This form is used when the Operator desires to amend the Designation of Pooled Unit, as permitted by the terms of the Leases included in the Unit, to (increase/reduce) the size of the Unit so that, on the Effective Date of this Amendment, the Unit will consist of a specific number of acres of land, which lands are to be depicted on a plat attached to this Amendment.
Georgia Amendment to Pooled Unit Designation is a legal document that refers to the modification made to the existing agreement or declaration of a pooled unit in the state of Georgia. Pooled units are commonly encountered in the energy industry, particularly in oil and gas exploration and production operations. This amendment serves as an important tool for the stakeholders involved in the pooled unit to alter certain aspects of the original agreement, providing opportunities for adaptation and addressing changing circumstances and requirements. It ensures that all parties involved have a mechanism to revise and update the terms and conditions of the pooled unit, thereby promoting transparency and accountability. Various types of Georgia Amendment to Pooled Unit Designation can be distinguished based on the specific areas they seek to modify or the purpose they serve. Some common types include: 1. Extension Amendment: This type of amendment is used when the stakeholders decide to extend the duration of the pooled unit agreement beyond its original termination date. It allows for the continued operation and exploration of the area covered by the pooled unit. 2. Acreage Amendment: When the stakeholders intend to modify the size or boundaries of the pooled unit, an acreage amendment is employed. This may involve adding or removing certain tracts of land to ensure the unit is optimized for efficiency and productivity. 3. Working Interest Amendment: In situations where changes to the distribution of working interests within the pooled unit are required, a working interest amendment is utilized. This amendment outlines the revised ownership percentages and rights of the participating parties. 4. Operator Change Amendment: If the operator of the pooled unit needs to be replaced or transferred to a different entity, an operator change amendment is executed. This ensures a smooth transition of responsibilities and safeguards the continuity of operations. 5. Royalty Interest Amendment: When adjustments to the royalty interest rates or terms are necessary, a royalty interest amendment is employed. This amendment specifies the revised amounts and conditions for the payment of royalties to mineral rights owners. The Georgia Amendment to Pooled Unit Designation plays a vital role in facilitating flexible and adaptable arrangements in the energy industry. It enables stakeholders to respond to evolving circumstances, protect their interests, and ensure the efficient and effective utilization of resources within the pooled unit. It is crucial for all parties involved to understand the implications and requirements of these amendments to maintain a successful and compliant pooled unit operation.Georgia Amendment to Pooled Unit Designation is a legal document that refers to the modification made to the existing agreement or declaration of a pooled unit in the state of Georgia. Pooled units are commonly encountered in the energy industry, particularly in oil and gas exploration and production operations. This amendment serves as an important tool for the stakeholders involved in the pooled unit to alter certain aspects of the original agreement, providing opportunities for adaptation and addressing changing circumstances and requirements. It ensures that all parties involved have a mechanism to revise and update the terms and conditions of the pooled unit, thereby promoting transparency and accountability. Various types of Georgia Amendment to Pooled Unit Designation can be distinguished based on the specific areas they seek to modify or the purpose they serve. Some common types include: 1. Extension Amendment: This type of amendment is used when the stakeholders decide to extend the duration of the pooled unit agreement beyond its original termination date. It allows for the continued operation and exploration of the area covered by the pooled unit. 2. Acreage Amendment: When the stakeholders intend to modify the size or boundaries of the pooled unit, an acreage amendment is employed. This may involve adding or removing certain tracts of land to ensure the unit is optimized for efficiency and productivity. 3. Working Interest Amendment: In situations where changes to the distribution of working interests within the pooled unit are required, a working interest amendment is utilized. This amendment outlines the revised ownership percentages and rights of the participating parties. 4. Operator Change Amendment: If the operator of the pooled unit needs to be replaced or transferred to a different entity, an operator change amendment is executed. This ensures a smooth transition of responsibilities and safeguards the continuity of operations. 5. Royalty Interest Amendment: When adjustments to the royalty interest rates or terms are necessary, a royalty interest amendment is employed. This amendment specifies the revised amounts and conditions for the payment of royalties to mineral rights owners. The Georgia Amendment to Pooled Unit Designation plays a vital role in facilitating flexible and adaptable arrangements in the energy industry. It enables stakeholders to respond to evolving circumstances, protect their interests, and ensure the efficient and effective utilization of resources within the pooled unit. It is crucial for all parties involved to understand the implications and requirements of these amendments to maintain a successful and compliant pooled unit operation.
