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
Kentucky Provisions for JOB 82 Revised refer to the specific set of rules and regulations put forth by the state of Kentucky in relation to Joint Operating Agreements (JOB) under the Revised 1982 model form. JOB is a legal contract that enables multiple parties to collaborate and jointly explore, develop, and produce oil, gas, or mineral resources within a specified area. These provisions outline the various terms, conditions, and responsibilities that govern parties involved in a JOB within the state of Kentucky. The provisions cover multiple aspects, including governance, financial matters, operations, drilling, well development, production, and disputes. By adhering to these provisions, the parties involved can establish a clear framework for conducting their joint operations efficiently and effectively. Here are the key categories covered within the Kentucky Provisions for JOB 82 Revised: 1. Governance: This section defines the decision-making processes, voting rights, and obligations of each party involved in the JOB. It also outlines the mechanisms for electing operators or management committees responsible for overseeing the operations. 2. Accounting and Finance: Specifies the financial aspects of the JOB, including cost-sharing arrangements, billing procedures, audits, and penalties for non-payment or disputes related to financial obligations. 3. Operations: Addresses the various operational procedures and obligations related to exploratory activities, drilling operations, well completion, well testing, and other field-related activities. It might cover areas such as site restoration, safety procedures, environmental compliance, and reporting requirements. 4. Conduct and Control: Encompasses the methods for maintaining reasonable care, conservation, and protection of resources during exploration and production operations. It can also include guidelines for data sharing, well access, and compliance with regulatory standards. 5. Title and Liens: Addresses issues related to property rights, title examination, lien rights, mortgages, and other encumbrances related to the subject area. This section ensures clarity and safeguards the interests of the parties involved. 6. Default and Termination: Specifies the events and procedures leading to termination of the JOB, including defaults, breaches, bankruptcy, or insolvency. The provisions might outline the consequences, transfer procedures, and dispute resolution mechanisms in case of termination. It is important to note that the specific content and provisions of Kentucky Provisions for JOB 82 Revised may vary depending on the needs of the parties involved, the characteristics of the subject area, and any additional amendments or local regulations.
