An agreement between parties who own a working interest in a well that sets out responsibilities and duties of the operator and nonoperators, including drilling the test well and subsequent wells, and [..]

An agreement signed by the members (owners) of a limited liability company that structures the members' financial rights and responsibilities, each member's percentage of ownership in the LL [..]

In terms of Oil & Gas law, an operating agreement is a contract among owners of the working interest. An operating agreement states the working interest in an oil or gas producing well setting for [..]

An agreement among the LLC members which govern the LLC operations and the rights of its members. It is analogous to corporate bylaws.

An agreement among the members of an LLC that outlines ownership percentages, how the LLC will be managed, the process for allowing new members and other LLC governance details. It is analogous to corporate bylaws.

A contract among owners of the working interest in a producing oil or gas well setting forth the parties agreement as to drilling development, operations and accounting. See Joint Operating Agreement.

"Operating agreement" means any valid agreement, written or oral, of the member or members as to the affairs of a limited liability company and the conduct of its business.

A special type of agreement between the State of Louisiana (acting through the State Mineral Board) and an operator (who has applied for an operating agreement and shown that the special conditions re [..]

Operating Agreement means the joint operating agreement entered by the constituents of the Contractor in accordance with the Model Production Sharing Contract(MPSC), with respect to conduct of Petroleum Operations.  

A written document between parties holding operating rights with one of the parties normally designated as the operator. The agreement contains detailed provisions for the drilling of a well, the sharing of expenses, and acceptable accounting methods.