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
Kansas Provisions for JOB 82 Revised is the revised version of the Joint Operating Agreement (JOB) specific to the oil and gas industry in the state of Kansas. This agreement outlines the contractual terms and conditions that governing parties must adhere to when jointly operating oil and gas assets in Kansas. The provisions within JOB 82 Revised are designed to regulate the rights, obligations, and responsibilities of each party involved in the joint operation. Keywords: Kansas, Provisions, JOB, 82 Revised, Joint Operating Agreement, oil and gas industry, contractual terms, conditions, governing parties, jointly operating, assets, rights, obligations, responsibilities. The Kansas Provisions for JOB 82 Revised encompass various types of provisions that address different aspects of the joint operating agreement, which may include: 1. Ownership and Management: This section defines the ownership percentages and interests of each party in the joint operation, along with the manner in which the assets will be managed. 2. Joint Operations: The JOB 82 Revised outlines the guidelines for carrying out joint operations, including drilling, exploration, development, production, and abandonment activities. 3. Costs and Expenses: This provision describes how costs and expenses incurred during the joint operation will be allocated among the parties. It may include details on capital expenditures, operational costs, administrative expenses, and contribution obligations. 4. Decision-making: The Kansas Provisions for JOB 82 Revised specify the decision-making process within the joint operation, including voting rights, required majority for decision-making, consent requirements, and dispute resolution mechanisms. 5. Accounting and Audit: This section outlines the accounting procedures and principles to be followed, including the preparation of financial statements, audits, and reporting requirements. 6. Insurance and Risk Management: The provisions related to insurance and risk management address the obligations of parties to obtain appropriate insurance coverage and allocate risks associated with the joint operation. 7. Default and Termination: This provision clarifies the circumstances under which a party may default on its obligations, as well as the consequences and remedies for such defaults. It also outlines the termination procedures for the JOB. These are some key types of provisions that may be covered under the Kansas Provisions for JOB 82 Revised. It is important for the parties involved in joint oil and gas operations in Kansas to thoroughly understand and comply with these provisions to ensure a smooth and efficient operation while mitigating risk and potential disputes.
