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
Texas Provisions for JOB 82 Revised are a set of provisions and clauses that are included in a Joint Operating Agreement (JOB) in the state of Texas. The JOB is a legal contract used in the oil and gas industry to govern the relationship between parties involved in the exploration, development, and production of oil and gas properties. These provisions are specific to JOB 82 Revised, which refers to the 1982 revised version of the JOB template commonly used in Texas. The provisions outline the responsibilities, rights, and obligations of the parties involved, including the operator and non-operator parties. Some key provisions covered in Texas Provisions for JOB 82 Revised include: 1. Operator's Role: The provisions outline the responsibilities and authority of the operator, who is responsible for managing the operations of the project. This includes defining the operator's decision-making powers, reporting requirements, and financial responsibilities. 2. Drilling Obligation: The provisions determine the drilling obligations of the parties involved, specifying the number of wells to be drilled, the timing of the drilling, and the allocation of costs related to drilling and completion operations. 3. Cost and Revenue Allocation: Texas Provisions for JOB 82 Revised also address the allocation of costs and revenues among the parties. This includes sharing expenses such as drilling costs, operating costs, and expenses incurred for equipment and infrastructure. It also outlines how revenues from oil and gas production will be distributed among the participants. 4. Accounting and Auditing: The provisions include provisions for accounting and auditing, ensuring transparency and accuracy in financial records. This helps in resolving any disputes related to financial matters promptly. 5. Force Mature: The provisions may include force majeure clauses, which address the occurrence of unforeseen events that may impact the ability to perform obligations under the JOB. This clause may provide protection against liabilities in the event of natural disasters, war, strikes, or other unpredictable circumstances. 6. Dispute Resolution: Texas Provisions for JOB 82 Revised may also outline the procedures for dispute resolution, such as negotiation, mediation, or arbitration, in case of disagreements or conflicts between the parties. It's worth noting that there may be variations of Texas Provisions for JOB 82 Revised tailored to suit the specific needs of different oil and gas projects. However, the general principles and objectives of these provisions remain consistent across different agreements. In summary, Texas Provisions for JOB 82 Revised are a set of clauses and provisions included in the Joint Operating Agreement to govern the relationship, responsibilities, and obligations of the parties involved in oil and gas operations in Texas. These provisions cover various aspects of the project, including drilling obligations, cost and revenue allocation, accounting, dispute resolution, and more.
