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
Iowa Provisions For JOB 82 Revised refer to the specific guidelines and regulations set by the state of Iowa regarding the Joint Operating Agreement (JOB) version 82 that has been revised. This agreement serves as a contractual framework for oil and gas companies operating in Iowa, outlining various provisions that govern their operations. The JOB 82 Revised provisions in Iowa cover several important aspects related to oil and gas operations. These include: 1. Rights and Obligations: The JOB 82 Revised specifies the rights and obligations of the operating and non-operating parties involved in oil and gas ventures within the state. It defines their roles, responsibilities, and decision-making powers to ensure efficient and fair operation. 2. Cost Sharing and Joint Expenses: This provision outlines in detail how the costs associated with exploration, drilling, production, and other joint activities will be shared among the parties involved. It specifies the mechanisms for calculating, billing, and reconciling these costs. 3. Area of Mutual Interest (AMI): The JOB 82 Revised defines the boundaries and limitations of the Area of Mutual Interest where the parties have the right of first refusal on new lease acquisitions. It provides guidelines for determining the boundaries and regulating any subsequent transactions within this area. 4. Operations and Management: This section outlines the requirements for conducting operations, including drilling, well testing, production, and decommissioning activities. It covers safety protocols, environmental considerations, and regulatory compliance measures that must be adhered to by the operators. 5. Default and Dispute Resolution: In the event of a default or dispute arising between the parties, the JOB 82 Revised specifies the process for resolution. It may involve negotiation, mediation, or arbitration, providing a fair and transparent mechanism to settle disagreements. 6. Assignment and Transfers: This provision governs the process of assigning or transferring interests in the project, ensuring compliance with regulatory requirements and obtaining necessary approvals from the relevant authorities. 7. Termination and Abandonment: The JOB 82 Revised sets forth guidelines for terminating the agreement and abandoning operations. It covers requirements for plugging and abandoning wells, site restoration, and the redistribution of assets among the parties. These provisions may differ based on the specific type of joint operating agreement in Iowa. Some variations may include: 1. JOB 82 Production Sharing Agreement (PSA): This type of agreement may be utilized when there is a sharing of production among the participating parties based on predetermined percentages or formulas. 2. JOB 82 Unitization Agreement: In cases where multiple leases or working interests need to be consolidated into a single operational unit, a JOB 82 Unitization Agreement may be employed. This agreement outlines the processes, procedures, responsibilities, and sharing mechanisms for the unitized operations. 3. JOB 82 Farm out Agreement: A farm out agreement occurs when one party agrees to transfer a portion of its working interest to another party in exchange for that party drilling and testing a well. JOB 82 Revised provisions pertaining to farm out agreements govern the terms of the transfer and the subsequent operations. In summary, the Iowa Provisions For JOB 82 Revised comprise a comprehensive set of guidelines for oil and gas companies involved in joint ventures. These regulations ensure smooth operations, cost-sharing, dispute resolution, and compliance with environmental and safety standards. The specific provisions may vary depending on the type of agreement such as Production Sharing Agreement, Unitization Agreement, or Farm out Agreement.
