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 Hawaii Declaration of Pooled Unit — Long Form is a legal document used in the state of Hawaii to establish a pooled unit for the exploration and production of oil, gas, or mineral resources. This declaration outlines the terms and conditions under which multiple owners or lessees agree to pool their interests and jointly develop a specific area or leasehold. The long form of the Hawaii Declaration of Pooled Unit provides a comprehensive and detailed description of the rights, obligations, and responsibilities of the parties involved. It covers various aspects, including the agreed-upon unit area, the percentage of working interest each party holds, the allocation of costs and expenses, and the distribution of revenue generated from the pooled unit. This declaration serves as a crucial tool for efficient resource development, as it eliminates the need for individual drilling operations by integrating multiple owners and lessees into a unified project. The pooling of interests allows for the utilization of economies of scale, reduction in duplication of efforts, and more effective utilization of resources. In addition to the general Hawaii Declaration of Pooled Unit — Long Form, there may be variations or specific types depending on the nature of the resources being pooled. For example, there can be a Hawaii Declaration of Pooled Unit — Long Form specifically tailored for oil and gas exploration, while another may be designed for mineral exploration projects. These variations are intended to address the unique characteristics and legal requirements associated with each type of resource. Keywords: Hawaii Declaration of Pooled Unit — Long Form, legal document, pooled unit, exploration, production, oil, gas, mineral resources, multiple owners, lessees, terms and conditions, unit area, working interest, costs, expenses, revenue distribution, resource development, drilling operations, economies of scale, duplication of efforts, resource utilization, variations, tailored, oil and gas exploration, mineral exploration.
