Unit Operating Agreement. 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.
Appears in 2 contracts
Sources: Model Unit Agreement for Development and Production Units, Model Unit Agreement for Exploration, Development, and Production Units