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.
North Dakota Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation Keywords: North Dakota, pooling agreement, lessee, royalty owners, two tracts, depth limitation Description: A North Dakota pooling agreement refers to a legal contract entered into between a lessee (typically an oil and gas company) and royalty owners on two separate tracts of land in North Dakota. This agreement allows the lessee to combine or pool the mineral rights of the separate tracts into a single drilling unit, maximizing the extraction efficiency while providing fair compensation to the parties involved. The pooling agreement ensures that both the lessee and royalty owners share the production costs, risks, and revenues associated with the oil and gas operations conducted within the designated drilling unit. With the enforcement of a depth limitation, the agreement specifies the maximum depth at which the lessee can explore and extract the oil and gas resources. Different types of pooling agreements may exist, depending on various factors such as the specific provisions agreed upon, the size of the drilling unit, and the duration of the agreement. Some pooling agreements may have specific clauses addressing issues such as royalty rates, bonus payments, operating expenses, and termination procedures. The North Dakota pooling agreement between a lessee and royalty owners on two tracts, with a depth limitation, is designed to protect the rights and interests of all involved parties. It ensures that the exploration and extraction activities are carried out efficiently, minimizing surface disturbance and maximizing resource recovery. In summary, this type of pooling agreement in North Dakota allows for the combining of mineral rights on two separate tracts, with a depth limitation, for optimized oil and gas operations. Through this agreement, the lessee and royalty owners work together to extract resources while sharing costs, risks, and revenues in a fair and standardized manner.North Dakota Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation Keywords: North Dakota, pooling agreement, lessee, royalty owners, two tracts, depth limitation Description: A North Dakota pooling agreement refers to a legal contract entered into between a lessee (typically an oil and gas company) and royalty owners on two separate tracts of land in North Dakota. This agreement allows the lessee to combine or pool the mineral rights of the separate tracts into a single drilling unit, maximizing the extraction efficiency while providing fair compensation to the parties involved. The pooling agreement ensures that both the lessee and royalty owners share the production costs, risks, and revenues associated with the oil and gas operations conducted within the designated drilling unit. With the enforcement of a depth limitation, the agreement specifies the maximum depth at which the lessee can explore and extract the oil and gas resources. Different types of pooling agreements may exist, depending on various factors such as the specific provisions agreed upon, the size of the drilling unit, and the duration of the agreement. Some pooling agreements may have specific clauses addressing issues such as royalty rates, bonus payments, operating expenses, and termination procedures. The North Dakota pooling agreement between a lessee and royalty owners on two tracts, with a depth limitation, is designed to protect the rights and interests of all involved parties. It ensures that the exploration and extraction activities are carried out efficiently, minimizing surface disturbance and maximizing resource recovery. In summary, this type of pooling agreement in North Dakota allows for the combining of mineral rights on two separate tracts, with a depth limitation, for optimized oil and gas operations. Through this agreement, the lessee and royalty owners work together to extract resources while sharing costs, risks, and revenues in a fair and standardized manner.
