Joint Operating Agreement


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How to draft a proper Joint Operating Agreement? Download this Joint Operating Agreement template that will perfectly suit your needs!

Legal communication is essential to individuals and companies to ensure truthful, accurate information exchange and enable morally-correct decision making. This is important to give consideration on how to communicate and how to remain lawful in your day-to-day business activities. Therefore, communication in situations that involve legal complications, request extra attention. Using our easy-to-modify Joint Operating Agreement helps to make a perfect document for any kind of personalized legal matter.

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Using our legal templates will help you to deal with the situation! However, this Legal template will help you dealing with this legal matter, we still recommend you to consider to find legal support in case you have doubts dealing with it the right way. 

-1DAL:571188.1 The notice provision for Subsequent Operations provides in relevant part as follows: Should any party hereto desire to drill any well on the Contract Area other than the well provided for in Article VI.A., or to rework, deepen or plug back a dry hole drilled at the joint expense of all parties or a well jointly owned by all the parties and not then producing in paying quantities, the party desiring to drill, rework, deepen or plug back such well shall give the other parties written notice of the proposed operation, specifying the work to be performed, the location, proposed depth, objective formation and the estimated cost of the operation.. If, within thirty (30) days after receipt of notice of the proposed abandonment of any well, all parties do not agree to the abandonment of such well, those wishing to continue its operation from the interval(s) of the formation(s) then open to production shall tender to each of the other parties its proportionate share of the value of the well’s salvable material and equipment, determined in accordance with the provisions of Exhibit “C”, less the estimated cost of salvaging and the estimated cost of plugging and abandonment.. The assignments so limited shall encompass the ‘drilling unit’ upon which the well is located.” The term “drilling unit” is defined in the definitions section of the operating agreement to mean “the area fixed for the drilling of one well by order or rule of any state or federal body having authority.” During Yates’s abandonment of the well on the Baker Gas Unit, a dispute arose as to what constituted the well’s applicable “drilling unit.” This became an issue because the applicable Railroad Commission rule provided for two different sized drilling units — standard 640-acre units and optional 320-acre units.. Maintenance of Uniform Interest: For the purpose of maintaining uniformity of ownership in the oil and gas leasehold interests covered by this agreement, and Notwithstanding any other 

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