Form JOA definition
Examples of Form JOA in a sentence
Larsen, Horizontal Drafting: Why Your Form JOA Might Not Be Adequate for Your Company's Horizontal Drilling Program, 48 ROCKY MTN.
Without limiting the foregoing, if Participant fails to pay any Participant Carry Cost properly charged under this Agreement and any applicable JOA, in addition to any remedies that may be available to Gastar pursuant to any applicable Law, the remedies set forth in Article VII.D. of the Form JOA shall also be available to Gastar, the provisions of which are hereby incorporated and made part of this Agreement.
The court recognized that while a JOA alone does not generally create a fiduciary relationship, the “Custody of Funds” provision (which is standard in the Model Form JOA) states that the agreement does not establish a fiduciary relationship between the parties “for any purpose other than to account for Non-Operator funds as herein specifically provided.” This language effectively created a contractual fiduciary duty to Dimock from Sutherland to properly account for the distribution of well proceeds.
In the event that any Development Operation commences prior to the execution of a Form JOA covering such Development Operation, such Development Operation shall be subject to the provisions of this Agreement, including this Section 2.6(a), and shall be deemed subject to and governed by the Form JOA.
In order to give the parties to the 2015 Model Form JOA as much flexibility as possible, this change permits application of the terms of the JOA to these more expansive operations.[1] Article III.B – Operator’s right to amend Exhibit “A”.
As noted before, the language “under this agreement” has replaced “on the Contract Area” from the 1989 Horizontal Form JOA.
Each Party shall have the right to audit and dispute the amounts set forth in any such statement or invoice pursuant to Section I.5 of Exhibit “C” to the Form JOA.
Larsen, Horizontal Drafting: Why Your Form JOA May Not Be Adequate for Your Company’s Horizontal Drilling Program, 48 ROCKY MTN.
This represented a significant 12% decrease over 2007 and an average annual decrease of 3.4% since 2004, compared to the EU27 average increase of 0.9%.
On a similar note, because sidetracking is understood to apply to horizontal wells also, the prohibition from it applying to horizontal wells was removed from Article VI.B.5.Because the 2015 Model Form JOA treats extensions as separate concepts, Article VI.B.6 was added to address them.44 As noted earlier, an extension deals with the lengthening of a lateral in a horizontal well.