This declaration is used when a unit operator desires to supplement and amend a Declaration of Pooled Unit to include in the unit the oil, gas and mineral leases described in Exhibit A to this Supplement, covering lands within the confines of the Unit Area.
Nebraska Supplemental Declaration of Pooled Unit is an important legal document used in the state of Nebraska that outlines the specifics and guidelines for the creation and operation of a pooled unit in an oil and gas development project. This declaration is typically filed with the Nebraska Oil and Gas Conservation Commission to ensure compliance with state laws and regulations. The Nebraska Supplemental Declaration of Pooled Unit serves as an agreement between the working interest owners, operators, and royalty interest owners involved in a drilling unit. It establishes rules and provisions for the pooling of oil and gas interests to maximize the development and production of hydrocarbon resources, while also protecting the rights and interests of all parties involved. This declaration includes key information such as the legal description of the pooled unit, the participating interests of each owner, the allocation of costs and expenses, the distribution of revenues, and the requirements for drilling and operation activities within the unit. It also specifies the duration of the pooled unit and the procedures for amendment or termination. Different types of Nebraska Supplemental Declarations of Pooled Unit may exist depending on the specific circumstances and requirements of the project. Some of these variations may include: 1. Voluntary Supplemental Declaration: This type of declaration is created when all parties involved in a drilling unit voluntarily agree to pool their oil and gas interests in mutual benefit. It is often the result of negotiations and agreements reached among the owners before the drilling operations begin. 2. Compulsory Supplemental Declaration: In certain situations, a compulsory pooling declaration may be required when one or more owners refuse to voluntarily pool their interests, but their participation is necessary to efficiently develop and extract the hydrocarbon resources within the drilling unit. This type of declaration is typically initiated by the operator and allows for the inclusion of non-consenting owners. The Nebraska Supplemental Declaration of Pooled Unit is a crucial element in the successful and organized development of oil and gas resources. It ensures fairness, cooperation, and efficient resource extraction by providing a legal framework for pooling interests, sharing costs and revenues, and establishing guidelines for drilling and operation activities within the pooled unit.Nebraska Supplemental Declaration of Pooled Unit is an important legal document used in the state of Nebraska that outlines the specifics and guidelines for the creation and operation of a pooled unit in an oil and gas development project. This declaration is typically filed with the Nebraska Oil and Gas Conservation Commission to ensure compliance with state laws and regulations. The Nebraska Supplemental Declaration of Pooled Unit serves as an agreement between the working interest owners, operators, and royalty interest owners involved in a drilling unit. It establishes rules and provisions for the pooling of oil and gas interests to maximize the development and production of hydrocarbon resources, while also protecting the rights and interests of all parties involved. This declaration includes key information such as the legal description of the pooled unit, the participating interests of each owner, the allocation of costs and expenses, the distribution of revenues, and the requirements for drilling and operation activities within the unit. It also specifies the duration of the pooled unit and the procedures for amendment or termination. Different types of Nebraska Supplemental Declarations of Pooled Unit may exist depending on the specific circumstances and requirements of the project. Some of these variations may include: 1. Voluntary Supplemental Declaration: This type of declaration is created when all parties involved in a drilling unit voluntarily agree to pool their oil and gas interests in mutual benefit. It is often the result of negotiations and agreements reached among the owners before the drilling operations begin. 2. Compulsory Supplemental Declaration: In certain situations, a compulsory pooling declaration may be required when one or more owners refuse to voluntarily pool their interests, but their participation is necessary to efficiently develop and extract the hydrocarbon resources within the drilling unit. This type of declaration is typically initiated by the operator and allows for the inclusion of non-consenting owners. The Nebraska Supplemental Declaration of Pooled Unit is a crucial element in the successful and organized development of oil and gas resources. It ensures fairness, cooperation, and efficient resource extraction by providing a legal framework for pooling interests, sharing costs and revenues, and establishing guidelines for drilling and operation activities within the pooled unit.
