The joint operating agreement ("JOA") is the most commonly used instrument in the oil and gas industry, surpassed only by the oil and gas lease. A JOA provides the contractual basis for the cooperative exploration, development, and production of oil and gas properties among multiple leasehold cotenants.
The North Dakota oil boom refers to the period of rapidly expanding oil extraction from the Bakken formation in the state of North Dakota that lasted from the discovery of Parshall Oil Field in 2006, and peaked in 2012, but with substantially less growth noted since 2015 due to a global decline in oil prices.
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