North Carolina Declaration of Pooled Unit - Short Form

• Category: Oil Gas and Minerals - Pooling and Unitization
• State: Multi-State
• Control #: US-OG-376
• Format: Word; Rich Text

Description

This declaration is executed by an Operator and filed of record for the purpose of exercising the pooling authority granted to the Lessee in the Leases, and giving notice of the Lands included in the Unit established by the Operator. The North Carolina Declaration of Pooled Unit — Short Form is a legal document that outlines the terms and conditions for the creation and operation of a pooled unit in the state of North Carolina. A pooled unit refers to a group of oil or gas wells that are treated as a single unit for the purposes of drilling, production, and distribution. This declaration serves as a binding agreement between the owners, operators, and working interest owners of the pooled unit. It defines the rights, obligations, and responsibilities of each party involved in the operation, including the distribution of costs, royalties, and production revenue. The North Carolina Declaration of Pooled Unit — Short Form typically contains the following key elements: 1. Identification: It provides the legal description of the pooled unit, including the location, boundaries, and the tracts or leases involved. 2. Ownership and Interests: It outlines the ownership interests of each party involved, including the percentage of working interest or membership interest held by each party. 3. Operation and Management: It establishes guidelines for the operation and management of the pooled unit. This includes procedures for drilling, completion, and production operations, as well as the appointment of operators and the decision-making process for important matters. 4. Costs and Expenses: It details the allocation of costs and expenses associated with the pooled unit's operations, such as drilling costs, operating costs, and maintenance expenses. This section usually includes provisions for the reimbursement of expenses and the calculation of joint interest billing. 5. Royalties and Production Revenue: It specifies the distribution of royalties and production revenue among the owners. This includes the calculation of net revenue interest, payout obligations, and payment schedules. 6. Term and Termination: It sets the duration of the declaration, typically including provisions for renewal, termination, or withdrawal of a party's interest in the pooled unit. While there may not be different types of North Carolina Declaration of Pooled Unit — Short Form, variations or modifications can exist depending on the specific requirements of each pooled unit. These variations may involve additional clauses or provisions that address unique circumstances or specific terms agreed upon by the parties involved.

The North Carolina Declaration of Pooled Unit — Short Form is a legal document that outlines the terms and conditions for the creation and operation of a pooled unit in the state of North Carolina. A pooled unit refers to a group of oil or gas wells that are treated as a single unit for the purposes of drilling, production, and distribution. This declaration serves as a binding agreement between the owners, operators, and working interest owners of the pooled unit. It defines the rights, obligations, and responsibilities of each party involved in the operation, including the distribution of costs, royalties, and production revenue. The North Carolina Declaration of Pooled Unit — Short Form typically contains the following key elements: 1. Identification: It provides the legal description of the pooled unit, including the location, boundaries, and the tracts or leases involved. 2. Ownership and Interests: It outlines the ownership interests of each party involved, including the percentage of working interest or membership interest held by each party. 3. Operation and Management: It establishes guidelines for the operation and management of the pooled unit. This includes procedures for drilling, completion, and production operations, as well as the appointment of operators and the decision-making process for important matters. 4. Costs and Expenses: It details the allocation of costs and expenses associated with the pooled unit's operations, such as drilling costs, operating costs, and maintenance expenses. This section usually includes provisions for the reimbursement of expenses and the calculation of joint interest billing. 5. Royalties and Production Revenue: It specifies the distribution of royalties and production revenue among the owners. This includes the calculation of net revenue interest, payout obligations, and payment schedules. 6. Term and Termination: It sets the duration of the declaration, typically including provisions for renewal, termination, or withdrawal of a party's interest in the pooled unit. While there may not be different types of North Carolina Declaration of Pooled Unit — Short Form, variations or modifications can exist depending on the specific requirements of each pooled unit. These variations may involve additional clauses or provisions that address unique circumstances or specific terms agreed upon by the parties involved.