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.
The Oklahoma Supplemental Declaration of Pooled Unit is a legal document that outlines the terms and conditions for the creation and operation of a pooled unit in the oil and gas industry in the state of Oklahoma. This document is vital for ensuring the efficient and effective extraction of oil and gas resources from a specific geographic area. It defines the rights, responsibilities, and obligations of the parties involved in the pooled unit, including the operators, working interest owners, and royalty owners. The Oklahoma Supplemental Declaration of Pooled Unit is a comprehensive contract that contains essential information related to the formation and operation of the pooled unit. It specifies the geographical boundaries of the unit, the specific tract or tracts of land included within the unit, and the percentage of working interest and royalty interest allocated to each party. This declaration also outlines the rules and regulations for the accounting, allocation, and distribution of production from the pooled unit. There are different types of Oklahoma Supplemental Declaration of Pooled Unit, each tailored to suit different specificities and circumstances. Some common types include voluntary pooled units, mandatory pooled units, and enhanced recovery pooled units. Voluntary pooled units are formed when the working interest owners voluntarily agree to combine their interests to achieve more efficient operations and maximize profits. Mandatory pooled units, on the other hand, are created by the Oklahoma Corporation Commission to ensure proper resource management and prevent waste. Enhanced recovery pooled units are specifically designed for the extraction of oil and gas through enhanced recovery techniques, such as water flooding or gas injection. In conclusion, the Oklahoma Supplemental Declaration of Pooled Unit serves as a crucial legal agreement that governs the formation and operation of oil and gas pooled units in Oklahoma. It establishes the rights and obligations of the parties involved, outlines the boundaries of the unit, and defines the terms of accounting and distribution of production. Understanding the various types of Oklahoma Supplemental Declaration of Pooled Unit is essential for individuals and companies operating in the oil and gas industry in Oklahoma.
