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
Cook Illinois Provisions for JOB 82 Revised refer to a set of guidelines and agreements that govern the operation of joint operating agreements (JOB) within the Cook County region in Illinois. A JOB is a contractual arrangement between two or more parties to jointly explore, develop, and operate oil and gas properties. These provisions are designed to regulate the rights, responsibilities, and obligations of the parties involved. The Cook Illinois Provisions for JOB 82 Revised encompass several key aspects, including but not limited to: 1. Ownership and Participation: These provisions detail the rights and interests of each party involved in the JOB 82 Revised. This includes the ownership percentages, capital contributions, and any changes or transfers in ownership that may occur. 2. Operating Obligations: The provisions outline the responsibilities and duties of the operator, who is responsible for managing the day-to-day activities of the joint venture. This includes drilling operations, maintenance, environmental compliance, and reporting requirements. 3. Decision-Making Process: The JOB 82 Revised provides a framework for making important decisions related to the joint venture. It includes provisions for the approval of budgets, work plans, drilling programs, and major operational decisions. The decision-making process ensures that all parties have a say in key matters and that there is a consensus on important actions. 4. Cost Allocation: These provisions define how costs and expenses incurred during the exploration, development, and production stages will be allocated among the parties. This includes provisions for the sharing of operating costs, capital expenditures, and any excess costs or liabilities. Types of Cook Illinois Provisions for JOB 82 Revised: 1. Standard JOB: This is the most common type of joint operating agreement used in the Cook County region. It specifies the general terms and conditions applicable to a wide range of oil and gas exploration and production projects. 2. Modified JOB: Some joint ventures may require modifications to the standard provisions to address specific circumstances or unique conditions. These modifications could include adjustments to ownership percentages, cost allocations, or operating obligations. 3. Specialized JOB: In certain cases, specialized provisions may be required to accommodate specific requirements or industry regulations. These JOB versions may be tailored for specific projects, such as offshore drilling or unconventional resource development. Overall, the Cook Illinois Provisions for JOB 82 Revised provide a comprehensive framework for joint operating agreements in Cook County, Illinois. They ensure that all parties involved have a clear understanding of their rights, responsibilities, and financial commitments, fostering efficient operations and minimizing potential conflicts.Cook Illinois Provisions for JOB 82 Revised refer to a set of guidelines and agreements that govern the operation of joint operating agreements (JOB) within the Cook County region in Illinois. A JOB is a contractual arrangement between two or more parties to jointly explore, develop, and operate oil and gas properties. These provisions are designed to regulate the rights, responsibilities, and obligations of the parties involved. The Cook Illinois Provisions for JOB 82 Revised encompass several key aspects, including but not limited to: 1. Ownership and Participation: These provisions detail the rights and interests of each party involved in the JOB 82 Revised. This includes the ownership percentages, capital contributions, and any changes or transfers in ownership that may occur. 2. Operating Obligations: The provisions outline the responsibilities and duties of the operator, who is responsible for managing the day-to-day activities of the joint venture. This includes drilling operations, maintenance, environmental compliance, and reporting requirements. 3. Decision-Making Process: The JOB 82 Revised provides a framework for making important decisions related to the joint venture. It includes provisions for the approval of budgets, work plans, drilling programs, and major operational decisions. The decision-making process ensures that all parties have a say in key matters and that there is a consensus on important actions. 4. Cost Allocation: These provisions define how costs and expenses incurred during the exploration, development, and production stages will be allocated among the parties. This includes provisions for the sharing of operating costs, capital expenditures, and any excess costs or liabilities. Types of Cook Illinois Provisions for JOB 82 Revised: 1. Standard JOB: This is the most common type of joint operating agreement used in the Cook County region. It specifies the general terms and conditions applicable to a wide range of oil and gas exploration and production projects. 2. Modified JOB: Some joint ventures may require modifications to the standard provisions to address specific circumstances or unique conditions. These modifications could include adjustments to ownership percentages, cost allocations, or operating obligations. 3. Specialized JOB: In certain cases, specialized provisions may be required to accommodate specific requirements or industry regulations. These JOB versions may be tailored for specific projects, such as offshore drilling or unconventional resource development. Overall, the Cook Illinois Provisions for JOB 82 Revised provide a comprehensive framework for joint operating agreements in Cook County, Illinois. They ensure that all parties involved have a clear understanding of their rights, responsibilities, and financial commitments, fostering efficient operations and minimizing potential conflicts.
