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
Minnesota Provisions for JOB 82 Revised refer to the specific regulations and provisions set forth by the state of Minnesota for Joint Operating Agreements (JOB) as per the revised version of JOB 82. These provisions outline the legal framework and guidelines governing the relationship and cooperation between multiple parties involved in oil and gas exploration and production operations within the state. The provisions of Minnesota Provision for JOB 82 Revised serve as a comprehensive guide for the parties involved, including oil and gas operators, working interest owners, non-operating interest owners, and other parties with a stake in the exploration and production activities. These provisions ensure fair practices, equitable distribution of costs and profits, and efficient operational management. Some significant components of Minnesota Provisions for JOB 82 Revised include: 1. Operational Responsibilities: The provisions outline the duties and responsibilities of all parties involved in the joint operations, specifying obligations related to drilling, testing, production, and abandonment of wells, compliance with rules and regulations, as well as environmental and safety standards. 2. Cost and Revenue Sharing: The provisions establish a framework for sharing costs incurred during exploration and production activities among the parties in proportion to their working interests. It also defines the allocation of revenues generated from the sale of oil and gas within the joint operations. 3. Decision-Making and Voting: The provisions define the decision-making process, voting procedures, and the authority granted to the operator in matters related to operations, expenditures, contracts, and material changes. The process ensures that decisions are made collectively, and the interests of all parties are taken into consideration. 4. Default and Non-Consent: The provisions address potential situations where a party fails to fulfill its financial or operational obligations or chooses not to participate in certain activities. It outlines the consequences and potential remedies available to the other parties to resolve such situations. 5. Dispute Resolution: The provisions offer mechanisms for resolving disputes that may arise among the parties by detailing alternative dispute resolution processes such as mediation, arbitration, or litigation. These provisions ensure that operations are conducted in a transparent, organized, and coordinated manner, while protecting the rights and interests of all parties involved. By adhering to Minnesota Provisions for JOB 82 Revised, operators and stakeholders can navigate the complexities of joint operations while minimizing disputes and ensuring efficient resource utilization. Different types of Minnesota Provisions for JOB 82 Revised may exist based on specific agreements between parties or additional provisions tailored to specific geological areas, environmental conditions, or industry requirements. It is essential for all parties involved to thoroughly review and understand the specific provisions within their joint operating agreement to ensure compliance and facilitate successful collaboration within Minnesota's oil and gas industry.
