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 lands identified in Exhibit A to the Agreement. The Parties have reached an agreement to explore and develop the Leases and/or Oil and Gas Interests for the production of Oil and Gas to the extent and as provided for in this Agreement.
Title: Alameda California Joint Operating Agreement 89-03 Revised: Explained in Detail Description: The Alameda California Joint Operating Agreement 89-03 Revised is a pivotal legal document that governs the cooperative partnership between entities involved in the joint operation of oil, gas, or other mineral-producing properties within the city of Alameda, California. This comprehensive description aims to provide a detailed understanding of this agreement, its purpose, and any potential variations that may exist. The Alameda California Joint Operating Agreement 89-03 Revised acts as a framework, establishing guidelines and obligations for parties engaged in the exploration, development, production, and maintenance of mineral properties in Alameda. It outlines the responsibilities, rights, and liabilities of the participating entities, ensuring equitable cooperation throughout all phases of operation. Key Features and Provisions: 1. Definitions and Parties: The agreement clearly identifies the participating parties involved in the joint operation, including operators, non-operators, and working interest owners. It defines their respective roles, responsibilities, and responsibilities. 2. Objectives and Scope: The agreement sets out the specific objectives of the joint operation, which may include drilling, production, financial considerations, exploration programs, environmental responsibilities, and asset management. It outlines the scope and limitations placed upon the participants in achieving these objectives. 3. Ownership and Interests: The agreement defines the ownership and interest of each party in the shared assets, including the allocation of costs, revenue, and royalties. It also stipulates procedures for the transfer of interests and the resolution of disputes related to ownership. 4. Operations and Decision-Making: The agreement outlines the decision-making process and establishes the rights and obligations of the parties concerning daily operations, including permitting, contracting, production, marketing, and maintenance. It provides guidelines for authoritative control and dispute resolution mechanisms. 5. Accounting and Audit: The agreement incorporates a robust accounting system, specifying the methods for financial reporting, sharing revenues, and allocating costs among the participants. It includes provisions for periodic and special audits to ensure compliance and transparency. Types of Alameda California Joint Operating Agreement 89-03 Revised (if applicable): It is essential to note that while there may be variations on the Alameda California Joint Operating Agreement 89-03 Revised, these are typically not delineated by different versions or types. Instead, the agreement may undergo specific amendments over time by mutual agreement among the participating parties to meet changing regulations, practices, or needs. These revisions are made within the framework of the original agreement rather than resulting in distinct categorizations.Title: Alameda California Joint Operating Agreement 89-03 Revised: Explained in Detail Description: The Alameda California Joint Operating Agreement 89-03 Revised is a pivotal legal document that governs the cooperative partnership between entities involved in the joint operation of oil, gas, or other mineral-producing properties within the city of Alameda, California. This comprehensive description aims to provide a detailed understanding of this agreement, its purpose, and any potential variations that may exist. The Alameda California Joint Operating Agreement 89-03 Revised acts as a framework, establishing guidelines and obligations for parties engaged in the exploration, development, production, and maintenance of mineral properties in Alameda. It outlines the responsibilities, rights, and liabilities of the participating entities, ensuring equitable cooperation throughout all phases of operation. Key Features and Provisions: 1. Definitions and Parties: The agreement clearly identifies the participating parties involved in the joint operation, including operators, non-operators, and working interest owners. It defines their respective roles, responsibilities, and responsibilities. 2. Objectives and Scope: The agreement sets out the specific objectives of the joint operation, which may include drilling, production, financial considerations, exploration programs, environmental responsibilities, and asset management. It outlines the scope and limitations placed upon the participants in achieving these objectives. 3. Ownership and Interests: The agreement defines the ownership and interest of each party in the shared assets, including the allocation of costs, revenue, and royalties. It also stipulates procedures for the transfer of interests and the resolution of disputes related to ownership. 4. Operations and Decision-Making: The agreement outlines the decision-making process and establishes the rights and obligations of the parties concerning daily operations, including permitting, contracting, production, marketing, and maintenance. It provides guidelines for authoritative control and dispute resolution mechanisms. 5. Accounting and Audit: The agreement incorporates a robust accounting system, specifying the methods for financial reporting, sharing revenues, and allocating costs among the participants. It includes provisions for periodic and special audits to ensure compliance and transparency. Types of Alameda California Joint Operating Agreement 89-03 Revised (if applicable): It is essential to note that while there may be variations on the Alameda California Joint Operating Agreement 89-03 Revised, these are typically not delineated by different versions or types. Instead, the agreement may undergo specific amendments over time by mutual agreement among the participating parties to meet changing regulations, practices, or needs. These revisions are made within the framework of the original agreement rather than resulting in distinct categorizations.
