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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture
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To: Bearcatbob who wrote (1348)1/23/1999 1:15:00 PM
From: grayhairs   of 15703
 
Hi Bob,

The joint operating agreement provides each participant the same rights (except that the operator obviously has some special rights that the non-operating parties do not have). The JOA spells out what happens should a participant fail to perform its obligations under that agreement. And, TYPICALLY, that is that each of the performing participants have the right to perform, on a prorata basis, the obligations of the non-performing party (or parties) and similarly assume their rights.

The smaller entities may have been doing PP's for this reason or they may have been carried out for several other reasons. I've not researched their individual justifications.

Have a good weekend.

Later,
grayhairs
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