This operating agreement is used when the parties to this Agreement are owners of Oil and Gas Leases and/or Oil and gas Interests in the land identified in Exhibit A to the Agreement, and the parties have reached an agreement to explore and develop these Leases and/or Oil and Gas Interests for the production of Oil and Gas to the extent and as provided for in this Agreement.
The Bexar Texas Joint Operating Agreement 89 Revised is a legal contract used in the petroleum industry to establish rights, responsibilities, and obligations between two or more parties involved in the exploration and production of oil and gas resources within Bexar County, Texas. This agreement outlines the conditions under which the parties agree to jointly operate and develop their oil and gas interests in the area. The Bexar Texas Joint Operating Agreement 89 Revised is designed to regulate the cooperation and coordination between different parties, such as operators, non-operators, and working interest owners, to efficiently exploit the hydrocarbon reserves while minimizing conflicts and ensuring compliance with applicable laws and regulations. It serves as a framework to promote effective decision-making, cost-sharing, and risk allocation among the parties involved. Under this joint operating agreement, the parties define various key provisions, including the purpose and scope of the agreement, the rights and duties of the parties, the funding mechanisms, the drilling and development operations, and the distribution of profits and costs. It also addresses topics such as dispute resolution, confidentiality, insurance requirements, and term duration. It is important to note that different versions or revisions of the Bexar Texas Joint Operating Agreement 89 Revised may exist, reflecting specific updates, modifications, or amendments tailored to the evolving needs of the contracting parties. These revisions may occur due to changes in legal requirements, technological advancements, industry practices, or the parties' preferences. Although there might not be explicitly named "types" of Bexar Texas Joint Operating Agreement 89 Revised, the agreement can be customized to suit different scenarios or circumstances such as varying ownership interests, project types, or operational requirements. Therefore, while the primary purpose and structure of the agreement remain consistent, specific clauses and provisions may differ to address specific needs or cater to particular circumstances. In conclusion, the Bexar Texas Joint Operating Agreement 89 Revised is a comprehensive legal document used in the oil and gas industry to govern joint operations in Bexar County, Texas. It establishes the framework for collaboration, cost-sharing, and decision-making among the parties involved in the exploration and production process. Different versions or revisions of the agreement may exist, reflecting modifications or updates to address specific needs or changing circumstances.
