Instructor
Tim Dowd
In just two days, you will learn the key issues and challenges of the different types of oil and gas industry agreements that are in common use today…the Joint Operating Agreement, the Farmout Agreement, the AMI, and the Gas Balancing Agreement.
Tim Dowd, the instructor, will guide you through the various contracts focusing on understanding the key issues, along with proposed drafting techniques and typical problems. His question and answer exercises will take you through real-world examples in which you will learn and determine what these agreements provide.
Participants will examine general contract terms which impact and are common to all types of agreements. Mr. Dowd will look at the history of the Model Form Operating Agreement, as well as other agreements, and discuss the issues of joint operations, and the relationship and duty to the nonoperator. He will delve into farmout agreements, assignments and term assignments entered into by the land department. By attending this two-day seminar, the participant will become knowledgeable in the area of all typical intra-industry contracts.
Audience
- Oil & Gas Attorneys
- Landmen
- Lease Analysts
- Division Order Analysts
- Managers
You will learn …
- How to identify the appropriate part of the operating agreement when an issue arises
- The common problems that occur involving joint operations
- What provisions need to be revised as they relate to horizontal wells vs. vertical wells
- How to negotiate and determine the appropriate parts and terms of a farmout agreement or term agreement
- The pitfalls and determine areas of mutual interests that can arise through an Area of Mutual Interest (AMI) agreement
- How to read a Gas Balancing Agreement and define when the balancing acts to your benefit or to your detriment
Joint Operating Agreements
- Background
- Purpose of the Joint Operating Agreement
- Definitions
- Exhibits
- Interests of Parties
- Titles
- Operator
- Drilling and Development
- Expenditures and Liability of Party
- International Revenue Code Election
- Claims and Lawsuits
- Force Majeure
- Notices
- Term of Agreement
- Compliance with Laws and Regulations
- Miscellaneous and Other Provisions
- Impact of Horizontal Wells – revision of Model Forms
Letter Agreements in lieu of Operating Agreements
- Letter Agreements
- Come Big or Stay Home Case
Farmout Agreements
- Drill to Earn
- Produce to Earn
- Reservation of Overriding Royalty Interests and Back-In
Area of Mutual Interests Agreements
- Geographical Area
- Rights Subject to Agreement
- Duration of AMI
- Procedure for Implementing AMIs
Acreage Swap Agreements
- Gas Balancing Agreements
- Balancing in Kind
- Periodic Cash Balancing
- Cash Balancing upon Reservation Depletion
Length
2 days
Accreditation
This course has been applied for American Association of Professional Landmen RLP and CPL Hours, Continuing Legal Education Hours and CPE Hours in many states. PDHs = 12.5 CEUs – 1.25