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
South Carolina Provisions for JOB 82 Revised refer to the specific regulations and guidelines set forth by the state of South Carolina for Joint Operating Agreements (JOB), with particular reference to revisions made in JOB 82. A JOB is a legal document that outlines the rights and responsibilities of multiple parties who come together to explore, develop, and operate an oil or gas property. The South Carolina Provisions for JOB 82 Revised cover various aspects of joint operating agreements, ensuring fairness and cooperation among the involved parties. These provisions are designed to protect the interests of all parties, oversee the operations efficiently, and mitigate potential disputes. Some key South Carolina Provisions for JOB 82 Revised are: 1. Ownership Rights: These provisions define the ownership interests of the working interest owners, emphasizing their proportional shares and rights to profits. 2. Decision-Making Process: The regulations outline the decision-making process within the JOB, including voting rights and requirements for implementing major operational decisions. 3. Financial Obligations: The provisions specify the financial responsibilities of each party involved, including funding exploration activities, drilling operations, and resolving monetary disputes. 4. Operating Committee: South Carolina Provisions set guidelines for establishing and managing the operating committee, which oversees and coordinates the operations, making collective decisions for the project. 5. Operator's Role and Obligations: The regulations define the role and obligations of the designated operator, including their responsibilities, authority, and liabilities in managing the project. 6. Audit and Reporting: South Carolina Provisions ensure transparency and accountability by requiring regular audits and comprehensive reporting of the operations, expenses, and revenues. 7. Dispute Resolution: The provisions provide guidelines for resolving conflicts or disputes arising among the parties involved, encouraging negotiation, mediation, or arbitration to find amicable solutions. It's important to note that while JOB 82 Revised is a comprehensive framework, there may not be distinct types of South Carolina Provisions for JOB 82 Revised. However, South Carolina may periodically update and revise these provisions to align with industry standards, technological advancements, or legal requirements. Overall, South Carolina Provisions for JOB 82 Revised serve as a framework to ensure transparent, fair, and cooperative operations within the state's oil and gas industry, benefiting all parties involved in joint ventures.
