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
Arkansas Provision For JOB 82 Revised refers to the legal framework outlined in Arkansas state law that governs the terms and conditions for Joint Operating Agreements (JOB) in the oil and gas industry. A JOB is a contractual arrangement between two or more parties that outlines their rights, responsibilities, and obligations related to the exploration, development, and production of oil and gas resources within a specific geographic area. Under the Arkansas Provisions For JOB 82 Revised, numerous key clauses and provisions are typically included to ensure fair and equitable cooperation between the parties involved. These provisions may vary depending on the specific circumstances of the agreement, but they generally cover the following aspects: 1. Purpose: The JOB defines the purpose and objectives of the agreement, including the identification of the specific oil or gas field or area of mutual interest to be operated. 2. Parties: The agreement identifies the parties involved, including the operator, non-operators, and working interest owners, and specifies their respective roles and responsibilities. 3. Obligations: The JOB outlines the legal obligations and responsibilities of each party, such as financing commitments, drilling obligations, and work program requirements. 4. Accounting: The agreement establishes the accounting procedures, reporting, and audit requirements, ensuring transparency and accurate financial management of the project. 5. Decision-making: The JOB defines the decision-making process, including voting rights, consultation procedures, and dispute resolution mechanisms among the parties. 6. Costs and Expenses: The allocation and reimbursement of costs and expenses related to operations, development, and maintenance of the oil or gas field are addressed within the agreement. 7. Default and Termination: The provisions determine the consequences and remedies in cases of default, bankruptcy, or termination of the agreement, including the transfer of interests and liabilities. Different types of Arkansas Provisions For JOB 82 Revised can be categorized based on their specific industry applications or modifications. Some potential variations may include: 1. Conventional Oil and Gas JOB: This type of agreement applies to the exploration and production of conventional oil and gas reserves, typically found in well-established fields with traditional extraction methods. 2. Unconventional Oil and Gas JOB: This category covers agreements related to the extraction of unconventional resources such as shale gas, tight oil, or coaled methane. These resources require specialized drilling techniques, including hydraulic fracturing and horizontal drilling. 3. Offshore JOB: This classification refers to agreements that govern oil and gas operations in offshore areas, such as the Gulf of Mexico or other coastal waters adjacent to Arkansas. 4. Enhanced Recovery JOB: This type of JOB specifically addresses joint operations aimed at maximizing oil and gas production through techniques like water flooding, gas injection, or other enhanced recovery methods. It is important to note that the specific names and types of Arkansas Provisions For JOB 82 Revised may vary across different jurisdictions or oil and gas companies operating within the state. Therefore, it is advisable to consult legal professionals or refer to the relevant state statutes and regulations for accurate and up-to-date information.
