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
Rhode Island Provisions For JOB 82 Revised refers to a set of regulations and clauses that were implemented in the state of Rhode Island for the Joint Operating Agreement (JOB) in 1982 and subsequently revised for better governance and compliance. This legal framework was enacted to streamline the operations and partnerships between companies engaged in oil and gas exploration and production activities. The Rhode Island Provisions For JOB 82 Revised contain several key elements that govern the responsibilities, rights, and obligations of the parties involved in joint operations. Some important provisions include: 1. Operating Committee: The JOB establishes an Operating Committee consisting of representatives from each party involved in the joint operation. This committee is responsible for making operational decisions, approving budgets, and addressing any issues that may arise during the project. 2. Cost Sharing: The provisions outline how the costs related to exploration, development, production, and abandonment activities will be shared among the parties involved. It ensures a fair distribution of expenses based on each party's working interest. 3. Default and Dilution: The JOB includes provisions to address situations where a party fails to contribute its share of costs or fulfill its obligations. It outlines the consequences of such defaults, including the possibility of dilution of the defaulting party's ownership interest. 4. Insurance and Indemnity: The revised provisions address insurance coverage to protect parties from liabilities arising from joint operations. It includes requirements for adequate coverage, naming of additional insured parties, and the management of claims. 5. Title Opinions: The JOB stipulates that parties must provide current and reliable opinions of title for the leased property. This ensures that all parties have clear ownership rights and can confidently proceed with exploration and production activities. 6. Confidentiality: The provisions emphasize the confidentiality of shared information and data. It requires parties to keep confidential information strictly confidential, with exceptions made only for legal or regulatory purposes. 7. Dispute Resolution: Should any disputes arise, the JOB outlines the recommended procedures for resolving conflicts among the parties. Typically, parties are encouraged to engage in negotiations and, if unsuccessful, may pursue mediation or arbitration as alternative means of resolution. Examples of the different types of Rhode Island Provisions For JOB 82 Revised may include variations tailored for specific projects or for partnerships involving different combinations of companies. Some amendments might address specific geographical areas, financial arrangements, or environmental considerations. Overall, the Rhode Island Provisions For JOB 82 Revised serve to regulate and govern joint operating agreements, ensuring clarity, fairness, and effective management of joint oil and gas exploration and production activities in Rhode Island.
