This form is an agreement used when the Owner is the owner of oil and gas properties consisting of producing mineral, royalty, overriding royalty, and working interests, and/or leased and unleased nonproducing mineral and royalty interests, all collectively referred to in this Agreement as the Properties. Owner desires to engage the services of Manager to advise and assist Owner in the management of the Properties, and Manager is willing to undertake those responsibilities in accordance with this Agreement.
Collin Texas Oil Gas Service Agreement for Management of Properties is a legal contract that outlines the terms and conditions between the owner(s) of oil and gas properties and the management service provider in Collin County, Texas. This agreement is crucial in ensuring effective operations, compliance with laws and regulations, and maximizing the economic value of the properties. The agreement typically covers various aspects related to the management of oil and gas properties, including but not limited to leasing, exploration, drilling, production, marketing, and maintenance. It serves as a clear roadmap that defines the roles, responsibilities, and obligations of both the property owner(s) and the service provider. Keywords: 1. Collin Texas: Refers to the geographical location of the properties and jurisdiction where the agreement is applicable. 2. Oil and Gas Service Agreement: The legal contract that governs the relationship between property owner(s) and the management service provider. 3. Management of Properties: Focuses on the oversight and operational aspects of oil and gas assets. 4. Leasing: Encompasses the process of granting oil and gas rights to third parties for exploration and production purposes. 5. Exploration: Involves researching, locating, and assessing potential oil and gas reserves in the designated properties. 6. Drilling: Refers to the process of creating boreholes to extract oil and gas from underground reservoirs. 7. Production: Involves the extraction and collection of oil and gas resources from the properties. 8. Marketing: Deals with the promotion, sale, and distribution of oil and gas products. 9. Maintenance: Includes routine inspections, repairs, and upkeep of infrastructure and equipment associated with the properties. Different types of Collin Texas Oil Gas Service Agreement for Management of Properties can exist based on specific circumstances and requirements. These may include: 1. Lease Management Agreement: Focuses primarily on leasing aspects, such as negotiations with potential lessees, lease acquisition, and contract administration. 2. Production Management Agreement: Emphasizes the operational aspects of oil and gas production, including drilling, extraction, monitoring, and reporting. 3. Comprehensive Management Agreement: Encompasses the entire spectrum of property management, covering leasing, exploration, drilling, production, marketing, and maintenance. It is important for property owners and service providers to carefully review and customize the agreement to suit their unique needs, ensuring that all relevant legal considerations and industry standards are addressed. Seeking legal counsel is strongly recommended ensuring a thorough understanding and compliance with applicable laws and regulations.
