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An oil and gas limited partnership is a private investment vehicle formed to acquire, develop, drill, and operate oil and gas wells. As with any investment vehicle structured as a limited partnership, the investors put up the capital to develop and operate the project; they then receive cash distributions during the term of the partnership as well as allocations of favorable tax benefits. The sponsor of the project operates and manages the project on a day-to-day basis, and acts as the managing general partner of the partnership. The managing general partner or an affiliated company usually acts as the operator of the oil and gas project and oversees the drilling contractor.

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