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 Mexico Provisions for JOB 82 Revised: Explained in Detail Introduction: New Mexico Provisions for JOB 82 Revised refer to the specific provisions and regulations defined by the state of New Mexico for Joint Operating Agreements (JOB) under the revised version of the agreement known as JOB 82. These provisions play a crucial role in governing and managing the exploration, development, and production of oil and gas resources in New Mexico. Below, we provide a detailed description of these provisions and outline their key features and objectives. 1. Scope and Purpose: The New Mexico Provisions for JOB 82 Revised aim to establish a comprehensive framework for joint operations between multiple parties involved in the oil and gas industry within the state. This JOB pertains to both onshore and offshore exploration and production activities administered and regulated by the New Mexico Oil Conservation Division (OCD) and the New Mexico State Land Office (SLO). 2. Mutual Rights and Responsibilities: The provisions outline the rights and responsibilities of all parties involved in a JOB 82 Revised. These typically include the operator, non-operators, working interest owners, and others holding interests in oil and gas leases or contracts. The provisions cover a wide range of aspects, such as accounting procedures, investments, decision-making processes, and liabilities. 3. Unit and Pooling Operations: New Mexico Provisions for JOB 82 Revised address unitization and pooling operations. These mechanisms allow for the efficient extraction of oil and gas from reservoirs spanning multiple leasehold or unit areas. The provisions detail the requirements, processes, and conditions for initiating and implementing unit or pooling operations, ensuring fair and equitable distribution of production and costs among the participating parties. 4. Lessor and Lessee Obligations: Specific provisions within JOB 82 Revised enumerate the obligations and duties of the lessee (operator) towards the lessor, usually the state of New Mexico or private landowners. These obligations govern matters such as lease compliance, royalty payments, environmental protection, and restoration obligations upon lease termination. 5. Dispute Resolution Mechanisms: The New Mexico Provisions for JOB 82 Revised also outline procedures for resolving disputes that may arise between parties involved in joint operations. This may include mediation, arbitration, or other mechanisms to ensure timely resolution and avoid delays or interruptions in oil and gas operations. Types of New Mexico Provisions for JOB 82 Revised: While the JOB 82 Revised is a standardized agreement, specific provisions may vary based on unique circumstances or preferences of involved parties. However, some common types of provisions encountered in New Mexico may include: 1. Surface Use and Access Rights: These provisions define the access rights and obligations related to surface operations required for exploration and production activities. 2. Obligations to Reclaim and Remediate: These provisions dictate the responsibilities and procedures for restoring leased or unitized areas to their original or agreed-upon condition after production operations cease. 3. Preferential Rights and Consents: Provisions related to preferential rights or consents might address situations where non-operators have the right to participate in drilling opportunities or where the operator requires consent before transferring its working interest to other parties. Conclusion: The New Mexico Provisions for JOB 82 Revised establish a robust legal framework for governing joint operations in the oil and gas industry within New Mexico. By addressing a wide range of operational, financial, and environmental aspects, these provisions ensure fair and efficient exploration and production activities while promoting responsible resource development. Parties entering into Jobs under these provisions must carefully review and comply with the outlined regulations to ensure successful and harmonious cooperation in New Mexico's oil and gas sector.
New Mexico Provisions for JOB 82 Revised: Explained in Detail Introduction: New Mexico Provisions for JOB 82 Revised refer to the specific provisions and regulations defined by the state of New Mexico for Joint Operating Agreements (JOB) under the revised version of the agreement known as JOB 82. These provisions play a crucial role in governing and managing the exploration, development, and production of oil and gas resources in New Mexico. Below, we provide a detailed description of these provisions and outline their key features and objectives. 1. Scope and Purpose: The New Mexico Provisions for JOB 82 Revised aim to establish a comprehensive framework for joint operations between multiple parties involved in the oil and gas industry within the state. This JOB pertains to both onshore and offshore exploration and production activities administered and regulated by the New Mexico Oil Conservation Division (OCD) and the New Mexico State Land Office (SLO). 2. Mutual Rights and Responsibilities: The provisions outline the rights and responsibilities of all parties involved in a JOB 82 Revised. These typically include the operator, non-operators, working interest owners, and others holding interests in oil and gas leases or contracts. The provisions cover a wide range of aspects, such as accounting procedures, investments, decision-making processes, and liabilities. 3. Unit and Pooling Operations: New Mexico Provisions for JOB 82 Revised address unitization and pooling operations. These mechanisms allow for the efficient extraction of oil and gas from reservoirs spanning multiple leasehold or unit areas. The provisions detail the requirements, processes, and conditions for initiating and implementing unit or pooling operations, ensuring fair and equitable distribution of production and costs among the participating parties. 4. Lessor and Lessee Obligations: Specific provisions within JOB 82 Revised enumerate the obligations and duties of the lessee (operator) towards the lessor, usually the state of New Mexico or private landowners. These obligations govern matters such as lease compliance, royalty payments, environmental protection, and restoration obligations upon lease termination. 5. Dispute Resolution Mechanisms: The New Mexico Provisions for JOB 82 Revised also outline procedures for resolving disputes that may arise between parties involved in joint operations. This may include mediation, arbitration, or other mechanisms to ensure timely resolution and avoid delays or interruptions in oil and gas operations. Types of New Mexico Provisions for JOB 82 Revised: While the JOB 82 Revised is a standardized agreement, specific provisions may vary based on unique circumstances or preferences of involved parties. However, some common types of provisions encountered in New Mexico may include: 1. Surface Use and Access Rights: These provisions define the access rights and obligations related to surface operations required for exploration and production activities. 2. Obligations to Reclaim and Remediate: These provisions dictate the responsibilities and procedures for restoring leased or unitized areas to their original or agreed-upon condition after production operations cease. 3. Preferential Rights and Consents: Provisions related to preferential rights or consents might address situations where non-operators have the right to participate in drilling opportunities or where the operator requires consent before transferring its working interest to other parties. Conclusion: The New Mexico Provisions for JOB 82 Revised establish a robust legal framework for governing joint operations in the oil and gas industry within New Mexico. By addressing a wide range of operational, financial, and environmental aspects, these provisions ensure fair and efficient exploration and production activities while promoting responsible resource development. Parties entering into Jobs under these provisions must carefully review and comply with the outlined regulations to ensure successful and harmonious cooperation in New Mexico's oil and gas sector.
