This form is used when royalty owners are the owners of royalty and mineral interests in Tracts 1 and 2, subject to the terms of Lease 1 and Lease 2. Recognizing that each of the Royalty Owners may not own an Interest in both Tracts 1 and 2, or may not own an identical Interest in Tracts 1 and 2, it is their desire, together with Lessee, to pool and unitize these two Tracts for oil and gas operations.
A Florida Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation is a legal contract that establishes a cooperative arrangement between the lessee (oil or gas operator) and royalty owners in Florida. This agreement allows the lessee to combine or "pool" the lands owned by different individuals or entities into a single unit for the purpose of drilling and extracting oil or gas. Keywords: Florida, Pooling Agreement, Lessee, Royalty Owners, Two Tracts, Depth Limitation, Oil, Gas, Cooperative, Lands, Drilling, Extraction. There can be different variations or types of Florida Pooling Agreements, which are tailored to address specific requirements or conditions. Some of these variations may include: 1. Depth Limitation Agreement: This type of pooling agreement specifically outlines the maximum depth at which the lessee is permitted to drill. It ensures that the lessee does not encroach upon deeper or unrelated formations that may belong to different owners. 2. Consolidation Agreement: This agreement is applicable when the lessee wishes to combine multiple adjacent or non-contiguous tracts into a single pooled unit. It streamlines the administrative processes and allows for efficient drilling operations. 3. Equal Apportionment Agreement: Under this agreement, the lessee agrees to evenly distribute the production royalties among the participating royalty owners based on their respective ownership interests. It promotes fairness and equitable distribution of royalties. 4. Surface Use Agreement: In addition to pooling the subsurface minerals, this agreement addresses the lessee's access, use, and potential impact on the surface properties of the participating owners. It ensures that surface activities are conducted responsibly and in compliance with applicable regulations. 5. Cash-Out Agreement: This type of pooling agreement allows royalty owners to receive a lump-sum payment in exchange for their ownership interests in the pooled unit. It offers an option for those who may prefer immediate monetary compensation over long-term royalty payments. Overall, a Florida Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation establishes the framework for cooperation and resource development while protecting the rights and interests of both lessees and royalty owners in the oil and gas industry in Florida.A Florida Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation is a legal contract that establishes a cooperative arrangement between the lessee (oil or gas operator) and royalty owners in Florida. This agreement allows the lessee to combine or "pool" the lands owned by different individuals or entities into a single unit for the purpose of drilling and extracting oil or gas. Keywords: Florida, Pooling Agreement, Lessee, Royalty Owners, Two Tracts, Depth Limitation, Oil, Gas, Cooperative, Lands, Drilling, Extraction. There can be different variations or types of Florida Pooling Agreements, which are tailored to address specific requirements or conditions. Some of these variations may include: 1. Depth Limitation Agreement: This type of pooling agreement specifically outlines the maximum depth at which the lessee is permitted to drill. It ensures that the lessee does not encroach upon deeper or unrelated formations that may belong to different owners. 2. Consolidation Agreement: This agreement is applicable when the lessee wishes to combine multiple adjacent or non-contiguous tracts into a single pooled unit. It streamlines the administrative processes and allows for efficient drilling operations. 3. Equal Apportionment Agreement: Under this agreement, the lessee agrees to evenly distribute the production royalties among the participating royalty owners based on their respective ownership interests. It promotes fairness and equitable distribution of royalties. 4. Surface Use Agreement: In addition to pooling the subsurface minerals, this agreement addresses the lessee's access, use, and potential impact on the surface properties of the participating owners. It ensures that surface activities are conducted responsibly and in compliance with applicable regulations. 5. Cash-Out Agreement: This type of pooling agreement allows royalty owners to receive a lump-sum payment in exchange for their ownership interests in the pooled unit. It offers an option for those who may prefer immediate monetary compensation over long-term royalty payments. Overall, a Florida Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation establishes the framework for cooperation and resource development while protecting the rights and interests of both lessees and royalty owners in the oil and gas industry in Florida.
