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
Los Angeles California Provisions For JOB 82 Revised is a set of provisions that govern a Joint Operating Agreement (JOB) in Los Angeles, California. These provisions were revised in accordance with JOB 82 guidelines to ensure effective and transparent operations between parties involved in oil and gas exploration and production activities within the city. The Los Angeles California Provisions For JOB 82 Revised outline the rights, responsibilities, and obligations of all parties to the agreement, including operators, non-operators, and working interest owners. These provisions are crucial for maintaining regulatory compliance, risk management, and resolving disputes that may arise during the course of operations. Some key provisions included in Los Angeles California Provisions For JOB 82 Revised are: 1. Operations: This provision outlines the process for conducting operations, including drilling, completion, and production activities. It establishes procedures for obtaining permits, adhering to environmental regulations, and ensuring the safety of all personnel involved. 2. Cost Sharing: Los Angeles California Provisions For JOB 82 Revised provide guidelines for sharing costs associated with exploration, drilling, and production, including expenses for equipment, labor, and maintenance. It ensures that all parties contribute their fair share based on their working interest ownership. 3. Decision-Making: This provision establishes a framework for making key operational decisions, including the appointment of an operator, approval of work programs, budgets, and major expenditures. It outlines the voting rights of each party and mechanisms for resolving disputes or deadlocks. 4. Accounting and Auditing: Los Angeles California Provisions For JOB 82 Revised includes provisions for maintaining accurate accounting records, including revenue distribution, expense reimbursement, and audits to ensure transparency and fairness among parties involved. 5. Default and Termination: This provision outlines the consequences and remedies in case of default, non-performance, or breach of the agreement by any party. It provides mechanisms for enforcement, termination, or withdrawal from the JOB when necessary. It's worth noting that Los Angeles California Provisions For JOB 82 Revised may vary slightly depending on the specific project or agreement. Different types of provisions may exist based on the nature of the joint operations, the extent of the working interest ownership, and specific requirements mandated by regulatory bodies. To ensure compliance with local regulations and industry standards, it is important to consult legal experts and review the specific provisions outlined in the Los Angeles California Provisions For JOB 82 Revised for a particular project or agreement.Los Angeles California Provisions For JOB 82 Revised is a set of provisions that govern a Joint Operating Agreement (JOB) in Los Angeles, California. These provisions were revised in accordance with JOB 82 guidelines to ensure effective and transparent operations between parties involved in oil and gas exploration and production activities within the city. The Los Angeles California Provisions For JOB 82 Revised outline the rights, responsibilities, and obligations of all parties to the agreement, including operators, non-operators, and working interest owners. These provisions are crucial for maintaining regulatory compliance, risk management, and resolving disputes that may arise during the course of operations. Some key provisions included in Los Angeles California Provisions For JOB 82 Revised are: 1. Operations: This provision outlines the process for conducting operations, including drilling, completion, and production activities. It establishes procedures for obtaining permits, adhering to environmental regulations, and ensuring the safety of all personnel involved. 2. Cost Sharing: Los Angeles California Provisions For JOB 82 Revised provide guidelines for sharing costs associated with exploration, drilling, and production, including expenses for equipment, labor, and maintenance. It ensures that all parties contribute their fair share based on their working interest ownership. 3. Decision-Making: This provision establishes a framework for making key operational decisions, including the appointment of an operator, approval of work programs, budgets, and major expenditures. It outlines the voting rights of each party and mechanisms for resolving disputes or deadlocks. 4. Accounting and Auditing: Los Angeles California Provisions For JOB 82 Revised includes provisions for maintaining accurate accounting records, including revenue distribution, expense reimbursement, and audits to ensure transparency and fairness among parties involved. 5. Default and Termination: This provision outlines the consequences and remedies in case of default, non-performance, or breach of the agreement by any party. It provides mechanisms for enforcement, termination, or withdrawal from the JOB when necessary. It's worth noting that Los Angeles California Provisions For JOB 82 Revised may vary slightly depending on the specific project or agreement. Different types of provisions may exist based on the nature of the joint operations, the extent of the working interest ownership, and specific requirements mandated by regulatory bodies. To ensure compliance with local regulations and industry standards, it is important to consult legal experts and review the specific provisions outlined in the Los Angeles California Provisions For JOB 82 Revised for a particular project or agreement.
