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.
Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 serves as a crucial component in the oil and gas industry, specifically in Collin County, Texas. This agreement outlines the provisions and guidelines for ensuring the proper balancing of gas quantities between parties involved in the exploration and extraction processes. The purpose of Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 is to establish a fair and equitable system that allows all parties to accurately track and account for the gas produced, consumed, or injected in Collin County, Texas. It ensures that the gas allocation and balancing procedures are properly documented, minimizing discrepancies and potential disputes. Key elements covered in Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 include: 1. Measurement and Reporting: This section highlights the specific equipment, tools, and techniques used for measuring gas quantities. It establishes the standards to be followed and requires accurate reporting of measurements to ensure transparency. 2. Allocation of Gas: The agreement outlines how the gas produced from the wells in Collin County, Texas will be allocated among the participating parties. It specifies the allocation methodology, which may consider factors such as gas composition, pressure, temperature, and ownership interests. 3. Balancing Procedures: This section describes the steps involved in balancing gas quantities. It covers processes like reconciliation, correcting imbalances, and adjusting allocation percentages to maintain accuracy and fairness. 4. Measurement Disputes: In case of disputes concerning gas measurements, the agreement outlines the procedures for resolving such conflicts. It may require the appointment of an impartial third party or the use of dispute resolution mechanisms, like arbitration or mediation. Different versions or types of Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 may exist depending on the specific operators, companies, or parties involved in the Collin County, Texas gas operations. These versions could include modifications or additional clauses tailored to the unique requirements or preferences of the parties. In conclusion, Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 plays a significant role in streamlining the gas balancing process in the oil and gas industry. It ensures transparency, fairness, and accuracy in allocating and balancing gas quantities among the parties involved in the exploration and extraction activities occurring in Collin County, Texas.Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 serves as a crucial component in the oil and gas industry, specifically in Collin County, Texas. This agreement outlines the provisions and guidelines for ensuring the proper balancing of gas quantities between parties involved in the exploration and extraction processes. The purpose of Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 is to establish a fair and equitable system that allows all parties to accurately track and account for the gas produced, consumed, or injected in Collin County, Texas. It ensures that the gas allocation and balancing procedures are properly documented, minimizing discrepancies and potential disputes. Key elements covered in Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 include: 1. Measurement and Reporting: This section highlights the specific equipment, tools, and techniques used for measuring gas quantities. It establishes the standards to be followed and requires accurate reporting of measurements to ensure transparency. 2. Allocation of Gas: The agreement outlines how the gas produced from the wells in Collin County, Texas will be allocated among the participating parties. It specifies the allocation methodology, which may consider factors such as gas composition, pressure, temperature, and ownership interests. 3. Balancing Procedures: This section describes the steps involved in balancing gas quantities. It covers processes like reconciliation, correcting imbalances, and adjusting allocation percentages to maintain accuracy and fairness. 4. Measurement Disputes: In case of disputes concerning gas measurements, the agreement outlines the procedures for resolving such conflicts. It may require the appointment of an impartial third party or the use of dispute resolution mechanisms, like arbitration or mediation. Different versions or types of Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 may exist depending on the specific operators, companies, or parties involved in the Collin County, Texas gas operations. These versions could include modifications or additional clauses tailored to the unique requirements or preferences of the parties. In conclusion, Collin Texas Exhibit E to Operating Agreement Gas Balancing Agreement — Form 2 plays a significant role in streamlining the gas balancing process in the oil and gas industry. It ensures transparency, fairness, and accuracy in allocating and balancing gas quantities among the parties involved in the exploration and extraction activities occurring in Collin County, Texas.
