This form is used for the purposes of more effectively developing, producing, and operating the Unit Area in order to prevent surface and underground waste, and obtain the greatest ultimate recovery of production of oil and gas, promote conservation, and to afford each of the Parties the right to recover their fair and equitable share of the production to be obtained from the Unit Area, or to receive the attributable proceeds of such production.
Collin Texas Gas Storage and Secondary Recovery Unit Agreement, also known as the Collin Texas Gas Storage Agreement, is a legal contract between the gas storage operator and the secondary recovery unit involved in the extraction, storage, and transportation of natural gas. This agreement is prevalent in the Collin County region of Texas, where gas storage and secondary recovery operations are significant. The primary purpose of this agreement is to establish the terms and conditions under which the gas storage operator rents out storage capacity to the secondary recovery unit. It outlines the rights, responsibilities, and obligations of both parties involved in the gas storage and secondary recovery operations. This agreement ensures a smooth and mutually beneficial relationship between the gas storage operator and the secondary recovery unit. The Collin Texas Gas Storage and Secondary Recovery Unit Agreement typically covers various key aspects, including: 1. Storage Capacity Allocation: This section outlines the capacity allocated to the secondary recovery unit for gas storage purposes. It specifies the volume of gas that the secondary recovery unit can store and retrieve from the gas storage facility. 2. Rental and Payment Terms: The agreement specifies the rental fees or rates charged by the gas storage operator for the storage capacity. It also outlines the payment terms, including the frequency and method of payment. 3. Operational Procedures: This section describes the operational procedures and guidelines that both parties must follow during the gas storage and secondary recovery processes. It covers aspects such as inventory management, gas injection and withdrawal procedures, safety protocols, and reporting requirements. 4. Liability and Insurance: The agreement addresses liability issues, specifying the responsibilities of each party regarding accidents, damages, and losses that may occur during the gas storage and secondary recovery operations. It may also require the secondary recovery unit to maintain adequate insurance coverage to mitigate potential risks. 5. Termination and Renewal: The agreement includes provisions related to termination and renewal of the contract. It outlines the circumstances under which either party can terminate the agreement and the notice period required. It also covers the possibility of contract renewal, subject to mutual agreement. Furthermore, it is important to note that while the Collin Texas Gas Storage and Secondary Recovery Unit Agreement may have standardized provisions, specific terms and conditions can vary depending on the parties involved and the nature of the gas storage facility. Different types or variations of this agreement may exist, tailored to meet specific operational requirements or unique circumstances. Some potential variations of the Collin Texas Gas Storage and Secondary Recovery Unit Agreement may include short-term contracts for temporary gas storage needs, long-term contracts for extended storage periods, or agreements with specific provisions for seasonal demand fluctuations. These variations allow for flexibility in catering to diverse industry requirements and optimizing gas storage and recovery operations in Collin County, Texas.Collin Texas Gas Storage and Secondary Recovery Unit Agreement, also known as the Collin Texas Gas Storage Agreement, is a legal contract between the gas storage operator and the secondary recovery unit involved in the extraction, storage, and transportation of natural gas. This agreement is prevalent in the Collin County region of Texas, where gas storage and secondary recovery operations are significant. The primary purpose of this agreement is to establish the terms and conditions under which the gas storage operator rents out storage capacity to the secondary recovery unit. It outlines the rights, responsibilities, and obligations of both parties involved in the gas storage and secondary recovery operations. This agreement ensures a smooth and mutually beneficial relationship between the gas storage operator and the secondary recovery unit. The Collin Texas Gas Storage and Secondary Recovery Unit Agreement typically covers various key aspects, including: 1. Storage Capacity Allocation: This section outlines the capacity allocated to the secondary recovery unit for gas storage purposes. It specifies the volume of gas that the secondary recovery unit can store and retrieve from the gas storage facility. 2. Rental and Payment Terms: The agreement specifies the rental fees or rates charged by the gas storage operator for the storage capacity. It also outlines the payment terms, including the frequency and method of payment. 3. Operational Procedures: This section describes the operational procedures and guidelines that both parties must follow during the gas storage and secondary recovery processes. It covers aspects such as inventory management, gas injection and withdrawal procedures, safety protocols, and reporting requirements. 4. Liability and Insurance: The agreement addresses liability issues, specifying the responsibilities of each party regarding accidents, damages, and losses that may occur during the gas storage and secondary recovery operations. It may also require the secondary recovery unit to maintain adequate insurance coverage to mitigate potential risks. 5. Termination and Renewal: The agreement includes provisions related to termination and renewal of the contract. It outlines the circumstances under which either party can terminate the agreement and the notice period required. It also covers the possibility of contract renewal, subject to mutual agreement. Furthermore, it is important to note that while the Collin Texas Gas Storage and Secondary Recovery Unit Agreement may have standardized provisions, specific terms and conditions can vary depending on the parties involved and the nature of the gas storage facility. Different types or variations of this agreement may exist, tailored to meet specific operational requirements or unique circumstances. Some potential variations of the Collin Texas Gas Storage and Secondary Recovery Unit Agreement may include short-term contracts for temporary gas storage needs, long-term contracts for extended storage periods, or agreements with specific provisions for seasonal demand fluctuations. These variations allow for flexibility in catering to diverse industry requirements and optimizing gas storage and recovery operations in Collin County, Texas.
