This operating agreement exhibit is used in the event any party is not able to take its share of gas, or has contracted to sell its share of gas produced from the Contract Area to a purchaser which is unable at any time while the Operating Agreement is in effect to take the share of gas attributable to the interest of the party.
Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 1 is a legal document that outlines the terms and conditions regarding gas balancing in Collin County, Texas. This agreement is typically included as an exhibit to the operating agreement between parties involved in gas production and transportation. The purpose of Exhibit E is to establish the procedures for managing gas imbalances within a specific gas field or production unit located in Collin County, Texas. It is designed to ensure fair distribution and accounting of the gas produced, while addressing any differences in gas quantities injected and withdrawn from the field. There are several variations or types of Exhibit E to the Operating Agreement Gas Balancing Agreement — Form 1, depending on the specific requirements and agreements between the parties involved. Some of these variations may include: 1. Standard Exhibit E: This is the basic form of the agreement that encompasses the standard terms and procedures for gas balancing in Collin County, Texas. 2. Customized Exhibit E: Parties may customize the agreement based on their specific needs, such as incorporating additional provisions or adjusting the balancing methods to suit their operations. 3. Field-Specific Exhibit E: In cases where multiple gas fields or production units are involved, separate Exhibit E agreements may be created for each specific field to address the unique characteristics and requirements of each location. Additionally, the content of Exhibit E typically includes the following key details: a. Definitions: This section clarifies the various terms and concepts used throughout the agreement, ensuring clear understanding between the parties involved. b. Balancing Methodology: The agreement specifies the methodology and procedures for tracking and reconciling gas imbalances, including measurement, calculations, and timelines. c. Penalties and Remedies: It outlines the consequences or penalties for parties failing to comply with the gas balancing requirements, as well as the potential remedies available in case of disputes or noncompliance. d. Measurement and Reporting: This section details the measurement techniques and reporting requirements to accurately assess gas imbalances and provide necessary data for balancing calculations. e. Dispute Resolution: It establishes the mechanisms for resolving disputes or disagreements that may arise during the gas balancing process, including mediation, arbitration, or litigation options. Overall, Exhibit E to the Operating Agreement Gas Balancing Agreement — Form 1 is a crucial document that plays a vital role in ensuring fair and efficient gas balancing operations in Collin County, Texas. It provides a framework for managing gas imbalances and promotes transparency and accountability among the parties involved in gas production and transportation in the region.Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 1 is a legal document that outlines the terms and conditions regarding gas balancing in Collin County, Texas. This agreement is typically included as an exhibit to the operating agreement between parties involved in gas production and transportation. The purpose of Exhibit E is to establish the procedures for managing gas imbalances within a specific gas field or production unit located in Collin County, Texas. It is designed to ensure fair distribution and accounting of the gas produced, while addressing any differences in gas quantities injected and withdrawn from the field. There are several variations or types of Exhibit E to the Operating Agreement Gas Balancing Agreement — Form 1, depending on the specific requirements and agreements between the parties involved. Some of these variations may include: 1. Standard Exhibit E: This is the basic form of the agreement that encompasses the standard terms and procedures for gas balancing in Collin County, Texas. 2. Customized Exhibit E: Parties may customize the agreement based on their specific needs, such as incorporating additional provisions or adjusting the balancing methods to suit their operations. 3. Field-Specific Exhibit E: In cases where multiple gas fields or production units are involved, separate Exhibit E agreements may be created for each specific field to address the unique characteristics and requirements of each location. Additionally, the content of Exhibit E typically includes the following key details: a. Definitions: This section clarifies the various terms and concepts used throughout the agreement, ensuring clear understanding between the parties involved. b. Balancing Methodology: The agreement specifies the methodology and procedures for tracking and reconciling gas imbalances, including measurement, calculations, and timelines. c. Penalties and Remedies: It outlines the consequences or penalties for parties failing to comply with the gas balancing requirements, as well as the potential remedies available in case of disputes or noncompliance. d. Measurement and Reporting: This section details the measurement techniques and reporting requirements to accurately assess gas imbalances and provide necessary data for balancing calculations. e. Dispute Resolution: It establishes the mechanisms for resolving disputes or disagreements that may arise during the gas balancing process, including mediation, arbitration, or litigation options. Overall, Exhibit E to the Operating Agreement Gas Balancing Agreement — Form 1 is a crucial document that plays a vital role in ensuring fair and efficient gas balancing operations in Collin County, Texas. It provides a framework for managing gas imbalances and promotes transparency and accountability among the parties involved in gas production and transportation in the region.
