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.
The South Dakota Joint Operating Agreement (JOB) 82 Revised is a legal document that governs the relationships and responsibilities among parties involved in oil and gas exploration and production in South Dakota. It outlines the rights and obligations of the operators, non-operators, and working interest owners in joint operations. This JOB was specifically devised for oil and gas operations in South Dakota and incorporates revisions to keep up with the changing industry standards and regulations. It provides a framework for collaboration, cost sharing, and decision-making processes in exploration and production activities. The South Dakota JOB 82 Revised establishes the roles and responsibilities of the parties involved in the joint operations. The operating party, typically referred to as the operator, controls and manages the project, while non-operators possess a working interest without the operational control. Key provisions included in the South Dakota JOB 82 Revised are: 1. Purpose and Area: Defines the geographical area under the JOB's jurisdiction and specifies the exploration and production objectives. 2. Obligations: Outlines the specific obligations of each party regarding financing, drilling programs, production operations, and environmental protection. 3. Voting and Decision-Making: Defines the decision-making processes, voting rights, and the required majority for approving significant actions, such as drilling wells or entering into major contracts. 4. Costs and Revenues: Establishes the cost-sharing mechanisms and procedures for sharing operational expenses, including drilling, production, and maintenance. It also addresses the allocation of revenue from the sale of produced oil and gas. 5. Default and Termination: Specifies the consequences and procedures in case of default or non-compliance with the agreement terms by any party. It also addresses the termination of the JOB and procedures for handling abandonment and restoration of the project area. Although the South Dakota JOB 82 Revised refers to a specific version of the agreement, there might not be distinct types or variations within this context. However, it is essential to consult legal experts or professionals in South Dakota oil and gas operations for precise information on any potential modifications or further revisions to the agreement.
