This operating agreement is used when the parties to the Agreement are owners of oil and gas leases and/or oil and gas interests in the land identified in Exhibit A to the agreement, and have reached an agreement to explore and develop these leases and/or oil and gas interests for the production of oil and gas to the extent and as provided for in this Agreement.
California Joint Operating Agreement 82 Revised, also known as JOB 82 Revised, is a legal document that governs the terms and conditions of joint oil and gas operations in the state of California. It provides a framework for cooperation and shared expenses between two or more parties involved in exploration, drilling, production, and development activities within a specific area or field. One of the key objectives of California JOB 82 Revised is to allocate the rights, duties, and interests of each participating party in a fair and equitable manner. It outlines the responsibilities of the operator, who is primarily responsible for managing and conducting the operations. The agreement includes provisions for decision-making, voting rights, cost-sharing, and dispute resolution among the participants to ensure smooth operations and minimize conflicts. California JOB 82 Revised may include different types or variations depending on specific circumstances or project requirements. Some types of JOB that fall under this revised agreement are: 1. Exploration and Production JOB: This type of JOB is formed when two or more parties collaborate to explore for and develop hydrocarbon resources within a specific area or lease. It covers activities like seismic surveys, drilling exploratory wells, and establishing production facilities. 2. Development and Production JOB: This type of JOB is entered into when parties want to jointly develop and produce hydrocarbon reserves after the exploratory phase. It involves activities such as drilling development wells, constructing production infrastructure, and implementing production plans. 3. Operating JOB: This type of JOB is focused on the ongoing management, operation, and maintenance of the oil and gas field. It addresses the day-to-day activities, cost allocation, work programs, and reporting requirements necessary for efficient operations. 4. Farm-out or Farm-in JOB: This type of JOB is used when one party wants to acquire an interest or relinquish its interest in an oil and gas project. It involves the transfer of a participating party's rights, duties, and financial obligations to another party. California JOB 82 Revised is essential in the oil and gas industry as it provides a cohesive legal framework for multiple parties to work together effectively, maximize exploration and production potential, and mitigate risks. By specifying the participants' rights, responsibilities, and procedures, this agreement ensures a structured approach and minimizes conflicts that may arise during joint operations.
