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
Missouri Provisions For JOB 82 Revised, also known as the Missouri Revised Joint Operating Agreement (JOB) 1982 version, is an important legal document that governs the relationship between oil and gas operators working on jointly owned properties in the state of Missouri. This agreement outlines the rights, responsibilities, and obligations of all parties involved in the exploration, development, and production of mineral resources. The Missouri Provisions For JOB 82 Revised establishes the framework for collaboration and cooperation among operators within a specific area or location. It ensures that all operators adhere to certain standards, procedures, and guidelines to maximize efficiency, reduce operational conflicts, and minimize potential risks. This document helps in the smooth functioning of operations while safeguarding the interests of all parties involved. Under the Missouri Provisions For JOB 82 Revised, there are different types of provisions and clauses that address various aspects related to joint operations. Some key provisions include: 1. Governance and Management: This section defines the roles and responsibilities of the operators, their voting rights, and decision-making procedures. It outlines the process for appointing an operator or an operating committee responsible for managing day-to-day operations. 2. Exploration and Production: This section outlines the processes related to the exploration, development, and production of hydrocarbon resources. It includes provisions for seismic surveys, drilling operations, well completion, stimulation, and production testing. 3. Cost and Revenue Sharing: The agreement provides provisions for the allocation of costs and revenues among the operators. It establishes how the various expenses related to joint operations, including drilling, maintenance, and facility construction, will be shared and reimbursed. 4. Assignment and Transfers: The agreement also includes provisions related to the assignment and transfer of operator ship or working interests. It outlines the conditions and procedures for the purchase, sale, or transfer of interests in the joint venture. 5. Default and Termination: This section defines the circumstances under which the agreement can be terminated and the process for resolving disputes among the operators. It also provides provisions for addressing defaults, breaches, and non-compliance with the agreed-upon terms. The Missouri Revised Joint Operating Agreement (JOB) 1982 version aims to establish a fair and equitable relationship among operators, promoting collaboration, risk-sharing, and efficient resource utilization. It ensures that oil and gas operations in Missouri abide by standardized practices while protecting the rights and interests of operators within the joint venture. In summary, the Missouri Provisions For JOB 82 Revised is a comprehensive legal document that governs joint operations in the oil and gas sector in Missouri. It provides guidelines for the effective management of joint venture projects, ensuring smooth collaboration, risk mitigation, and optimal resource utilization.
