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
New York Provisions for JOB 82 Revised, also known as the Joint Operating Agreement (JOB), is a legally binding contract commonly used in the oil and gas industry. This agreement outlines the rights, responsibilities, and obligations of multiple parties involved in the exploration, development, and production of oil and gas resources in the state of New York. The JOB 82 Revised contains various provisions and clauses, each serving a specific purpose to ensure effective collaboration and protection of the parties involved. Some key provisions under the New York Provisions for JOB 82 Revised include: 1. Operating Committee: This provision establishes an Operating Committee consisting of representatives from each party to oversee and make decisions regarding the operations. It outlines the composition, voting rights, and decision-making processes within the committee. 2. Obligations and Responsibilities: The JOB 82 Revised specifies the obligations and responsibilities of each party, such as funding requirements for operations, adhering to safety regulations, and providing accurate reports and records. 3. Financial Matters: This provision covers financial aspects, including how costs, revenues, and profits are shared among the parties. It outlines the procedures for invoicing, payment, audits, and disputes related to financial matters. 4. Default and Termination: The JOB 82 Revised includes provisions addressing default by any party, including consequences, remedies, and dispute resolution mechanisms. It also outlines the conditions under which the agreement can be terminated, either in whole or in part. 5. Assignment and Change of Control: This provision sets out the procedures and restrictions for assigning or transferring interests under the agreement. It also covers situations involving a change in control of any party and the rights and obligations associated with it. 6. Drilling and Development: The JOB 82 Revised encompasses provisions related to drilling operations, including the selection of sites, casing requirements, testing procedures, and decision-making regarding well exploration and development. 7. Governing Law and Jurisdiction: This provision determines that the agreement is governed by the laws of the state of New York and establishes the jurisdiction of the relevant courts in case of disputes or legal actions. The New York Provisions for JOB 82 Revised may vary in terms of specific clauses, additional provisions, or modifications made to suit the unique requirements of each agreement. However, the aforementioned provisions are commonly found in such agreements to ensure clarity, cooperation, and effective management of oil and gas operations. Overall, the New York Provisions for JOB 82 Revised serve as a comprehensive framework designed to protect the rights and interests of all parties involved in oil and gas exploration and production activities in the state of New York.
