Colorado Ratification of Unit Agreement (By Interest Owner)
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How to fill out Ratification Of Unit Agreement (By Interest Owner)?
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FAQ
?Many land professionals are confused about what is a vertical and what is a horizontal pugh clause. LEGALLY ? a vertical pugh clause is one where all acreage outside of the well/unit boundaries must be released. LEGALLY ? a horizontal pugh clause is one where you must release acreage below a certain depth.
A Pugh clause is designed to restrict the acreage that one well holds to only the acreage that is within the production unit, which is covered by that well.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
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] ...
§ 3217.11 What are communitization agreements? Under communitization agreements (also called drilling agreements), operators who cannot independently develop separate tracts due to well-spacing or well development programs may cooperatively develop such tracts.
A retained-acreage provision requires the lessee to release land not assigned to a producing well (or active drilling/ reworking operations) at the end of the primary term. Unlike a Pugh clause, this has nothing to do with pooling/ unitization.
Usually added to the lease as an addendum, the pugh clause provides that at the end of the primary term (typically five years) the lease will terminate as to any acreage outside of a production unit.
A phrase (usually contained in a Pugh clause in an oil & gas lease) that terminates the lease after the primary term as to all formations below a particular depth typically defined as the stratigraphic equivalent of the base of the deepest producing formation in the unit.
