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
New Jersey Provisions for JOB 82 Revised refer to specific laws and regulations in the state of New Jersey that pertain to the Joint Operating Agreement (JOB) revised in 1982. These provisions outline the legal framework and guidelines for the JOB agreements entered into by oil and gas companies operating in New Jersey. The JOB 82 Revised provisions in New Jersey establish the rights, obligations, and responsibilities of the co-owners of a specific oil or gas property in the state. The agreement facilitates collaboration and cost sharing among co-owners who jointly operate the property, aiming to streamline operations and maximize profitability in the oil and gas industry. Under the New Jersey Provisions for JOB 82 Revised, several key aspects are addressed to ensure the smooth functioning of joint operations. These may include: 1. Working Interests: The provisions define the ownership rights of each co-owner, known as working interests, which represent the proportionate share in the project's costs, revenues, and risks. These working interests can vary among the co-owners in accordance with their investments. 2. Operator's Roles and Responsibilities: The provisions specify the role of the designated operator, who is responsible for managing day-to-day operations, making decisions, and implementing plans outlined in the JOB. The operator's duties may encompass drilling, exploration, production, maintenance, marketing, and accounting for the project. 3. Obligations and Expenditures: The New Jersey provisions outline the manner in which co-owners contribute to the project's costs, including drilling costs, facilities development, and ongoing expenses. This includes provisions for cost recovery mechanisms, audits, and billing procedures. 4. Decision-Making: The provisions establish rules for decision-making processes within the JOB, including voting rights, quorum requirements, and the method for resolving disputes among co-owners. Major decisions like capital expenditures, drilling operations, or lease acquisitions are often subject to unanimous or super majority approval, ensuring consensus among the co-owners. 5. Duration and Termination: The provisions may detail the duration of the JOB, specifying its start date, projected lifespan, and potential extensions. Additionally, the provisions may outline circumstances under which the JOB can be terminated, typically including bankruptcy, non-performance, or breach of contractual obligations. Different types of New Jersey Provisions for JOB 82 Revised may exist based on specific amendments or variations tailored for different oil and gas projects within the state. These variations may address project-specific considerations, such as geology, environmental concerns, deepwater operations, or offshore drilling. Understanding and complying with the New Jersey Provisions for JOB 82 Revised is crucial for oil and gas companies operating in the state. Adhering to these provisions ensures that joint operations are conducted legally, efficiently, and equitably among co-owners, fostering a conducive environment for successful oil and gas production in New Jersey.New Jersey Provisions for JOB 82 Revised refer to specific laws and regulations in the state of New Jersey that pertain to the Joint Operating Agreement (JOB) revised in 1982. These provisions outline the legal framework and guidelines for the JOB agreements entered into by oil and gas companies operating in New Jersey. The JOB 82 Revised provisions in New Jersey establish the rights, obligations, and responsibilities of the co-owners of a specific oil or gas property in the state. The agreement facilitates collaboration and cost sharing among co-owners who jointly operate the property, aiming to streamline operations and maximize profitability in the oil and gas industry. Under the New Jersey Provisions for JOB 82 Revised, several key aspects are addressed to ensure the smooth functioning of joint operations. These may include: 1. Working Interests: The provisions define the ownership rights of each co-owner, known as working interests, which represent the proportionate share in the project's costs, revenues, and risks. These working interests can vary among the co-owners in accordance with their investments. 2. Operator's Roles and Responsibilities: The provisions specify the role of the designated operator, who is responsible for managing day-to-day operations, making decisions, and implementing plans outlined in the JOB. The operator's duties may encompass drilling, exploration, production, maintenance, marketing, and accounting for the project. 3. Obligations and Expenditures: The New Jersey provisions outline the manner in which co-owners contribute to the project's costs, including drilling costs, facilities development, and ongoing expenses. This includes provisions for cost recovery mechanisms, audits, and billing procedures. 4. Decision-Making: The provisions establish rules for decision-making processes within the JOB, including voting rights, quorum requirements, and the method for resolving disputes among co-owners. Major decisions like capital expenditures, drilling operations, or lease acquisitions are often subject to unanimous or super majority approval, ensuring consensus among the co-owners. 5. Duration and Termination: The provisions may detail the duration of the JOB, specifying its start date, projected lifespan, and potential extensions. Additionally, the provisions may outline circumstances under which the JOB can be terminated, typically including bankruptcy, non-performance, or breach of contractual obligations. Different types of New Jersey Provisions for JOB 82 Revised may exist based on specific amendments or variations tailored for different oil and gas projects within the state. These variations may address project-specific considerations, such as geology, environmental concerns, deepwater operations, or offshore drilling. Understanding and complying with the New Jersey Provisions for JOB 82 Revised is crucial for oil and gas companies operating in the state. Adhering to these provisions ensures that joint operations are conducted legally, efficiently, and equitably among co-owners, fostering a conducive environment for successful oil and gas production in New Jersey.
