New Mexico 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 New Mexico Declaration of Pooled Unit — Short Form is a legal document that is used in the oil and gas industry to establish a pooled unit for the extraction of mineral resources from a specific area or tract of land. This document allows multiple parties or owners of mineral rights within the designated area to combine their interests into one cohesive unit, thereby enhancing the efficiency and economic viability of drilling and production operations. Keywords: New Mexico, Declaration of Pooled Unit — Short Form, oil and gas industry, legal document, mineral resources, tract of land, parties, owners, mineral rights, combined interests, drilling operations, production operations. There are various types of New Mexico Declaration of Pooled Unit — Short Form, which may include: 1. Initial Declaration of Pooled Unit — Short Form: This type of declaration is used when establishing a pooled unit for the first time. It outlines the specific area or tract of land to be included in the pooled unit, the participating parties and their respective interests, and the terms and conditions governing the unit. 2. Amended Declaration of Pooled Unit — Short Form: If any modifications or changes need to be made to the existing pooled unit, an amended declaration is utilized. This could involve the addition or removal of participating parties, adjustment of interest percentages, or alteration of the boundaries of the pooled unit. 3. Extension Declaration of Pooled Unit — Short Form: In certain cases, the duration of a pooled unit may need to be extended to allow for continued extraction of mineral resources. An extension declaration is used to formalize the extended time period, ensuring the parties involved can continue their collaborative operations. 4. Termination Declaration of Pooled Unit — Short Form: When the pooled unit is no longer economically viable or if the parties wish to dissolve their cooperative arrangement, a termination declaration is executed. This document outlines the process of winding down operations, distributing remaining assets, and releasing or transferring the individual interests back to the respective parties. Keywords: Initial Declaration, Amended Declaration, Extension Declaration, Termination Declaration, pooled unit, modifications, changes, participating parties, interest percentages, boundaries, duration, extended time period, economically viable, dissolve, cooperative arrangement, winding down operations, distributing assets, releasing interests, transferring interests.

The New Mexico Declaration of Pooled Unit — Short Form is a legal document that is used in the oil and gas industry to establish a pooled unit for the extraction of mineral resources from a specific area or tract of land. This document allows multiple parties or owners of mineral rights within the designated area to combine their interests into one cohesive unit, thereby enhancing the efficiency and economic viability of drilling and production operations. Keywords: New Mexico, Declaration of Pooled Unit — Short Form, oil and gas industry, legal document, mineral resources, tract of land, parties, owners, mineral rights, combined interests, drilling operations, production operations. There are various types of New Mexico Declaration of Pooled Unit — Short Form, which may include: 1. Initial Declaration of Pooled Unit — Short Form: This type of declaration is used when establishing a pooled unit for the first time. It outlines the specific area or tract of land to be included in the pooled unit, the participating parties and their respective interests, and the terms and conditions governing the unit. 2. Amended Declaration of Pooled Unit — Short Form: If any modifications or changes need to be made to the existing pooled unit, an amended declaration is utilized. This could involve the addition or removal of participating parties, adjustment of interest percentages, or alteration of the boundaries of the pooled unit. 3. Extension Declaration of Pooled Unit — Short Form: In certain cases, the duration of a pooled unit may need to be extended to allow for continued extraction of mineral resources. An extension declaration is used to formalize the extended time period, ensuring the parties involved can continue their collaborative operations. 4. Termination Declaration of Pooled Unit — Short Form: When the pooled unit is no longer economically viable or if the parties wish to dissolve their cooperative arrangement, a termination declaration is executed. This document outlines the process of winding down operations, distributing remaining assets, and releasing or transferring the individual interests back to the respective parties. Keywords: Initial Declaration, Amended Declaration, Extension Declaration, Termination Declaration, pooled unit, modifications, changes, participating parties, interest percentages, boundaries, duration, extended time period, economically viable, dissolve, cooperative arrangement, winding down operations, distributing assets, releasing interests, transferring interests.