Kincaid v. W. Operating Co
In Kincaid v. W. Operating Co., 890 P.2d 249 (Colo. App. 1994), the Colorado court held the parties intended the operating agreement to include all interests acquired within a specific geographic area, including those interests acquired after the agreement was executed. Id. at 252 (considering extrinsic evidence because Exhibit A was ambiguous).
The Colorado court also noted that it was standard practice in the oil and gas industry at the time for parties to enter into operating agreements regarding leases to be acquired in the future. Id. at 253 (noting "therefore, there was no strong policy reason not to construe the contract as including later acquired oil and gas interests and leases such as the Smith Interests.").