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
Florida Provisions For JOB 82 Revised, also known as Joint Operating Agreement 82 Revised, is a legal framework that governs the operation of oil and gas leases and units in the state of Florida. It sets out the rights, responsibilities, and obligations of the parties involved in jointly operating these facilities. The JOB 82 Revised provisions in Florida outline various aspects, such as production, costs, and management of oil and gas operations. Some types of provisions related to JOB 82 Revised in Florida include: 1. Operating Committee: The agreement establishes an operating committee responsible for making decisions regarding the joint operations. This committee consists of representatives from all the parties involved, typically including the working interest owners. 2. Decision-Making Process: The JOB 82 Revised outlines the decision-making process, including voting procedures and quorum requirements. It ensures that major decisions, such as drilling new wells or incurring significant expenditures, are agreed upon by the parties involved. 3. Financial Provisions: This provision covers the allocation of costs and expenses incurred during joint operations. It specifies how expenses related to drilling, testing, completing wells, maintenance, and facilities upgrades are divided among the parties according to their working interests. 4. Title and Ownership: The JOB 82 Revised defines the parties' ownership interests in the oil and gas lease or unit. It also addresses issues related to title examination, securitization of interests, and transfer or assignment of working interests. 5. Insurance and Liability: It addresses insurance coverage requirements, the allocation of liabilities, and indemnification provisions. This ensures that all parties are adequately protected against potential risks and liabilities arising from joint operations. 6. Default and Termination: The provision outlines the consequences of default by any party and the procedures for resolving disputes or terminating the agreement. It addresses the remedies available to the non-defaulting parties and the process of transferring interests in case of default. 7. Confidentiality: JOB 82 Revised often includes a confidentiality provision to protect sensitive information and trade secrets shared during joint operations. It ensures that proprietary data, technical information, and business strategies remain confidential among the parties involved. These provisions, among others, define the legal framework for joint oil and gas operations in Florida under the JOB 82 Revised. They ensure the efficient and collaborative management of resources while protecting the rights and interests of all parties involved. It is essential for oil and gas companies operating in Florida to thoroughly understand and comply with these provisions to foster a successful and harmonious joint operating environment.
