JOA – Before and After the Initial Well – What does it cover and what does it not

Course Overview Video

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The Joint Operating Agreement (JOA) was used traditionally to allow parties owning adjoining Leases
or undivided interests in the same Leases to jointly develop the properties.
The JOA not only attempts to govern the operations and activities prior to the drilling of the ‘Initial
Well’ but provides guidelines and options for operations after the Initial Well is drilled.
There many Expressed Obligation set forth in the JOA, such Notice and time limits restrictions on marketing.
It is important for the Operator to become very familiar with these obligations.
Operators and Non-Operators should also be aware of the Council of Petroleum Accountants Societies
(COPAS) accounting procedures usually attached to and made a part of most JOAs.