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
Travis Texas Provisions for JOB 82 Revised are specific rules and regulations outlined in a joint operating agreement (JOB) related to the oil and gas industry in Travis County, Texas. These provisions are designed to govern the operations, rights, and responsibilities of the parties involved in the agreement. They ensure effective collaboration, risk sharing, and compliance with applicable laws and regulations in the designated area. Some key provisions covered in Travis Texas Provisions for JOB 82 Revised include: 1. Ownership and Interests: This section clarifies the ownership and working interests of the parties involved in the JOB. It outlines the percentage of ownership and the responsibilities of each party for the exploration, development, and production phases. 2. Operations and Decision-Making: These provisions establish guidelines for conducting operations, including drilling, completing wells, and transportation of materials. It defines decision-making processes, voting rights, and the appointment of an operator responsible for managing day-to-day operations. 3. Financial Provisions: Travis Texas Provisions for JOB 82 Revised includes financial arrangements such as cost allocation, reimbursement, and auditing procedures. It ensures that costs incurred during exploration, drilling, and production are fairly distributed among the parties according to their respective ownership interests. 4. Title and Liens: This section addresses issues related to the verification of title and the resolution of any liens or encumbrances on the properties involved in the JOB. It ensures clear title ownership and mitigates financial risks associated with the transfer of assets. 5. Insurance and Indemnity: These provisions focus on risk management and liability. They require all parties to maintain appropriate insurance coverage for their operations and establish indemnification procedures to protect against claims and losses resulting from the activities conducted under the JOB. 6. Default and Dispute Resolution: Travis Texas Provisions for JOB 82 Revised outline the consequences and processes for defaulting on obligations within the agreement. It also establishes mechanisms for resolving disputes, including arbitration or mediation, to avoid costly litigation. It's worth mentioning that the Travis Texas Provisions for JOB 82 Revised may have different versions or variations depending on specific circumstances or industry standards. However, the core elements mentioned above are often common in most joint operating agreements in Travis County, Texas.Travis Texas Provisions for JOB 82 Revised are specific rules and regulations outlined in a joint operating agreement (JOB) related to the oil and gas industry in Travis County, Texas. These provisions are designed to govern the operations, rights, and responsibilities of the parties involved in the agreement. They ensure effective collaboration, risk sharing, and compliance with applicable laws and regulations in the designated area. Some key provisions covered in Travis Texas Provisions for JOB 82 Revised include: 1. Ownership and Interests: This section clarifies the ownership and working interests of the parties involved in the JOB. It outlines the percentage of ownership and the responsibilities of each party for the exploration, development, and production phases. 2. Operations and Decision-Making: These provisions establish guidelines for conducting operations, including drilling, completing wells, and transportation of materials. It defines decision-making processes, voting rights, and the appointment of an operator responsible for managing day-to-day operations. 3. Financial Provisions: Travis Texas Provisions for JOB 82 Revised includes financial arrangements such as cost allocation, reimbursement, and auditing procedures. It ensures that costs incurred during exploration, drilling, and production are fairly distributed among the parties according to their respective ownership interests. 4. Title and Liens: This section addresses issues related to the verification of title and the resolution of any liens or encumbrances on the properties involved in the JOB. It ensures clear title ownership and mitigates financial risks associated with the transfer of assets. 5. Insurance and Indemnity: These provisions focus on risk management and liability. They require all parties to maintain appropriate insurance coverage for their operations and establish indemnification procedures to protect against claims and losses resulting from the activities conducted under the JOB. 6. Default and Dispute Resolution: Travis Texas Provisions for JOB 82 Revised outline the consequences and processes for defaulting on obligations within the agreement. It also establishes mechanisms for resolving disputes, including arbitration or mediation, to avoid costly litigation. It's worth mentioning that the Travis Texas Provisions for JOB 82 Revised may have different versions or variations depending on specific circumstances or industry standards. However, the core elements mentioned above are often common in most joint operating agreements in Travis County, Texas.
