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
Wyoming Provisions for JOB 82 Revised: A Detailed Description The Wyoming Provisions for JOB 82 Revised refer to specific provisions and regulations outlined in the Joint Operating Agreement (JOB) adopted by the state of Wyoming. These provisions govern the operations, management, and fiscal aspects of joint ventures and oil and gas activities within the state. Key Keywords: Wyoming, Provisions, JOB 82 Revised, Joint Operating Agreement, operations, management, fiscal, joint ventures, oil and gas, activities. The JOB 82 Revised is a revised version of the Joint Operating Agreement implemented by the Wyoming Oil and Gas Conservation Commission, which includes various updates and modifications to ensure compliance with the rapidly evolving industry practices, legal frameworks, and environmental standards in the state. There are several types of Wyoming Provisions for JOB 82 Revised that address different aspects of joint ventures and oil and gas activities: 1. Operational Provisions: These provisions outline the procedures and protocols required for the efficient and compliant operation of joint ventures. They cover areas such as drilling, well completion, reservoir exploitation, production techniques, equipment maintenance, and safety measures. These provisions ensure that operations are conducted in a systematic and environmentally responsible manner. 2. Financial Provisions: These provisions govern the financial aspects of joint ventures and regulate the allocation of costs, expenses, and revenues among the participating parties. They address matters related to the funding of operations, billing procedures, profit sharing, and the management of joint accounts. These provisions play a crucial role in maintaining transparency, fairness, and effective financial management within the joint ventures. 3. Administrative Provisions: These provisions lay out the administrative requirements and obligations of the joint venture parties. They cover areas such as reporting obligations, communication protocols, record-keeping, and dispute resolution mechanisms. These provisions ensure that all parties involved in the joint venture are well-informed, can communicate effectively, and have recourse to resolve any conflicts that may arise. 4. Environmental Provisions: Given the increasing emphasis on environmental stewardship, the Wyoming Provisions for JOB 82 Revised include specific provisions addressing environmental considerations. These provisions require joint venture parties to adhere to environmental regulations, conservation practices, and mitigation measures to protect natural resources. They emphasize the responsible and sustainable extraction of oil and gas resources while preserving Wyoming's unique ecosystems. In conclusion, the Wyoming Provisions for JOB 82 Revised consists of operational, financial, administrative, and environmental provisions that govern joint ventures and oil and gas activities in the state. These provisions ensure the proper management, coordination, and compliance of various aspects involved in these ventures, ultimately safeguarding both the interests of the participating parties and Wyoming's natural resources.
