This form provides for the reassignment of interests in the event a well is required to be drilled, deepened, reworked, plugged back, sidetracked, or recompleted, or any other operation that may be required in order to (1) continue a Lease or Leases in force and effect, or (2) maintain a unitized area or any portion of it in and to any Oil and/or Gas and other interest which may be owned by a third party or which, failing in the operation, may revert to a third party, or (3) comply with an order issued by a regulatory body
Alabama Provisions for JOB 82 Revised, also known as the Alabama Joint Operating Agreement (JOB) 82 Revised, is a legal framework outlining the specific terms and conditions for the joint operation of oil and gas fields in the state of Alabama. This agreement governs the cooperative efforts among oil and gas companies for the exploration, development, and production of hydrocarbon resources. The Alabama Provisions for JOB 82 Revised play a crucial role in facilitating the efficient and effective management of joint operations, ensuring that all parties involved are protected and have a clear understanding of their rights and responsibilities. This agreement sets out guidelines for decision-making, profit sharing, liability, and dispute resolution, among other important aspects. Some key provisions covered under Alabama Provisions for JOB 82 Revised include: 1. Ownership and Interests: This section defines the ownership interests of each party involved in the joint operations, specifying the percentage of ownership and the contributions made by each party. 2. Management and Operation: It outlines the procedure for the appointment of an Operator, who is responsible for managing the day-to-day operations. This provision also covers the Operator's authority, responsibilities, and limitations. 3. Cost and Expense Allocation: The JOB defines how the costs and expenses related to exploration, drilling, operation, maintenance, and abandonment will be allocated among the parties involved. It establishes guidelines and formulas for cost sharing, ensuring fairness and transparency. 4. Risk and Liability: This provision addresses the distribution of risk and liability among the parties. It outlines the procedures for handling environmental damage, personal injuries, and the indemnification of each party against claims arising from the joint operations. 5. Accounting and Audit: This section outlines the accounting procedures, financial reporting requirements, and auditing processes to ensure accurate record-keeping and transparency in financial matters. 6. Default and Termination: It sets out the conditions under which a party can be considered in default, the remedies available to other parties, and the process for terminating the agreement. The Alabama Provisions for JOB 82 Revised are designed to provide a fair and efficient framework for the joint exploration, development, and production of oil and gas resources. They promote collaboration among oil and gas companies while safeguarding their interests and ensuring compliance with applicable laws and regulations. It is important to note that there may be other versions or revisions of the Alabama Provisions for JOB, such as JOB 92 or JOB 2010. These updated versions may include additional or modified provisions based on evolving industry standards, technological advancements, or legal requirements. Each version aims to address the specific needs and challenges of joint operations in Alabama.
