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Unit Agreement and Plan of Unitization

Virgin Islands Unit Agreement and Plan of Unitization

Category:

Oil Gas and Minerals - Pooling and Unitization

State:

Multi-State

Control #:

US-OG-738

Format:

Instant download

Description

This Agreement is entered into, between the parties subscribing, ratifying, or consenting to it. The Parties are the owners of working, royalty, or other oil and gas interests in the Unit Area subject to this Agreement.

The Mineral Leasing Act of February 25, 1920, 41 Stat. 437, as amended, 30 U.S.C., Secs. 181 et seq., authorizes Federal lessees and their representatives to unite with each other, or jointly or separately with others, in collectively adopting and operating a cooperative or unit plan of development or operation of all or any part of any oil or gas pool, field, or like area, for the purposes of more properly conserving the natural resources whenever determined and certified by the Secretary of the Interior of the United States, to be necessary or advisable in the public interest.

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FAQ

Unitization is the act of consolidating multiple smaller units into a larger unit for improved warehouse efficiency, quicker packaging and arranging, and more efficient handling and transportation.

Pooling is ?the bringing together of small tracts sufficient for the granting of a well permit under applicable spacing rules,? while unitization is ?the joint operation of all or some portion of a producing reservoir.?[1] While pooling and unitization are both used to prevent waste and protect correlative rights,[2] ...

Some of the benefits of unitization are as follows: The efficiency of cargo handling increases as heavier units can combine many smaller packages into one large package. The safety of cargo increases as cranes are used to lift the load vertically upwards using slings.

A: Unitization is the process of creating an unregistered 'fund' (similar to a mutual fund) for an investor allowing for easier support of sub-accounts ? smaller, affiliated entities that are part of a larger, main pool of assets).

Unit Agreement means any agreement for the development or operation of all or any portion of the Leased Lands with other lands as a single unit without regard to separate ownership and for the allocation of costs and benefits on a basis as defined in such agreement. Unit Agreement Definition: 144 Samples | Law Insider lawinsider.com ? dictionary ? unit-agreement lawinsider.com ? dictionary ? unit-agreement

A unitized fund is a way to pool assets from several investors often in a focused investment such as a single stock. Pensions and employee stock ownership plans (ESOPs) that offer workers company stock often use a unitized fund structure to increase efficiency in managing these shares. Unitized Fund: What it is, How it Works, Considerations - Investopedia investopedia.com ? terms ? unitized-fund investopedia.com ? terms ? unitized-fund

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