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
Utah Provisions for JOB 82 Revised are specific regulations and guidelines that govern joint operating agreements (Jobs) in the state of Utah. Jobs are legal contracts through which multiple parties collaborate and share resources, risks, and benefits in the exploration, development, and production of oil and gas or other natural resources. The objective of these provisions is to ensure efficient and fair operations, protect the rights of all parties involved, and mitigate potential disputes. These provisions have been revised under JOB 82 to address the changing dynamics of the oil and gas industry and to account for the unique characteristics of the Utah region. The revisions aim to optimize the exploration and production processes while safeguarding the environment and maintaining compliance with state and federal regulations. Some key aspects addressed by the Utah Provisions for JOB 82 Revised include: 1. Area of Mutual Interest (AMI): JOB 82 Revised outlines the specific geographical boundaries within which the joint operations can take place. This provision helps define the scope of the agreement and prevents conflicts with other competing interests. 2. Ownership Interests: The revised provisions clarify the ownership interests of each party involved in the JOB. This includes the initial participating interests, subsequent acquisitions or divestitures, and any changes that may occur during the term of the agreement. 3. Operating Committee: The JOB establishes an operating committee composed of representatives from each participating party. This committee is responsible for making key operational decisions, managing resources, and resolving disputes. The revised provisions outline the roles, responsibilities, and decision-making processes of the operating committee. 4. Cost and Expense Allocation: The revised JOB establishes guidelines for allocating costs and expenses associated with exploration, drilling, completion, and production activities. This helps ensure fairness and transparency in financial matters. 5. Environmental and Regulatory Compliance: The Utah Provisions for JOB 82 Revised emphasize compliance with environmental regulations, health and safety standards, and other applicable laws. This includes measures to prevent environmental damage, regulate waste management, and address any potential liabilities. It's worth mentioning that while the focus here is on Utah Provisions for JOB 82 Revised, it's always prudent to consult the specific provisions and agreements in place as requirements may vary. It's important for parties involved in joint operating agreements in Utah to understand and adhere to these provisions in order to foster a mutually beneficial and legally compliant partnership. Note: I couldn't find any specific types of Utah Provisions for JOB 82 Revised as the information available is limited.
