This form of declaration provides notice that the unit owner pools, unitizes, and combines the Unit Leases, including all renewals, extensions, ratifications, and amendments of the Unit Leases and the lands covered by those Leases and the mineral and/or royalty estates in the lands subject to the Leases into a unit for the exploration, development, and production of oil, gas, and associated hydrocarbons (the Unit ).
The Arkansas Declaration of Pooled Unit — Long Form is a legal document used in the state of Arkansas to establish a pooled unit for oil and gas exploration and extraction. It outlines the details and terms of pooling multiple tracts of land together as a single unit, allowing for efficient and effective resource development. The Declaration starts by identifying the parties involved, including the operator who proposes the formation of the pooled unit and the interested parties who own the mineral rights and leases within the proposed unit. It specifies the location and boundaries of the unit, along with the formation depth and target formation for oil and gas operations. This document includes provisions for the allocation of costs and revenues among the pooled unit participants. It outlines the expenses associated with drilling, testing, and operating the wells within the unit, as well as the division of production and royalties among the participants based on their respective ownership interests. In addition, the Declaration of Pooled Unit — Long Form addresses voting rights and decision-making processes within the unit. It describes how various matters, such as future drilling plans, capital expenditures, and amendments to the pooling agreement, are to be decided, often through weighted voting based on the participants' acreage contributions. There are different types of Arkansas Declaration of Pooled Unit — Long Form, which can vary based on the specific terms and conditions mentioned in the document. For instance, some declarations may include special provisions for horizontal drilling or enhanced recovery techniques. Others may outline the requirements for voluntary or compulsory pooling of undeveloped or unleashed lands within the unit. Overall, the Arkansas Declaration of Pooled Unit — Long Form serves as a vital legal instrument in oil and gas operations, facilitating the efficient and organized exploration and production of hydrocarbon resources from multiple tracts of land. It protects both the interests of the operators and the mineral rights owners, ensuring fair distribution of costs, revenues, and decision-making responsibilities.The Arkansas Declaration of Pooled Unit — Long Form is a legal document used in the state of Arkansas to establish a pooled unit for oil and gas exploration and extraction. It outlines the details and terms of pooling multiple tracts of land together as a single unit, allowing for efficient and effective resource development. The Declaration starts by identifying the parties involved, including the operator who proposes the formation of the pooled unit and the interested parties who own the mineral rights and leases within the proposed unit. It specifies the location and boundaries of the unit, along with the formation depth and target formation for oil and gas operations. This document includes provisions for the allocation of costs and revenues among the pooled unit participants. It outlines the expenses associated with drilling, testing, and operating the wells within the unit, as well as the division of production and royalties among the participants based on their respective ownership interests. In addition, the Declaration of Pooled Unit — Long Form addresses voting rights and decision-making processes within the unit. It describes how various matters, such as future drilling plans, capital expenditures, and amendments to the pooling agreement, are to be decided, often through weighted voting based on the participants' acreage contributions. There are different types of Arkansas Declaration of Pooled Unit — Long Form, which can vary based on the specific terms and conditions mentioned in the document. For instance, some declarations may include special provisions for horizontal drilling or enhanced recovery techniques. Others may outline the requirements for voluntary or compulsory pooling of undeveloped or unleashed lands within the unit. Overall, the Arkansas Declaration of Pooled Unit — Long Form serves as a vital legal instrument in oil and gas operations, facilitating the efficient and organized exploration and production of hydrocarbon resources from multiple tracts of land. It protects both the interests of the operators and the mineral rights owners, ensuring fair distribution of costs, revenues, and decision-making responsibilities.
