US Legal Forms
Declaration of Pooled Unit For Oil and Gas

Exhibit A To A Decalration Of Pooling

Name: Declaration of Pooled Unit For Oil and Gas
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.58 (380 reviews)

Category:

Oil Gas and Minerals - Pooling and Unitization

State:

Multi-State

Control #:

US-OG-374

Format:

Instant download

Description

This declaration is executed by the Operatorand filed of record for the purpose of exercising the pooling authority granted to the Lessee in the Leases, and giving notice of the Lands comprising the Unit established by Operator.

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FAQ

It also records a "Declaration of Pooling" or similarly named document in the land records office at the local Courthouse. The declaration shows the boundaries of the pooling unit and identifies all the landowners and amount of property each landowner actually has in the unit.

As noted above, while pooling focuses on efficiently combining lands for the purpose of obtaining a drilling permit to drill a single well, unitization focuses on the combination of interests covering a larger area to facilitate development of all or part of a common source of supply (i.e. a field/reservoir).

Statutes require the Commission to prorate to reduce waste. Proration means all producers will share the pain.

Forced Pooling (sometimes called Statutory or Compulsory Pooling) is a legal mechanism that allows oil and gas operators to drill wells when they are unable to get 100% of the mineral interests to commit to support the drilling of a well.

A Pugh Clause is meant to prevent a lessee from declaring all lands under an oil and gas lease as being held by production, even if production only occurs on a fraction of the property.

Once a Pooling Order is entered, you will receive a copy of the Order, which will state your options as an owner of an interest in the unit. Typically, the Order will afford you a number of options of a cash bonus and royalty payments on production based on the fair market value of your interest.

Pooling Clause: Joining the Leased Land with Other Land The area formed is called a pool or sometimes a pooled unit. Pooling permits the lessee to prevent waste by avoiding unnecessary drilling and to protect the correlative rights of the mineral owners in the common reservoir.

1. n. Oil and Gas Business The amount of acreage, determined by governmental authority that can be efficiently and economically drained by a well at a particular depth or horizon.

Exhibit A To A Decalration Of Pooling

Description

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FAQ

What is a declaration of pooling?

What is the difference between pooling and unitization?

What is proration in oil and gas?

What is forced pooling oil and gas lease?

What is a Pugh clause in an oil and gas lease?

What is a pooling bonus?

What is a pooling clause?

What is a proration unit in oil and gas?

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