This operating agreement exhibit provides that each party has the right to take in kind its share of gas produced from the Contract Area and market or otherwise dispose of its gas. In the event any party is not, at any time, taking or marketing its share of gas, or has contracted to sell its share of gas produced from the Contract Area to a purchaser which does not, at any time, take the full share of gas attributable to the interest of the party, then the terms of this agreement shall automatically become operative.
West Virginia Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 is a crucial legal document that outlines the terms and conditions related to gas balancing agreements in West Virginia. This specific exhibit serves as an appendix to the Operating Agreement, providing additional provisions and guidelines for gas balancing activities in the state. Key Elements of West Virginia Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2: 1. Gas Balancing Agreement: This exhibit establishes a gas balancing agreement between the parties involved, defining the roles, responsibilities, and obligations in maintaining gas supply and demand equilibrium. 2. Purpose: The main objective of this exhibit is to ensure the efficient management and coordination of gas supplies, withdrawals, injections, and balancing efforts within West Virginia. 3. Definitions: It includes a comprehensive list of definitions for various terms used throughout the agreement, ensuring clear understanding and interpretation among all parties involved. 4. Rights and Obligations: This section outlines the rights and obligations of the gas balancing operator, producers, shippers, and other relevant parties. It specifies their responsibilities in maintaining gas quality standards, providing accurate measurement data, and managing imbalances. 5. Measurement and Metering: This exhibit details the specific requirements for gas measurement, metering, and data reporting. It includes technical specifications, standards, and protocols for accurate measurement and recording of gas quantities. 6. Imbalance Resolution: In cases of gas imbalances, this section explains the procedures and methodologies to resolve discrepancies and offsets. It covers topics such as notification requirements, tolerance limits, settlement processes, and penalties for non-compliance. 7. Reporting and Communication: This exhibit emphasizes the importance of timely communication and reporting of gas balance-related information. It outlines the reporting frequency, data submission formats, and channels of communication to facilitate effective coordination among the parties involved. 8. Force Mature: A provision addressing force majeure events is also included, delineating the rights and obligations of the parties in case of unforeseen circumstances that may impact gas balancing operations. Different Types of West Virginia Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2: While there might not be distinct types of West Virginia Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2, variations can arise based on the parties involved, project specifications, or specific project requirements. Some variations might include: 1. West Virginia Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 for Onshore Projects: This variation would specifically focus on gas balancing agreements related to onshore gas exploration, extraction, and transportation activities in West Virginia. 2. West Virginia Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 for Offshore Projects: This variation would apply to gas balancing agreements concerning offshore gas drilling, production, and distribution activities in the waters surrounding West Virginia. 3. West Virginia Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 for Interstate Projects: This type of variation would be applicable to gas balancing agreements involving gas transportation and distribution across state borders, where West Virginia serves as a significant transit point. Overall, West Virginia Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 is a crucial legal document that ensures smooth and efficient gas balancing operations in the state. Compliance with its provisions and guidelines fosters cooperation and coordination among the involved parties, guaranteeing a reliable gas supply and minimizing imbalances in West Virginia's natural gas industry.
