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
Nebraska Provisions for JOB 82 Revised are a set of guidelines and regulations applicable to Joint Operating Agreements (Jobs) in the state of Nebraska. Jobs are contractual agreements entered into by two or more parties to jointly explore, develop, and produce oil and gas resources within a specific area or leasehold. These provisions play a crucial role in defining the rights, responsibilities, and obligations of the parties involved in operating and managing oil and gas assets in Nebraska. The Nebraska Provisions for JOB 82 Revised outline various important aspects related to the creation, execution, and administration of Jobs. This includes provisions related to ownership interests, financial matters, decision-making processes, accounting procedures, dispute resolution mechanisms, and termination provisions. One of the essential components covered by the Nebraska Provisions for JOB 82 Revised is the allocation of ownership interests. These provisions establish the percentage of ownership in the joint venture for each party involved. This is typically based on their contributions, such as investment capital, expertise, or access to resources. Financial matters are also extensively addressed in the provisions. They provide guidelines for the funding of joint operations, including exploration, drilling, development, and production activities. The provisions establish how costs are shared among the parties and how revenues from the sale of oil and gas are distributed. Decision-making processes form another crucial aspect of the Nebraska Provisions for JOB 82 Revised. They outline the procedures by which the parties make decisions related to operations, investments, and other significant activities. The provisions may require unanimous agreement for certain decisions or establish voting mechanisms based on the ownership interests of the parties involved. Accounting procedures are detailed within the provisions to ensure transparency and accuracy in financial reporting. This includes guidelines for maintaining records, auditing requirements, and the distribution of financial statements among the parties. To address potential disputes that may arise during the course of joint operations, the Nebraska Provisions for JOB 82 Revised also include dispute resolution mechanisms. These provisions typically provide options for negotiation, mediation, or arbitration to settle disputes between the parties. In case either party wishes to terminate the JOB, the provisions stipulate the procedure for termination, including the distribution of assets and the settlement of any remaining financial obligations or liabilities. While the Nebraska Provisions for JOB 82 Revised offers a comprehensive framework for joint operations in the state, it is important to note that different types of Jobs may exist. Variations may arise depending on factors such as the specific locations, resource types, and individual preferences of the parties involved. Some common types of Jobs in Nebraska include: 1. Area of Mutual Interest (AMI) JOB: This type of JOB focuses on a specific geographical area, allowing for the joint exploration and development of resources within the designated boundaries. 2. Farm out JOB: In this type of JOB, the primary working interest owner (the Armor) agrees to assign or transfer a portion of their working interest to another party (the Farmer) in exchange for the Farmer's undertaking of certain obligations, such as drilling or completing a well. 3. Participation JOB: This JOB allows non-operating interest owners to participate in exploration and/or development activities undertaken by the operator. Parties may contribute capital or expertise and reap the benefits proportionate to their ownership interests. Overall, the Nebraska Provisions for JOB 82 Revised outline the necessary guidelines and frameworks for joint operations in the state, providing a basis for efficient and fair collaboration among parties interested in exploring, developing, and producing oil and gas resources.Nebraska Provisions for JOB 82 Revised are a set of guidelines and regulations applicable to Joint Operating Agreements (Jobs) in the state of Nebraska. Jobs are contractual agreements entered into by two or more parties to jointly explore, develop, and produce oil and gas resources within a specific area or leasehold. These provisions play a crucial role in defining the rights, responsibilities, and obligations of the parties involved in operating and managing oil and gas assets in Nebraska. The Nebraska Provisions for JOB 82 Revised outline various important aspects related to the creation, execution, and administration of Jobs. This includes provisions related to ownership interests, financial matters, decision-making processes, accounting procedures, dispute resolution mechanisms, and termination provisions. One of the essential components covered by the Nebraska Provisions for JOB 82 Revised is the allocation of ownership interests. These provisions establish the percentage of ownership in the joint venture for each party involved. This is typically based on their contributions, such as investment capital, expertise, or access to resources. Financial matters are also extensively addressed in the provisions. They provide guidelines for the funding of joint operations, including exploration, drilling, development, and production activities. The provisions establish how costs are shared among the parties and how revenues from the sale of oil and gas are distributed. Decision-making processes form another crucial aspect of the Nebraska Provisions for JOB 82 Revised. They outline the procedures by which the parties make decisions related to operations, investments, and other significant activities. The provisions may require unanimous agreement for certain decisions or establish voting mechanisms based on the ownership interests of the parties involved. Accounting procedures are detailed within the provisions to ensure transparency and accuracy in financial reporting. This includes guidelines for maintaining records, auditing requirements, and the distribution of financial statements among the parties. To address potential disputes that may arise during the course of joint operations, the Nebraska Provisions for JOB 82 Revised also include dispute resolution mechanisms. These provisions typically provide options for negotiation, mediation, or arbitration to settle disputes between the parties. In case either party wishes to terminate the JOB, the provisions stipulate the procedure for termination, including the distribution of assets and the settlement of any remaining financial obligations or liabilities. While the Nebraska Provisions for JOB 82 Revised offers a comprehensive framework for joint operations in the state, it is important to note that different types of Jobs may exist. Variations may arise depending on factors such as the specific locations, resource types, and individual preferences of the parties involved. Some common types of Jobs in Nebraska include: 1. Area of Mutual Interest (AMI) JOB: This type of JOB focuses on a specific geographical area, allowing for the joint exploration and development of resources within the designated boundaries. 2. Farm out JOB: In this type of JOB, the primary working interest owner (the Armor) agrees to assign or transfer a portion of their working interest to another party (the Farmer) in exchange for the Farmer's undertaking of certain obligations, such as drilling or completing a well. 3. Participation JOB: This JOB allows non-operating interest owners to participate in exploration and/or development activities undertaken by the operator. Parties may contribute capital or expertise and reap the benefits proportionate to their ownership interests. Overall, the Nebraska Provisions for JOB 82 Revised outline the necessary guidelines and frameworks for joint operations in the state, providing a basis for efficient and fair collaboration among parties interested in exploring, developing, and producing oil and gas resources.
