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.
The Oregon Joint Operating Agreement 82 Revised (JOB 82) is a legal agreement that outlines the cooperation and partnership between two or more oil and gas companies operating within the state of Oregon. This agreement is specifically designed to facilitate joint exploration and production activities while adhering to the state's regulatory framework. JOB 82 serves as a comprehensive framework governing the rights, obligations, and responsibilities of the participating companies. It aims to promote operational efficiency, cost-effectiveness, and risk-sharing among the signatories. The agreement provides guidance on various aspects, including but not limited to drilling operations, well development, transportation, storage, marketing, and overall asset management. Under the JOB 82, there are different types of agreements that can be formed based on the nature and scope of collaboration between the companies: 1. Exploration Agreement: This type of joint operating agreement is created when participating companies decide to explore new areas for potential oil and gas reservoirs in Oregon. The agreement outlines the responsibilities and financial obligations of each party in the exploration process, including seismic surveys, geological studies, and drilling of exploratory wells. 2. Development Agreement: When oil and gas reserves are discovered and deemed commercially viable, the participating companies may enter into a Development Agreement. This agreement details the plans and strategies for extracting, producing, and developing the discovered reserves. It highlights the development timeline, drilling operations, production targets, and cost-sharing arrangements among the parties involved. 3. Production Agreement: Once production from the developed fields begins, the participating companies may establish a Production Agreement. This agreement outlines the terms for the ongoing operation, maintenance, and production activities within the designated joint operating areas. It covers aspects such as reservoir management, production optimization, allocation of produced hydrocarbons, and revenue distribution. 4. Unitization Agreement: In certain cases, the JOB 82 Revised may include provisions for Unitization Agreements. These agreements are formed when multiple separately owned oil and gas leasehold interests are consolidated into a single operational unit for more efficient reservoir management. The Unitization Agreement governs the coordinated development, production, and sharing of costs, risks, and revenues from the unitized fields. Overall, the Oregon Joint Operating Agreement 82 Revised is a crucial legal instrument that promotes collaboration between oil and gas companies operating in the state. It enables efficient resource development while adhering to environmental regulations and encourages responsible exploration, production, and management practices in the oil and gas industry.The Oregon Joint Operating Agreement 82 Revised (JOB 82) is a legal agreement that outlines the cooperation and partnership between two or more oil and gas companies operating within the state of Oregon. This agreement is specifically designed to facilitate joint exploration and production activities while adhering to the state's regulatory framework. JOB 82 serves as a comprehensive framework governing the rights, obligations, and responsibilities of the participating companies. It aims to promote operational efficiency, cost-effectiveness, and risk-sharing among the signatories. The agreement provides guidance on various aspects, including but not limited to drilling operations, well development, transportation, storage, marketing, and overall asset management. Under the JOB 82, there are different types of agreements that can be formed based on the nature and scope of collaboration between the companies: 1. Exploration Agreement: This type of joint operating agreement is created when participating companies decide to explore new areas for potential oil and gas reservoirs in Oregon. The agreement outlines the responsibilities and financial obligations of each party in the exploration process, including seismic surveys, geological studies, and drilling of exploratory wells. 2. Development Agreement: When oil and gas reserves are discovered and deemed commercially viable, the participating companies may enter into a Development Agreement. This agreement details the plans and strategies for extracting, producing, and developing the discovered reserves. It highlights the development timeline, drilling operations, production targets, and cost-sharing arrangements among the parties involved. 3. Production Agreement: Once production from the developed fields begins, the participating companies may establish a Production Agreement. This agreement outlines the terms for the ongoing operation, maintenance, and production activities within the designated joint operating areas. It covers aspects such as reservoir management, production optimization, allocation of produced hydrocarbons, and revenue distribution. 4. Unitization Agreement: In certain cases, the JOB 82 Revised may include provisions for Unitization Agreements. These agreements are formed when multiple separately owned oil and gas leasehold interests are consolidated into a single operational unit for more efficient reservoir management. The Unitization Agreement governs the coordinated development, production, and sharing of costs, risks, and revenues from the unitized fields. Overall, the Oregon Joint Operating Agreement 82 Revised is a crucial legal instrument that promotes collaboration between oil and gas companies operating in the state. It enables efficient resource development while adhering to environmental regulations and encourages responsible exploration, production, and management practices in the oil and gas industry.
