Habendum is a strange word that sounds more like a physical condition than a clause in a Deed or Oil and Gas Lease. The term springs from early 17th Century Latin, literally translating “that is to be had” or “that must be had”.
Author Manning Wolfe
JOA is the common term used to describe the Model Form Operating Agreement related to the exploration and production of oil and gas under certain leases (The Contract Area). It also provides a method for solving disputes, which may arise during the course of business as outlined in the JOA. The scope of this blog is not to cover the entire agreement, or its history, which would take volumes, but to give a snapshot of what the JOA covers and why it’s so important to those in the energy arena.
A Holographic Will is a will entirely in the handwriting of the testator. These are addressed in various jurisdictions under the Probate Code for each state. In Texas, they are covered in Section 59 of the Texas Probate Code, as follows: