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
Oakland Michigan Provisions for JOB 82 Revised are a set of guidelines and regulations applicable to Joint Operating Agreements (Jobs) in Oakland County, Michigan. These provisions ensure efficient and effective collaboration among oil and gas operators in the county. Here is a detailed description of what Oakland Michigan Provisions for JOB 82 Revised entail: 1. Purpose: The provisions aim to establish a framework for cooperation and coordination among oil and gas operators within Oakland County, Michigan. They ensure the fair allocation of costs, responsibilities, and risks involved in joint operations for exploration, extraction, production, and transportation of oil and gas resources. 2. Participating Parties: Oakland Michigan Provisions for JOB 82 Revised define the participating parties in a JOB, which typically include oil and gas companies holding interest in the county's oil and gas fields. These parties collaborate and pool their resources to achieve operational efficiency and maximize production. 3. Scope: The provisions outline the scope of joint operations, including the geographic area where the JOB applies, types of operations permitted, and the specific resources targeted for exploration and production. For instance, the provisions may cover drilling, well completion, infrastructure development, and production enhancement activities. 4. Allocation of Costs and Interests: One significant aspect of Oakland Michigan Provisions for JOB 82 Revised is the provision for cost allocation and determination of interests. These provisions establish how costs related to exploration, development, and production are distributed among the parties involved. They also define the proportional ownership interests of each party in the production activities and the distribution of proceeds. 5. Governance and Decision-Making Process: To ensure smooth collaboration, the provisions outline the governance structure of the JOB, including the establishment of a Joint Operating Committee (JOC). The JOC, composed of representatives from participating parties, makes important decisions related to operations, budgeting, and strategic planning. The provisions may also define voting rights and dispute resolution mechanisms. 6. Insurance and Risk Management: To mitigate potential risks, the Oakland Michigan Provisions for JOB 82 Revised may include provisions for insurance coverage, risk assessment, and liability sharing arrangements. These provisions aim to protect the parties involved from unforeseen events, environmental liabilities, and other operational risks. 7. Confidentiality and Information Sharing: Given the proprietary nature of the oil and gas industry, the provisions may include clauses on confidentiality and information sharing. These clauses protect sensitive data, ensuring that parties involved in joint operations do not disclose confidential information to unauthorized individuals or competitors. It is important to note that while this description provides a general overview of Oakland Michigan Provisions for JOB 82 Revised, specific details may vary depending on the actual regulations and agreements adopted.Oakland Michigan Provisions for JOB 82 Revised are a set of guidelines and regulations applicable to Joint Operating Agreements (Jobs) in Oakland County, Michigan. These provisions ensure efficient and effective collaboration among oil and gas operators in the county. Here is a detailed description of what Oakland Michigan Provisions for JOB 82 Revised entail: 1. Purpose: The provisions aim to establish a framework for cooperation and coordination among oil and gas operators within Oakland County, Michigan. They ensure the fair allocation of costs, responsibilities, and risks involved in joint operations for exploration, extraction, production, and transportation of oil and gas resources. 2. Participating Parties: Oakland Michigan Provisions for JOB 82 Revised define the participating parties in a JOB, which typically include oil and gas companies holding interest in the county's oil and gas fields. These parties collaborate and pool their resources to achieve operational efficiency and maximize production. 3. Scope: The provisions outline the scope of joint operations, including the geographic area where the JOB applies, types of operations permitted, and the specific resources targeted for exploration and production. For instance, the provisions may cover drilling, well completion, infrastructure development, and production enhancement activities. 4. Allocation of Costs and Interests: One significant aspect of Oakland Michigan Provisions for JOB 82 Revised is the provision for cost allocation and determination of interests. These provisions establish how costs related to exploration, development, and production are distributed among the parties involved. They also define the proportional ownership interests of each party in the production activities and the distribution of proceeds. 5. Governance and Decision-Making Process: To ensure smooth collaboration, the provisions outline the governance structure of the JOB, including the establishment of a Joint Operating Committee (JOC). The JOC, composed of representatives from participating parties, makes important decisions related to operations, budgeting, and strategic planning. The provisions may also define voting rights and dispute resolution mechanisms. 6. Insurance and Risk Management: To mitigate potential risks, the Oakland Michigan Provisions for JOB 82 Revised may include provisions for insurance coverage, risk assessment, and liability sharing arrangements. These provisions aim to protect the parties involved from unforeseen events, environmental liabilities, and other operational risks. 7. Confidentiality and Information Sharing: Given the proprietary nature of the oil and gas industry, the provisions may include clauses on confidentiality and information sharing. These clauses protect sensitive data, ensuring that parties involved in joint operations do not disclose confidential information to unauthorized individuals or competitors. It is important to note that while this description provides a general overview of Oakland Michigan Provisions for JOB 82 Revised, specific details may vary depending on the actual regulations and agreements adopted.
