This form is used for the Designation of a Successor Operator pursuant to a specified Section of a Communitization Agreement. First Party is designated by Second Parties as Operator of the communitized area, and First Party desires to assume all the rights, duties, and obligations of Operator under the Communitization Agreement.
This Agreement is incorporated into this Designation by reference and made a part of it as fully and effectively as though the Agreement were expressly set forth in this Designation.
Kings New York Designation of Successor Operator: The Kings New York Designation of Successor Operator refers to a legal agreement or provision that outlines the process of appointing a new operator or manager for a business entity or property in the Kings area of New York. The agreement ensures a smooth transition of responsibilities and operations in the event of the current operator's absence, retirement, or any other circumstances that may require a change in management. Keywords: Kings New York, Designation of Successor Operator, legal agreement, appointing new operator, manager, business entity, property, transition of responsibilities, retirement, change in management. Commoditization Agreement: A Commoditization Agreement refers to a contractual arrangement between multiple parties within the oil and gas industry. It allows for the efficient development and production of oil and gas resources from a shared reservoir or field, which would otherwise be technically or economically unfeasible for individual leaseholders. Keywords: Commoditization Agreement, contractual arrangement, oil and gas industry, development, production, shared reservoir, field, leaseholders. Different types of Kings New York Designation of Successor Operator, Commoditization Agreement: 1. Voluntary Successor Operator Designation Agreement: This type of agreement is entered into voluntarily by the current operator, who designates a successor operator following a pre-determined set of criteria. It ensures the operator's interests and the continued success of the business or property. 2. Involuntary Successor Operator Designation Agreement: In some cases, when the current operator is unable to fulfill their obligations or meet specific criteria, an involuntary successor operator may be designated. This type of agreement protects the interests of stakeholders and ensures the smooth continuation of operations. 3. Limited Commoditization Agreement: This agreement allows for the shared development and production of specific portions or zones within a reservoir or field. It defines the boundaries, responsibilities, and revenue sharing arrangements among the parties involved. 4. Full Commoditization Agreement: In a full commoditization agreement, multiple leaseholders consolidate their interests, resources, and rights into a single operation. This comprehensive agreement often covers all aspects of development, production, operations, and governance to maximize efficiency and minimize conflicts. Keywords: Voluntary Successor Operator Designation Agreement, Involuntary Successor Operator Designation Agreement, Limited Commoditization Agreement, Full Commoditization Agreement, criteria, stakeholders, development, production, operations, governance, revenue sharing.Kings New York Designation of Successor Operator: The Kings New York Designation of Successor Operator refers to a legal agreement or provision that outlines the process of appointing a new operator or manager for a business entity or property in the Kings area of New York. The agreement ensures a smooth transition of responsibilities and operations in the event of the current operator's absence, retirement, or any other circumstances that may require a change in management. Keywords: Kings New York, Designation of Successor Operator, legal agreement, appointing new operator, manager, business entity, property, transition of responsibilities, retirement, change in management. Commoditization Agreement: A Commoditization Agreement refers to a contractual arrangement between multiple parties within the oil and gas industry. It allows for the efficient development and production of oil and gas resources from a shared reservoir or field, which would otherwise be technically or economically unfeasible for individual leaseholders. Keywords: Commoditization Agreement, contractual arrangement, oil and gas industry, development, production, shared reservoir, field, leaseholders. Different types of Kings New York Designation of Successor Operator, Commoditization Agreement: 1. Voluntary Successor Operator Designation Agreement: This type of agreement is entered into voluntarily by the current operator, who designates a successor operator following a pre-determined set of criteria. It ensures the operator's interests and the continued success of the business or property. 2. Involuntary Successor Operator Designation Agreement: In some cases, when the current operator is unable to fulfill their obligations or meet specific criteria, an involuntary successor operator may be designated. This type of agreement protects the interests of stakeholders and ensures the smooth continuation of operations. 3. Limited Commoditization Agreement: This agreement allows for the shared development and production of specific portions or zones within a reservoir or field. It defines the boundaries, responsibilities, and revenue sharing arrangements among the parties involved. 4. Full Commoditization Agreement: In a full commoditization agreement, multiple leaseholders consolidate their interests, resources, and rights into a single operation. This comprehensive agreement often covers all aspects of development, production, operations, and governance to maximize efficiency and minimize conflicts. Keywords: Voluntary Successor Operator Designation Agreement, Involuntary Successor Operator Designation Agreement, Limited Commoditization Agreement, Full Commoditization Agreement, criteria, stakeholders, development, production, operations, governance, revenue sharing.
