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
South Dakota Provisions for JOB 82 Revised refer to the specific regulations and guidelines outlined in the state of South Dakota governing the Joint Operating Agreement (JOB). The JOB is an important legal document used in the oil and gas industry to govern the relationship and responsibilities between parties involved in oil and gas exploration, development, and production operations. The South Dakota Provisions for JOB 82 Revised outline various clauses and provisions that must be included in the JOB to ensure effective and fair operations for all parties involved. These provisions aim to address key aspects such as rights and obligations, financial matters, industry-standard practices, environmental considerations, and dispute resolution mechanisms. Some South Dakota Provisions for JOB 82 Revised may include: 1. Operating Committee: This provision establishes the formation of an Operating Committee which consists of representatives from each party involved in the JOB. The committee is responsible for making important operational decisions, including approving budgets, initiating drilling programs, and overseeing production operations. 2. Joint Account: The provision establishes a joint account in which all parties contribute their share of costs and expenses related to operations, such as drilling, maintenance, and production. The allocation of costs is based on each party's working interest. 3. Default and Withdrawal: This provision defines the consequences and procedures in case of default or withdrawal of any party from the JOB. It specifies the rights and responsibilities of the remaining parties and the process for resolving disputes arising from default or withdrawal. 4. Liabilities and Indemnity: This provision stipulates the liability and indemnification arrangements between the parties. It outlines the extent to which one party is liable to compensate another for losses, damages, or claims arising out of operations conducted under the JOB. 5. Force Mature: This provision addresses the allocation of risks and responsibilities when unforeseen circumstances, such as natural disasters or government actions, prevent or delay operations. It outlines the rights and obligations of parties during the force majeure period. 6. Confidentiality and Non-Disclosure: This provision emphasizes the importance of maintaining confidentiality regarding technical data, operational information, and trade secrets. It prohibits parties from disclosing such information without consent. The South Dakota Provisions for JOB 82 Revised ensure that oil and gas operations in the state adhere to specific regulations and industry practices, promoting efficiency, transparency, and fair collaboration among the parties involved. It is important for companies and individuals engaged in oil and gas activities in South Dakota to familiarize themselves with these provisions to ensure compliance and smooth operations.South Dakota Provisions for JOB 82 Revised refer to the specific regulations and guidelines outlined in the state of South Dakota governing the Joint Operating Agreement (JOB). The JOB is an important legal document used in the oil and gas industry to govern the relationship and responsibilities between parties involved in oil and gas exploration, development, and production operations. The South Dakota Provisions for JOB 82 Revised outline various clauses and provisions that must be included in the JOB to ensure effective and fair operations for all parties involved. These provisions aim to address key aspects such as rights and obligations, financial matters, industry-standard practices, environmental considerations, and dispute resolution mechanisms. Some South Dakota Provisions for JOB 82 Revised may include: 1. Operating Committee: This provision establishes the formation of an Operating Committee which consists of representatives from each party involved in the JOB. The committee is responsible for making important operational decisions, including approving budgets, initiating drilling programs, and overseeing production operations. 2. Joint Account: The provision establishes a joint account in which all parties contribute their share of costs and expenses related to operations, such as drilling, maintenance, and production. The allocation of costs is based on each party's working interest. 3. Default and Withdrawal: This provision defines the consequences and procedures in case of default or withdrawal of any party from the JOB. It specifies the rights and responsibilities of the remaining parties and the process for resolving disputes arising from default or withdrawal. 4. Liabilities and Indemnity: This provision stipulates the liability and indemnification arrangements between the parties. It outlines the extent to which one party is liable to compensate another for losses, damages, or claims arising out of operations conducted under the JOB. 5. Force Mature: This provision addresses the allocation of risks and responsibilities when unforeseen circumstances, such as natural disasters or government actions, prevent or delay operations. It outlines the rights and obligations of parties during the force majeure period. 6. Confidentiality and Non-Disclosure: This provision emphasizes the importance of maintaining confidentiality regarding technical data, operational information, and trade secrets. It prohibits parties from disclosing such information without consent. The South Dakota Provisions for JOB 82 Revised ensure that oil and gas operations in the state adhere to specific regulations and industry practices, promoting efficiency, transparency, and fair collaboration among the parties involved. It is important for companies and individuals engaged in oil and gas activities in South Dakota to familiarize themselves with these provisions to ensure compliance and smooth operations.
