The Agreement is between an Operator and Participant. The Operator is the owner of the oil and gas leases covering the acreage described as the Contract Area in the Operating Agreement attached to this Agreement as Exhibit A . The Participant desires to acquire an undivided percent leasehold working interest in the Leased Acreage, and participate in drilling the well, which will be an approximate ft. test, which will be located on the Leased Acreage.
The Nassau New York Participation Agreement for Single Well is a legal document designed to govern the participation of multiple parties in the extraction and production of natural resources from a single well located in Nassau County, New York. This agreement outlines the rights, obligations, and responsibilities of each party involved, ensuring fair and efficient collaboration in the exploration, establishment, and operation of the well. Keywords: 1. Nassau New York: Refers to the specific location where the well is located, namely Nassau County in the state of New York. This establishes the jurisdiction under which the agreement falls. 2. Participation Agreement: Denotes a legal contract between multiple parties, outlining their respective roles, interests, and liabilities in a particular endeavor, in this case, the operation of a single well in Nassau County. 3. Single Well: Specifies that the agreement covers the participation of parties in the extraction and production activities related to a solitary well. This implies that there may be multiple types of Participation Agreements depending on the number of wells involved. Types of Nassau New York Participation Agreement for Single Well: While there may be variations in the details and specific provisions of the agreement, their broad categorization could include: 1. Exploration Participation Agreement: This type of agreement primarily focuses on coordinating and managing the exploration stage of the well, including but not limited to geological surveys, site evaluations, and initial testing. 2. Development Participation Agreement: This agreement primarily regulates the involvement of multiple parties in the development phase of the single well. It outlines the financial contributions, responsibilities, and cooperation required for constructing the well, building supportive infrastructure, and preparing it for production. 3. Production Participation Agreement: In this type of agreement, parties collaborate on the extraction, operation, and maintenance of the single well. It details the allocation of production rights, revenue sharing, cost distribution, environmental considerations, and ongoing responsibilities related to production activities. 4. Decommissioning Participation Agreement: This agreement comes into effect when the single well reaches the end of its productive life. It governs the closure, dismantling, and restoration of the well site, as well as the distribution of any proceeds from the sale of equipment, sale of land, or other relevant aspects. These different types of Nassau New York Participation Agreements for Single Well aim to provide clarity, fairness, and efficient coordination among the participating parties, ensuring smoother operations and adequate protection for all involved stakeholders.The Nassau New York Participation Agreement for Single Well is a legal document designed to govern the participation of multiple parties in the extraction and production of natural resources from a single well located in Nassau County, New York. This agreement outlines the rights, obligations, and responsibilities of each party involved, ensuring fair and efficient collaboration in the exploration, establishment, and operation of the well. Keywords: 1. Nassau New York: Refers to the specific location where the well is located, namely Nassau County in the state of New York. This establishes the jurisdiction under which the agreement falls. 2. Participation Agreement: Denotes a legal contract between multiple parties, outlining their respective roles, interests, and liabilities in a particular endeavor, in this case, the operation of a single well in Nassau County. 3. Single Well: Specifies that the agreement covers the participation of parties in the extraction and production activities related to a solitary well. This implies that there may be multiple types of Participation Agreements depending on the number of wells involved. Types of Nassau New York Participation Agreement for Single Well: While there may be variations in the details and specific provisions of the agreement, their broad categorization could include: 1. Exploration Participation Agreement: This type of agreement primarily focuses on coordinating and managing the exploration stage of the well, including but not limited to geological surveys, site evaluations, and initial testing. 2. Development Participation Agreement: This agreement primarily regulates the involvement of multiple parties in the development phase of the single well. It outlines the financial contributions, responsibilities, and cooperation required for constructing the well, building supportive infrastructure, and preparing it for production. 3. Production Participation Agreement: In this type of agreement, parties collaborate on the extraction, operation, and maintenance of the single well. It details the allocation of production rights, revenue sharing, cost distribution, environmental considerations, and ongoing responsibilities related to production activities. 4. Decommissioning Participation Agreement: This agreement comes into effect when the single well reaches the end of its productive life. It governs the closure, dismantling, and restoration of the well site, as well as the distribution of any proceeds from the sale of equipment, sale of land, or other relevant aspects. These different types of Nassau New York Participation Agreements for Single Well aim to provide clarity, fairness, and efficient coordination among the participating parties, ensuring smoother operations and adequate protection for all involved stakeholders.
