This operating agreement is used when the parties to the Agreement are owners of oil and gas leases and/or oil and gas interests in the land identified in Exhibit A to the agreement, and have reached an agreement to explore and develop these leases and/or oil and gas interests for the production of oil and gas to the extent and as provided for in this Agreement.
Title: Understanding the Ohio Joint Operating Agreement 82 Revised: Types and Key Components Introduction: The Ohio Joint Operating Agreement 82 Revised (JOB 82 Revised) is a legal arrangement commonly utilized in the oil and gas industry. It outlines the collaborative working relationship between two or more entities operating in the state of Ohio. This comprehensive agreement establishes the rights, responsibilities, and profit sharing arrangements between the parties involved in joint exploration, drilling, production, and development activities. In this article, we will delve into the details of the Ohio Joint Operating Agreement 82 Revised, including its various types and significant components. Types of Ohio Joint Operating Agreement 82 Revised: 1. Traditional JOB 82 Revised: This is the standard type of agreement that covers the exploration, extraction, and production of oil and gas resources between multiple operators within predefined geographic areas in Ohio. 2. Unit Agreement JOB 82 Revised: This agreement is specific to the development of a particular area, known as a "unit," in which the participating operators collectively pool their resources, share costs, and distribute revenue based on each participant's stake in the unit area. 3. Specialized JOB 82 Revised: Certain agreements may be tailored to meet specific and unique requirements of complex projects, incorporating additional provisions, objectives, or obligations that deviate from the traditional or unit variants. Key Components of Ohio Joint Operating Agreement 82 Revised: 1. Parties Involved: Clearly identifies and establishes the entities involved in the agreement, defining their roles, responsibilities, and ownership interests. 2. Purpose and Scope: Articulates the specific objectives, terms, and geographical boundaries within which the agreement will be applied. 3. Operating Plan: Outlines the plan of operations, including exploration, drilling, production, and development activities, as well as safety procedures and environmental considerations. 4. Joint Account: Establishes a central account to manage financial transactions related to the operations, including the allocation of costs, revenues, and expenditures. 5. Title Examination: Ensures clear ownership rights to the oil and gas properties under consideration, outlining the process for title examination and resolving any disputes. 6. Default and Dispute Resolution: Specifies the provisions for addressing breaches, default situations, and mechanisms for dispute resolution, may include arbitration or mediation processes. 7. Indemnity and Insurance: Addresses liability concerns by defining insurance requirements and indemnification obligations between the parties. 8. Confidentiality: Outlines the measures and limitations concerning the disclosure, protection, and use of confidential information obtained during the agreement. 9. Governing Law and Jurisdiction: Identifies the governing law under which the agreement will be interpreted and adjudicated, as well as the jurisdiction within Ohio. Conclusion: The Ohio Joint Operating Agreement 82 Revised is a crucial legal document that regulates the collaborative efforts among oil and gas operators in Ohio. This article outlined the different types of JOB 82 Revised agreements, such as the traditional, unit, and specialized variants. Additionally, it highlighted the key components that form the foundation of any JOB 82 Revised, including parties involved, operating plan, joint accounting, and dispute resolution mechanisms. Understanding the intricacies of this agreement ensures efficient resource utilization, fair profit sharing, and a harmonious working relationship among operators in Ohio's oil and gas industry.
