Common use of Unit Operating Agreement Clause in Contracts

Unit Operating Agreement. 7.1 The owners of working interests and the Unit Operator shall enter into a Unit Operating Agreement which shall describe how all costs and liabilities incurred in maintaining or conducting operations pursuant to this Agreement shall be apportioned and assumed. The Unit Operating Agreement shall also describe how the benefits which may accrue from operations conducted on the unit area shall be apportioned.

Unit Operating Agreement. 7.1 The owners of working interests Working Interest Owners and the Unit Operator shall enter into a Unit Operating Agreement which shall describe how all costs and liabilities incurred in maintaining or conducting operations pursuant to this Agreement shall be apportioned and assumedAgreement. The Unit Operating Agreement shall also describe how apportion all costs and liabilities incurred, and all benefits accrued, in maintaining or conducting Unit Operations among the benefits which may accrue from operations conducted on the unit area shall be apportionedWorking Interest Owners.

Unit Operating Agreement. 7.1 The owners of working interests Working Interest Owners and the Unit Operator shall enter into a Unit Operating Agreement which shall describe how Agreement. It will apportion all costs and liabilities incurred in maintaining or conducting operations pursuant to this Agreement shall be apportioned and assumedUnit Operations among the Working Interest Owners. The Unit Operating Agreement shall will also describe how apportion the benefits benefits, which may will accrue from operations conducted on Unit Operations among the unit area shall be apportionedWorking Interest Owners.