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
Nevada Provisions for JOB 82 Revised: Overview and Different Types The Nevada Provisions for JOB 82 Revised refer to a set of regulations and guidelines that are specific to joint operating agreements (Jobs) in the state of Nevada. These provisions encompass various aspects and essential clauses to ensure smooth and efficient collaboration between parties involved in joint operations. 1. Purpose: The primary objective of the Nevada Provisions for JOB 82 Revised is to establish clear rules and procedures for all stakeholders engaged in joint ventures related to oil, gas, mining, or other natural resource development projects within the state. 2. Definition: Under the Nevada Provisions, a JOB is defined as a contractual agreement between two or more parties having a common interest in a particular property, aiming to jointly explore, develop, and produce resources while sharing costs, risks, and profits based on agreed proportions. 3. Operator Appointments: The provisions specify guidelines for appointing an operator, who assumes responsibility for executing day-to-day operations, managing funds, maintaining compliance, and performing decision-making duties as outlined in the JOB. 4. Operating Committee: One important aspect highlighted in the Nevada Provisions is the creation of an operating committee to oversee the entire joint operation. This committee includes representatives from each working interest owner and holds regular meetings to discuss project progress, resolve disputes, and make collective decisions related to exploration, drilling, or production activities. 5. Accounting and Auditing: The provisions detail requirements for financial accounting and auditing procedures to ensure transparency and accuracy in financial reporting. Clear guidelines are set for cost allocation, expense reimbursement, invoicing, and sharing of revenues among parties. 6. Default and Non-Default Procedures: In cases of default, the provisions outline the actions that can be taken, such as imposing penalties, suspending voting rights, or carrying out legal proceedings. Non-default procedures are also established to promote dispute resolution through negotiations, mediation, or arbitration. 7. Assignment and Transfers: The Nevada Provisions for JOB 82 Revised provide regulations for assignment and transfers of interests, enabling parties to sell, assign, or transfer their ownership stake in the joint venture. These regulations ensure that such transactions comply with legal requirements and maintain the integrity of the JOB. Different Nevada Provisions for JOB 82 Revised There are no specific subtypes or versions of the Nevada Provisions for JOB 82 Revised identified within the given context. However, it is worth noting that the provisions may be subject to periodic amendments or revisions to address emerging industry trends, technological advancements, or legal considerations. Therefore, stakeholders should remain updated with the latest versions and comply with the corresponding Nevada regulations governing joint operating agreements.
