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
Arizona Provisions for JOB 82 Revised refer to specific guidelines and regulations that govern joint operating agreements (JOB) in the state of Arizona. A JOB is a legal agreement between two or more entities, commonly oil and gas companies, to collaborate and jointly conduct operations on a particular project or venture. The Arizona Provisions for JOB 82 Revised outline the terms and conditions under which these joint operations can be carried out, ensuring legal compliance, mutual understanding, and efficient management. Here are some key features and types of Arizona Provisions for JOB 82 Revised: 1. Defined Objectives and Scope: The provisions clearly articulate the purpose, goals, and scope of the joint operations, highlighting the specific project or venture that is subject to the agreement. This helps avoid any ambiguity or misunderstanding between the parties involved. 2. Operator ship and Responsibilities: The provisions outline the responsibilities and authority of the designated operator, who is typically responsible for managing the day-to-day operations, executing work programs, and making decisions on behalf of the joint venture. This section also defines the roles and obligations of non-operators. 3. Management and Decision-Making: The provisions establish a decision-making process that includes voting rights, meeting protocols, and dispute resolution mechanisms. They ensure that major decisions, such as the approval of budgets, exploration plans, or changes to the JOB, are made collectively or by a specified majority. 4. Cost Sharing and Accounting: This aspect defines how the costs associated with the joint operations will be allocated among the parties. It may include guidelines for cost estimates, accounting procedures, audits, and cost recovery mechanisms to maintain transparency and fairness. 5. Indemnification and Insurance: The provisions often include clauses related to indemnification, which protect parties from liabilities arising from the joint operations. Additionally, they may require appropriate insurance coverage and name additional insured parties. 6. Default, Termination, and Confidentiality: The provisions address various scenarios such as default situations, termination of the agreement, and the protection of confidential information. They may specify the process for resolving disputes and the consequences of breaching the agreement. 7. Exhibit A and Attachments: Many Arizona Provisions for JOB 82 Revised often include an "Exhibit A" or relevant attachments that provide further details and specifications related to the joint operations. These attachments can cover specific technical aspects, field development plans, or return on investment calculations. By adhering to Arizona Provisions for JOB 82 Revised, companies engaging in joint operating agreements ensure clear guidelines for their collaborative projects. These provisions aim to protect the interests of all parties involved, promote cooperation, and facilitate efficient decision-making throughout the project's lifecycle.
