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
Louisiana Provisions For JOB 82 Revised refer to specific clauses and provisions incorporated within a Joint Operating Agreement (JOB) that are applicable in the state of Louisiana, USA. The JOB 82 Revised is a standardized agreement used in the oil and gas industry for joint ventures and outlines the rights, obligations, and responsibilities of the parties involved in exploration, production, and development activities. Here are some keywords and different types of Louisiana Provisions For JOB 82 Revised: 1. JOB 82 Revised: The term refers to the specific version of the Joint Operating Agreement document used in Louisiana. 2. Joint Operating Agreement (JOB): The JOB is a contractual agreement between two or more parties (operators and non-operators) to define their working relationship and governance structure in exploration and production projects. 3. Louisiana Oil and Gas Industry: These provisions are specifically tailored to suit the unique characteristics of the oil and gas industry in Louisiana. 4. Exploration and Production Activities: The provisions address various aspects of exploration, drilling, production, and related activities. 5. Rights and Interests: The JOB defines the rights and interests of each party involved, including their respective ownership shares, voting rights, and decision-making authority. 6. Financial Provisions: The JOB outlines financial obligations, such as fund allocation, payment procedures, and cost recovery mechanisms. 7. Operator's Responsibilities: These provisions detail the responsibilities of the operator, including operations management, compliance with regulations, and reporting requirements. 8. Non-Operator's Rights: The JOB incorporates provisions to safeguard the rights of non-operators, such as the right to receive timely information and financial statements. 9. Default and Termination: These provisions establish the conditions under which a party may default, leading to potential termination of the agreement. 10. Governing Law: Since the provisions relate specifically to Louisiana, they are governed by the applicable state laws. The Louisiana Provisions For JOB 82 Revised are crucial in ensuring clear communication, equitable sharing of costs and benefits, risk mitigation, and efficient decision-making within joint ventures operating in the Louisiana oil and gas industry.
