This operating agreement exhibit states the intent of the Parties that each Party shall have the right to take in kind and separately dispose of its proportionate share of gas (including casinghead gas) produced from each formation in each well located on the acreage (the "Contract Area") covered by the Operating Agreement.
Franklin Ohio Exhibit E to Operating Agreement Gas Balancing Agreement — Form 3 is a specific legal document that outlines the terms and conditions regarding gas balancing agreements in Franklin, Ohio. This agreement is crucial in ensuring fair and efficient gas operations within the region. Here is a detailed description and explanation of this agreement: Gas Balancing Agreement: A gas balancing agreement is a contractual document that governs the process of balancing gas quantities between different parties involved in the production, transportation, and distribution of natural gas. It ensures that the total amount of gas delivered matches the total amount of gas withdrawn from a specific area. This agreement establishes the rules, procedures, responsibilities, and penalties for any imbalances in gas quantities. Franklin Ohio Exhibit E to Operating Agreement: The Franklin Ohio Exhibit E refers to a specific appendix, exhibit, or addendum to the Operating Agreement of gas operations in Franklin, Ohio. This exhibit is specifically related to gas balancing agreements and provides additional details and specifications specific to the Franklin area. It serves as a supplemental document to the main operating agreement and outlines the specific requirements, procedures, and regulations applicable to gas balancing in Franklin, Ohio. Types of Franklin Ohio Exhibit E to Operating Agreement Gas Balancing Agreement — Form 3: It is important to note that specific types or variations of the Franklin Ohio Exhibit E to Operating Agreement Gas Balancing Agreement — Form 3 may exist based on different factors such as the companies involved, specific gas fields, or organizational preferences. Each variation may have its own unique content, tailored to the specific needs and circumstances of the parties involved. However, in general, Form 3 of the Franklin Ohio Exhibit E to Operating Agreement Gas Balancing Agreement encompasses essential elements such as: 1. Introduction and Definitions: A detailed introduction explaining the purpose and scope of the agreement along with definitions for key terms used throughout the document. 2. Parties Involved: Clearly identifies the parties involved in the gas balancing agreement, including their names, addresses, and contact information. 3. Gas Balancing Procedure: Outlines the specific steps and protocols to be followed for balancing gas quantities, including measurement, reporting, and reconciliation processes. 4. Responsibility and Liability: Establishes the responsibilities and liabilities of each party regarding the balancing of gas quantities, including any penalties or consequences for imbalances. 5. Dispute Resolution: Specifies the procedures to be followed in case of a dispute related to gas balancing, which may include negotiation, mediation, or arbitration. 6. Term and Termination: Defines the duration of the agreement, along with any provisions for its termination or renewal. It is important to consult the specific Franklin Ohio Exhibit E to Operating Agreement Gas Balancing Agreement — Form 3 for accurate and detailed information on the terms and conditions applicable to gas balancing in Franklin, Ohio.
