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.
West Virginia Joint Operating Agreement 82 Revised (WV JOB 82 Revised) is a legally binding contract established between multiple parties operating within the oil and gas industry in the state of West Virginia. This agreement serves as a framework for collaboration, coordination, and decision-making among the participating parties, commonly known as the "contracting parties." The WV JOB 82 Revised outlines the rights, obligations, and responsibilities of each contracting party involved in the exploration, development, and production of oil and/or gas resources within a specific geographical area or leasehold. It provides a structured approach to address potential disputes, cost-sharing arrangements, and risk allocation in these operations. The WV JOB 82 Revised typically identifies the participating parties, including operators and non-operators, and defines their roles and responsibilities. The operator, generally an experienced and qualified company, leads the operations and manages the day-to-day activities, while non-operators contribute financially without direct operational control. This agreement covers various aspects, including: 1. Administration: The WV JOB 82 Revised establishes a Joint Operating Committee (JOC) responsible for overseeing and coordinating all activities. The JOC comprises representatives from each contracting party, ensuring mutual decision-making and compliance with applicable laws and regulations. 2. Objectives: It outlines the specific objectives and scope of work that the contracting parties aim to achieve collectively. These objectives might include exploration, drilling, well production, reservoir management, and joint marketing efforts. 3. Working Interests: The agreement defines the working interests of each party involved in the project, indicating their percentage ownership in the operations and production. Working interests determine how costs, revenues, and profits are shared among the contracting parties. 4. Joint Account: The WV JOB 82 Revised establishes a joint account to manage financial matters related to the project. It details the procedures for allocating and settling costs, such as land acquisition, geological and geophysical studies, drilling operations, equipment purchases, and marketing expenses. 5. Voting and Decision-Making: The agreement specifies the provisions for voting on significant issues, such as well locations, drilling programs, significant expenses, and development plans. Typically, contracting parties have voting rights proportional to their working interests. It is worth noting that there may be various other types of Joint Operating Agreements (Jobs) in West Virginia, each catering to specific circumstances or project requirements. These agreements can differ in terms of variations to the standard WV JOB 82 Revised, modifications to clauses, or inclusion of additional provisions tailored to unique situations, geographical locations, or reserved rights. Some examples of the different types of Jobs in West Virginia include JOB Farm out Agreement, JOB Unitization Agreement, JOB Production Sharing Agreement, JOB Farm-In Agreement, and JOB Area-of-Mutual-Interest Agreement. These specific Jobs address different aspects, such as property rights, acreage contributions, sharing of production or costs, well operations, and cooperation within specific geographic areas. In summary, the West Virginia Joint Operating Agreement 82 Revised serves as the foundation for collaboration and operation within the oil and gas industry. With its detailed provisions, it ensures smooth coordination, efficient decision-making, and equitable sharing of costs and benefits among the contracting parties involved.
