Provisions For JOA 82 Revised
Understanding this form
The Provisions For JOA 82 Revised form is a legal document used in the oil and gas industry to outline the reassignment of interests among parties involved when specific drilling operations are necessary. This form ensures that interests in oil and gas leases are preserved when operations like drilling, deepening, or reworking a well are conducted. It is distinct from other forms in its focus on procedures surrounding joint operating agreements and the implications of non-participation by parties involved.
Form components explained
- Reassignment of Interest: Details conditions for interest reassignment among parties involved in the well operation.
- Notice Requirements: Specifies the procedure for providing notice of proposed operations and the response time for participating parties.
- Failure to Participate: Outlines the consequences for parties that fail to respond or pay their share of costs.
- Post-operation Assignment: Describes the obligations for nonparticipating parties to assign interests after operations are completed.
- Compliance Clauses: Incorporates necessary federal compliance information relevant to the operations.
When to use this form
This form should be used when a well must undergo various operations such as drilling, deepening, or sidetracking to maintain a lease or unitized area. It is essential in scenarios where one or more parties need to protect their interests in oil and gas assets, especially when there is a risk that interests may revert to third parties or when regulatory compliance is needed.
Who this form is for
- Operators of oil and gas leases who need to conduct well operations.
- Parties involved in joint operating agreements regarding drilling or production activities.
- Non-operators or interest holders who must be informed about proposed operations affecting their interests.
How to prepare this document
- Identify the parties involved in the agreement.
- Specify the details of the drilling operation including the location, proposed depth, and estimated costs.
- Ensure written notice is provided to all parties regarding the proposal and response deadlines.
- Outline the obligations of nonparticipating parties for assignment post-operation.
- Review federal compliance requirements relevant to the agreement.
Notarization requirements for this form
Notarization is generally not required for this form. However, certain states or situations might demand it. You can complete notarization online through US Legal Forms, powered by Notarize, using a verified video call available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to provide adequate written notice to all parties involved.
- Not specifying essential details like depth and costs of the proposed operation.
- Neglecting to respond within the designated time frame after notice is received.
- Overlooking compliance with federal laws that may apply to the operations.
Benefits of completing this form online
- Convenience of downloading and filling out the form at your own pace.
- Editability allows you to customize the form based on your specific needs.
- Access to templates drafted by licensed attorneys for reliability.
