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 detailed description of Idaho Joint Operating Agreement 82 Revised: Idaho Joint Operating Agreement 82 Revised, commonly referred to as Idaho JOB 82 Revised, is a legal document that sets forth the terms and conditions governing the joint operation of oil and gas wells in the state of Idaho. This agreement is specifically designed to facilitate cooperation among multiple parties involved in the exploration, development, and production of oil and gas resources. The Idaho JOB 82 Revised outlines the rights, responsibilities, and obligations of the participating parties, which typically include oil and gas companies, operators, and working interest owners. It serves as a comprehensive framework to govern the joint operations, ensuring efficient resource management, cost-sharing, and risk allocation. Key provisions included in Idaho JOB 82 Revised typically cover topics such as: 1. Purpose and Scope: The agreement defines the purpose of joint operations and outlines the geographic area or specific properties to which it applies. 2. Responsibilities and Rights: It stipulates the rights, duties, and obligations of the parties involved, including the operator's role in managing and directing the operations. 3. Operations: This section outlines the operational requirements, including drilling, production, maintenance, and work over activities. It establishes standards for safety, environmental protection, and compliance with relevant laws and regulations. 4. Voting and Decision-Making: The agreement specifies the mechanism for decision-making, typically through a voting process, addressing various aspects such as approving work programs, budgets, and significant operational changes. 5. Cost and Revenue Sharing: Idaho JOB 82 Revised details the allocation of costs among the parties, including exploring, drilling, equipping wells, and any necessary restoration or remedial actions. It also addresses how revenues from oil and gas production should be distributed. 6. Default and Termination: This provision identifies the circumstances under which the agreement can be terminated or modified, as well as the consequences of default or non-compliance by any party. Types of Idaho Joint Operating Agreement 82 Revised: While Idaho JOB 82 Revised serves as a general framework for joint operations, there might be different variations or revisions tailored to specific projects or regions within the state. These variations may involve specific provisions relating to unique geological conditions, drilling techniques, or regulations applicable to a particular area. It is essential for parties entering into a joint venture agreement to carefully review and customize the agreement to suit their specific needs and circumstances while ensuring compliance with relevant regulations in Idaho. In conclusion, Idaho Joint Operating Agreement 82 Revised provides a comprehensive legal framework for the joint exploration, development, and production of oil and gas resources in Idaho. It establishes clear guidelines and standards for parties involved in joint operations, promoting efficient resource management, cost-sharing, and risk allocation while adhering to the state's regulatory requirements.A detailed description of Idaho Joint Operating Agreement 82 Revised: Idaho Joint Operating Agreement 82 Revised, commonly referred to as Idaho JOB 82 Revised, is a legal document that sets forth the terms and conditions governing the joint operation of oil and gas wells in the state of Idaho. This agreement is specifically designed to facilitate cooperation among multiple parties involved in the exploration, development, and production of oil and gas resources. The Idaho JOB 82 Revised outlines the rights, responsibilities, and obligations of the participating parties, which typically include oil and gas companies, operators, and working interest owners. It serves as a comprehensive framework to govern the joint operations, ensuring efficient resource management, cost-sharing, and risk allocation. Key provisions included in Idaho JOB 82 Revised typically cover topics such as: 1. Purpose and Scope: The agreement defines the purpose of joint operations and outlines the geographic area or specific properties to which it applies. 2. Responsibilities and Rights: It stipulates the rights, duties, and obligations of the parties involved, including the operator's role in managing and directing the operations. 3. Operations: This section outlines the operational requirements, including drilling, production, maintenance, and work over activities. It establishes standards for safety, environmental protection, and compliance with relevant laws and regulations. 4. Voting and Decision-Making: The agreement specifies the mechanism for decision-making, typically through a voting process, addressing various aspects such as approving work programs, budgets, and significant operational changes. 5. Cost and Revenue Sharing: Idaho JOB 82 Revised details the allocation of costs among the parties, including exploring, drilling, equipping wells, and any necessary restoration or remedial actions. It also addresses how revenues from oil and gas production should be distributed. 6. Default and Termination: This provision identifies the circumstances under which the agreement can be terminated or modified, as well as the consequences of default or non-compliance by any party. Types of Idaho Joint Operating Agreement 82 Revised: While Idaho JOB 82 Revised serves as a general framework for joint operations, there might be different variations or revisions tailored to specific projects or regions within the state. These variations may involve specific provisions relating to unique geological conditions, drilling techniques, or regulations applicable to a particular area. It is essential for parties entering into a joint venture agreement to carefully review and customize the agreement to suit their specific needs and circumstances while ensuring compliance with relevant regulations in Idaho. In conclusion, Idaho Joint Operating Agreement 82 Revised provides a comprehensive legal framework for the joint exploration, development, and production of oil and gas resources in Idaho. It establishes clear guidelines and standards for parties involved in joint operations, promoting efficient resource management, cost-sharing, and risk allocation while adhering to the state's regulatory requirements.
