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API FORM 5U02 Document Information:
Title
Model Form of Voluntary Unit Operating Agreement
American Petroleum Institute
Publication Date:
Jun 1, 1993
Scope:
FOREWORD
The API Model Form of Voluntary Unit Operating Agreement and the
companion Model Form of Voluntary Unit Agreement date back to the
First Editions, January 1957. The First Editions were superseded by
Second Editions, January 1961. The Third Editions were issued in
January 1970. The revised editions have been prepared to update these
model forms by making revisions found from experience to be desirable.
The majority of production units formed in the United States in recent
years utilized these suggested forms in whole or in part.
The design of the model forms is to aid in the accomplishment of
voluntary unitization of oil and condensate reservoirs that are
substantially developed in order to conduct some form of pressure
maintenance, repressuring, waterflooding, or other cooperative forms
of operation to increase ultimate recovery.
These suggested forms have been prepared by the Subcommittee on Unit
Operations under administration of API's Executive Committee on
Drilling and Production Practices. Being general in nature, these
suggested forms require a certain amount of adaptation to conform to
the conditions and requirements of particular units and to the laws of
different states. The latter is true in regard to matters of
execution, acknowledgements, and filing for record.
USERS ARE CAUTIONED that this suggested form may not contain all the
provisions that may be required by parties to an actual agreement for
unit operations. In addition, the form contains numerous provisions
that must be completed by inserting appropriate time periods, number
of parties, voting requirements, or dollar amounts and each party must
determine appropriate inserts for its particular situation or
application. This is especially critical with respect to the voting
requirement relating to operation of the lease. Users of the model
form or portions or variations thereof should seek the advice of
counsel to ensure that the agreement reflects the actual intent of the
parties and is proper under the applicable business circumstances. Use
of the form or any portion or variation thereof shall be at the sole
discretion, risk, and liability of the user parties. American
Petroleum Institute disclaims any and all interests or liability
whatsoever for loss or damages that may result from use of the form or
portions or variations thereof.
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