The Arkansas Declaration of Pooled Unit — Short Form is a legal document that formalizes the creation of a pooled unit for oil and gas operations in the state of Arkansas. This document outlines the details of the unit and sets forth the rights and obligations of the parties involved. The purpose of the Arkansas Declaration of Pooled Unit — Short Form is to efficiently and effectively exploit oil and gas reserves by pooling together multiple tracts of land. This allows operators to extract resources more economically and share costs and profits among the unit holders. There are various types of Arkansas Declaration of Pooled Unit — Short Form, each tailored to specific circumstances and needs. Some common variations include: 1. Vertical Pooled Unit: This type of declaration establishes a pooled unit for vertical drilling operations, where the target oil and gas reserves lie in a single vertical formation. It outlines the rights and responsibilities of the parties involved, including the operator, working interest owners, and royalty owners. 2. Horizontal Pooled Unit: In cases where horizontal drilling techniques are employed, this type of declaration sets up a pooled unit encompassing multiple tracts of land to maximize the extraction of resources. It includes provisions for spacing requirements, pooling percentages, and allocation of royalties and costs. 3. Conventional Pooled Unit: This type of declaration is used in traditional oil and gas operations where vertical drilling is employed. It outlines the formation boundaries, pooling percentages, and other relevant terms and conditions for a conventional pooled unit. 4. Enhanced Recovery Pooled Unit: Enhanced oil recovery techniques, such as water flooding or CO2 injection, require a specialized declaration of pooled unit. This document includes provisions specific to enhanced recovery operations, such as injection well locations, reservoir management, and enhanced recovery plans. Regardless of the type, the Arkansas Declaration of Pooled Unit — Short Form is a vital legal instrument that facilitates collaborative and efficient oil and gas operations in the state. It ensures that all parties involved are protected and have a clear understanding of their rights and obligations within the pooled unit.
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