API MF 5U04:1993 pdf download.Model Form of Statutory Unit Operating Agreement
3.1 Overall Supervision. Working Interest Owners? shall exercise overall supervision and control of all matters pertaining to Unit Operations pursuant to this Agreement and the Unit Agreement. In the exercise of such authority, each Working Interest Owner shall act solely in its own behalf in the capacity of an individual owner and not on behalf of the owners as an entirety. 3.2 Specific Authority and Duties. The matters with respect to which Working Interest Owners2 shall decide and take action shall include, but not be limited to, the following: 3.2.1 Method of Operation. The method of operation, including the type of recovery pro- gram to be employed. 3.2.2 Drilling of Wells. The drilling of any well whether for production of Unitized Sub- stances, for use as an injection well, or for other purposes. 3.2.3 Well Recompletions and Change of Status. The recompletion, abandonment, or change of status of any well, or the use of any well for injection or other purposes. 3.2.4 Disposition of Unit Equipment. The selling or otherwise disposing of any item of surplus Unit Equipment, if the current price of new equipment similar thereto is 3.2.5 Appearance Before a Court or Regulatory Agency. The designating of a repre- sentative or representatives to appear before any court or regulatory agency in matters pertaining to Unit Operations; however, such designation sball not prevent any Working Interest Owner from appearing in person or from designating another representative in its own bebalf. 3.2.6 Audits. The auditing of the accounts ofUnit Operator pertaining to Unit Operations bereunder; however, the audits shall: (a) not be conducted more than once each year except upon the resignation or removal of Unit Operator, and (b) be made upon the approval of the owner or owners of a majority of Working Interest other than that of Unit Operator, at the expense of all Working Interest Owners other than Unit Operator, or (c) be made at the expense of those Working Interest Owners requesting such audit, if owners of less than a majority of Working Interest, other than that of Unit Operator, request such an audit, and (d) be made upon not less than thirty (30) days’ written notice to Unit Operator. 3.2.7 Inventories. The taking of periodic inventories under the terms of Exhibit D”. 8.2.8 Technical Services. The authorizing of charges to the joint account for services by consultants or Unit Operator’s technical personnel: not provided for in“Exhibit D”. 3.2.9 Legal Counsel. Notwithstanding the provisions of E chibit D”, Unit Operator will have a vote in the selection of legal counsel.
API MF 5U04:1993 pdf download
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