gas properties. It is an agreement between two owners or among several concurrent owners for the operation of a leasehold for oil, gas or other minerals.
The purpose of a joint operating agreement (JOA) is to protect a business from failure, yet prevent monopolization within an industry by allowing each party to retain some form of separate operation. JOAs are used in the newspaper, health care, gas and oil, and other industries.
What does a JOA (joint operating agreement) do? It allows a failing paper to merge most aspects of its business with a successful competitor as long as their editorial and reporting operations are separate.Newspapers tend to have the kind of readers that advertisers covet as an audience.
Related Content. A multi-party contract used to govern the relationship between members of a consortium engaged in an oil & gas project. A JOA is a way for co-venturers to apportion liability in accordance with their agreed participating interest.
When two or more companies agree to combine some of their operations as a means of sharing costs and reducing operating expenses, they enter into a joint operating agreement (JOA).If all of the companies contribute equal amounts of capital, they generally share equally in ownership and profits of the joint venture.