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
North Dakota Provisions for JOB 82 Revised refer to the specific regulations and requirements established in the state of North Dakota for the execution and management of Joint Operating Agreements (JOB) under the revised version of the JOB 82 model form. A Joint Operating Agreement (JOB) is a contractual agreement between two or more parties who jointly own and operate an oil or gas lease or field. The purpose of a JOB is to govern the relationship between the parties involved and to define their rights, responsibilities, and obligations within the exploration, drilling, production, and development activities. Keywords: North Dakota, Provisions, JOB 82 Revised, joint operating agreement, regulations, requirements, execution, management, model form, oil, gas, lease, field, exploration, drilling, production, development. Types of North Dakota Provisions for JOB 82 Revised: 1. Exploration and Development Rights: The provisions outline the extent of exploration and development rights granted to each party, including the designated areas of operation, specific blocks or tracts, and any limitations or restrictions on operations. 2. Operating Obligations: The provisions detail the rights, obligations, and responsibilities of each party regarding the operational aspects of the project. This includes drilling and well operations, production and lifting operations, surface rights, environmental compliance, and safety regulations. 3. Cost and Expense Allocations: These provisions determine how the costs and expenses related to the joint operations will be shared among the parties. This includes exploration expenses, drilling costs, operational expenditures, facility construction costs, and any additional expenses associated with the project. 4. Decision-Making and Voting Rights: The provisions outline the decision-making process and voting rights of the parties involved. This includes the procedures for approvals, consents, voting thresholds, and dispute resolution mechanisms in case of disagreements. 5. Default and Termination: These provisions define the actions and consequences in case of default or termination of the agreement. This includes events of default, remedies, termination rights, relinquishment of interests, and procedures for transferring or assigning interests to third parties. 6. Reporting and Accounting: The provisions specify the requirements for financial and operational reporting, auditing, and accounting practices. This ensures transparency and accountability among the parties involved, with provisions for sharing information and verifying financial transactions. 7. Force Mature and Liability: These provisions address unforeseen events or circumstances (force majeure) that may affect the operations and liabilities associated with such events. It includes provisions for indemnification, liability limitations, and remedies in case of force majeure events. Overall, the North Dakota Provisions for JOB 82 Revised serve as a comprehensive framework for governing joint operating agreements in the state, providing clear guidelines, rights, and obligations to facilitate effective collaboration in the exploration and development of oil and gas resources.North Dakota Provisions for JOB 82 Revised refer to the specific regulations and requirements established in the state of North Dakota for the execution and management of Joint Operating Agreements (JOB) under the revised version of the JOB 82 model form. A Joint Operating Agreement (JOB) is a contractual agreement between two or more parties who jointly own and operate an oil or gas lease or field. The purpose of a JOB is to govern the relationship between the parties involved and to define their rights, responsibilities, and obligations within the exploration, drilling, production, and development activities. Keywords: North Dakota, Provisions, JOB 82 Revised, joint operating agreement, regulations, requirements, execution, management, model form, oil, gas, lease, field, exploration, drilling, production, development. Types of North Dakota Provisions for JOB 82 Revised: 1. Exploration and Development Rights: The provisions outline the extent of exploration and development rights granted to each party, including the designated areas of operation, specific blocks or tracts, and any limitations or restrictions on operations. 2. Operating Obligations: The provisions detail the rights, obligations, and responsibilities of each party regarding the operational aspects of the project. This includes drilling and well operations, production and lifting operations, surface rights, environmental compliance, and safety regulations. 3. Cost and Expense Allocations: These provisions determine how the costs and expenses related to the joint operations will be shared among the parties. This includes exploration expenses, drilling costs, operational expenditures, facility construction costs, and any additional expenses associated with the project. 4. Decision-Making and Voting Rights: The provisions outline the decision-making process and voting rights of the parties involved. This includes the procedures for approvals, consents, voting thresholds, and dispute resolution mechanisms in case of disagreements. 5. Default and Termination: These provisions define the actions and consequences in case of default or termination of the agreement. This includes events of default, remedies, termination rights, relinquishment of interests, and procedures for transferring or assigning interests to third parties. 6. Reporting and Accounting: The provisions specify the requirements for financial and operational reporting, auditing, and accounting practices. This ensures transparency and accountability among the parties involved, with provisions for sharing information and verifying financial transactions. 7. Force Mature and Liability: These provisions address unforeseen events or circumstances (force majeure) that may affect the operations and liabilities associated with such events. It includes provisions for indemnification, liability limitations, and remedies in case of force majeure events. Overall, the North Dakota Provisions for JOB 82 Revised serve as a comprehensive framework for governing joint operating agreements in the state, providing clear guidelines, rights, and obligations to facilitate effective collaboration in the exploration and development of oil and gas resources.
