In some jurisdictions (including Texas) an overriding royalty interest owners interest cannot be pooled without the overriding royalty owners consent. This form provides for the overriding royalty interest owner to ratify an existing pooling or unitization to allow the overriding royalty interest to participate in production
Idaho Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner refers to a legal agreement that grants the consent of an overriding royalty interest (ORRIS) owner in Idaho to voluntarily participate in a pooling or unitization agreement. This agreement allows multiple oil and gas leases or properties to be combined for efficient and optimal development. In the state of Idaho, there are two primary types of Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner: 1. Voluntary Ratification and Consent: This type of agreement occurs when the ORRIS owner agrees voluntarily to participate in the pooling or unitization arrangement. By providing their consent, the ORRIS owner allows the operator (usually an oil and gas company) to combine their interest with others for improved resource extraction. 2. Compulsory Ratification and Consent: This type of agreement is initiated when a majority of the working interest owners (usually oil and gas leaseholders) desire to pool or unitize their interests and believe it is in the best interest of efficient resource extraction. In this case, the ORRIS owner is compelled to ratify and consent to the pooling or unitization arrangement, even if they were initially against the idea. Keywords: Idaho, Ratification and Consent, Pooling, Unitization, Overriding Royalty Interest, Oil and Gas, Leaseholders, Resource Extraction, Voluntary, Compulsory.Idaho Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner refers to a legal agreement that grants the consent of an overriding royalty interest (ORRIS) owner in Idaho to voluntarily participate in a pooling or unitization agreement. This agreement allows multiple oil and gas leases or properties to be combined for efficient and optimal development. In the state of Idaho, there are two primary types of Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner: 1. Voluntary Ratification and Consent: This type of agreement occurs when the ORRIS owner agrees voluntarily to participate in the pooling or unitization arrangement. By providing their consent, the ORRIS owner allows the operator (usually an oil and gas company) to combine their interest with others for improved resource extraction. 2. Compulsory Ratification and Consent: This type of agreement is initiated when a majority of the working interest owners (usually oil and gas leaseholders) desire to pool or unitize their interests and believe it is in the best interest of efficient resource extraction. In this case, the ORRIS owner is compelled to ratify and consent to the pooling or unitization arrangement, even if they were initially against the idea. Keywords: Idaho, Ratification and Consent, Pooling, Unitization, Overriding Royalty Interest, Oil and Gas, Leaseholders, Resource Extraction, Voluntary, Compulsory.
