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.
A Delaware Joint Operating Agreement 82 Revised (JOB 82 Revised) is a legal contract that governs the relationship and cooperation between multiple parties involved in the exploration, development, and production of oil and gas properties in the state of Delaware, United States. Drafted specifically for the Delaware Basin, JOB 82 Revised outlines the rights, responsibilities, and obligations of the participating parties, aiming to ensure smooth operations and mitigate potential disputes. The Delaware JOB 82 Revised serves as a crucial framework for joint ventures undertaken by oil and gas companies, providing a clear and comprehensive guideline for sharing costs, profits, risks, and decision-making processes. This legally binding agreement facilitates collaboration, efficiency, and accountability among the operators, working interest owners, and non-operators involved in oil and gas ventures in the Delaware Basin. The key features of the Delaware JOB 82 Revised encompass various aspects such as: 1. Objectives and Definitions: The agreement starts by stating the purpose, objectives, and definitions of the key terms to establish a common understanding among the parties involved. 2. Ownership and Interests: JOB 82 Revised defines the ownership percentages and working interests of each party involved, ensuring a fair distribution of rights, liabilities, and rewards. 3. Obligations and Operations: The agreement outlines the obligations and roles of each party, including the operator responsible for managing day-to-day operations. It also covers drilling operations, maintenance, environmental compliance, and reporting requirements to maintain operational efficiency. 4. Costs, Expenses, and Allocations: JOB 82 Revised establishes the mechanism for sharing costs and expenses incurred during exploration, drilling, production, and other related activities. The agreement provides a detailed breakdown of each party's financial responsibilities, cash calls, and evaluation processes. 5. Default and Dispute Resolution: In case of default or breach of agreement by any party, the JOB 82 Revised specifies the consequences, remedies, and dispute resolution procedures. These provisions help in resolving conflicts efficiently, minimizing disruption to ongoing operations. It's important to note that there can be different revisions or versions of the Delaware Joint Operating Agreement, such as JOB 82 Revised 2002, JOB 82 Revised 2010, or JOB 82 Revised 2018. Each revision may address specific regulatory or operational changes, incorporating new clauses or adjustments to align with evolving industry practices and legal requirements. In conclusion, the Delaware JOB 82 Revised is a comprehensive legal contract that fosters collaboration and defines the working relationship among oil and gas companies operating in the Delaware Basin. Its purpose is to establish clear guidelines, rights, and obligations while ensuring equitable sharing of costs and benefits. Various revisions of the agreement exist to cater to the changing dynamics of the industry and to provide improved frameworks for efficient joint venture operations.A Delaware Joint Operating Agreement 82 Revised (JOB 82 Revised) is a legal contract that governs the relationship and cooperation between multiple parties involved in the exploration, development, and production of oil and gas properties in the state of Delaware, United States. Drafted specifically for the Delaware Basin, JOB 82 Revised outlines the rights, responsibilities, and obligations of the participating parties, aiming to ensure smooth operations and mitigate potential disputes. The Delaware JOB 82 Revised serves as a crucial framework for joint ventures undertaken by oil and gas companies, providing a clear and comprehensive guideline for sharing costs, profits, risks, and decision-making processes. This legally binding agreement facilitates collaboration, efficiency, and accountability among the operators, working interest owners, and non-operators involved in oil and gas ventures in the Delaware Basin. The key features of the Delaware JOB 82 Revised encompass various aspects such as: 1. Objectives and Definitions: The agreement starts by stating the purpose, objectives, and definitions of the key terms to establish a common understanding among the parties involved. 2. Ownership and Interests: JOB 82 Revised defines the ownership percentages and working interests of each party involved, ensuring a fair distribution of rights, liabilities, and rewards. 3. Obligations and Operations: The agreement outlines the obligations and roles of each party, including the operator responsible for managing day-to-day operations. It also covers drilling operations, maintenance, environmental compliance, and reporting requirements to maintain operational efficiency. 4. Costs, Expenses, and Allocations: JOB 82 Revised establishes the mechanism for sharing costs and expenses incurred during exploration, drilling, production, and other related activities. The agreement provides a detailed breakdown of each party's financial responsibilities, cash calls, and evaluation processes. 5. Default and Dispute Resolution: In case of default or breach of agreement by any party, the JOB 82 Revised specifies the consequences, remedies, and dispute resolution procedures. These provisions help in resolving conflicts efficiently, minimizing disruption to ongoing operations. It's important to note that there can be different revisions or versions of the Delaware Joint Operating Agreement, such as JOB 82 Revised 2002, JOB 82 Revised 2010, or JOB 82 Revised 2018. Each revision may address specific regulatory or operational changes, incorporating new clauses or adjustments to align with evolving industry practices and legal requirements. In conclusion, the Delaware JOB 82 Revised is a comprehensive legal contract that fosters collaboration and defines the working relationship among oil and gas companies operating in the Delaware Basin. Its purpose is to establish clear guidelines, rights, and obligations while ensuring equitable sharing of costs and benefits. Various revisions of the agreement exist to cater to the changing dynamics of the industry and to provide improved frameworks for efficient joint venture operations.
