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
Washington Provisions for JOB 82 Revised refer to the set of guidelines and regulations established in the state of Washington concerning the Joint Operating Agreement (JOB) signed by participating oil and gas companies. The JOB 82 Revised offers a comprehensive framework to govern the rights, obligations, and provisions associated with the exploration, development, and production of oil and gas resources in the state. The Washington Provisions for JOB 82 Revised outline various crucial aspects, including the roles and responsibilities of the operating company and non-operating participants, decision-making processes, cost-sharing arrangements, and dispute resolution mechanisms. These provisions ensure a fair and efficient collaboration between companies involved in the joint venture while protecting the interests of all parties involved. In Washington, there are multiple types of provisions available within the JOB 82 Revised, depending on the specific requirements and circumstances of the joint venture: 1. Operating Obligations and Decision-Making: — Working Interest: Defines the percentage of ownership and contribution for each participating company, ensuring a fair distribution of costs and profits. — Operator's Authority: Establishes the authority and responsibilities of the company designated as the operator, including the right to make operational decisions and incur costs on behalf of the venture. 2. Cost and Expense Allocations: — Capital Costs: Specifies how joint venture partners will share the expenses related to exploration, drilling, and infrastructure development. — Operating Costs: Outlines the allocation of ongoing expenses, such as maintenance, administration, and equipment. 3. Production and Revenue: — Production Entitlement: Defines how oil and gas production will be shared among the participating companies, considering their working interest percentages. — Revenue Sharing: Determines how gross revenue generated from the sale of produced resources will be distributed among the joint venture partners. 4. Default and Termination: — Default Provisions: Sets guidelines for addressing situations where a party fails to fulfill its obligations or breaches the JOB terms. — Termination: Outlines conditions under which the joint venture can be dissolved, including voluntary withdrawal or bankruptcy of a participating company. The Washington Provisions for JOB 82 Revised aim to regulate and promote a transparent and mutually beneficial relationship between oil and gas companies operating in the state. These provisions ensure clarity, stability, and fairness in the exploration and production processes while minimizing conflicts and disputes. It is essential for companies engaged in joint ventures in Washington to carefully comply with these provisions to maintain a successful and sustainable partnership.
