Oregon 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 Oregon Declaration of Pooled Unit — Short Form is a document that outlines the agreements and guidelines for a pooled unit in the state of Oregon. A pooled unit refers to a group of oil and gas wells or leases that are combined for the purpose of sharing production resources and expenses. This declaration ensures that all parties involved are aware of their rights and responsibilities in the unit. The Oregon Declaration of Pooled Unit — Short Form is a simplified version of the declaration, designed to provide a clear and concise understanding of the unit's terms and conditions. It includes essential information such as the names of the operators and participating parties, the boundaries of the unit, and the method of apportionment for expenses and revenues. There are two types of Oregon Declaration of Pooled Unit — Short Form, namely: 1. General Pooled Unit: This type of declaration encompasses a broad range of oil and gas leases and wells within a specific geographical area. Operators and interested parties join forces to maximize production efficiency by sharing resources and costs. 2. Specific Pooled Unit: This declaration is specific to a particular lease or well within a larger pool. It may involve a single operator or multiple parties who want to pool their interests for better management and profitability. The Oregon Declaration of Pooled Unit — Short Form is critical for creating a legally binding agreement between the participants. It ensures that each party's rights, responsibilities, and interests are clearly defined and protected. By signing this agreement, operators and participating parties commit to adhering to the rules and regulations set forth in the declaration, which helps promote collaboration, efficiency, and fair distribution of costs and profits. In conclusion, the Oregon Declaration of Pooled Unit — Short Form serves as the foundation for establishing and operating a pooled unit in Oregon. Whether it is a general or specific pooled unit, this document is essential for maintaining transparency, accountability, and cooperation among operators and participating parties.

The Oregon Declaration of Pooled Unit — Short Form is a document that outlines the agreements and guidelines for a pooled unit in the state of Oregon. A pooled unit refers to a group of oil and gas wells or leases that are combined for the purpose of sharing production resources and expenses. This declaration ensures that all parties involved are aware of their rights and responsibilities in the unit. The Oregon Declaration of Pooled Unit — Short Form is a simplified version of the declaration, designed to provide a clear and concise understanding of the unit's terms and conditions. It includes essential information such as the names of the operators and participating parties, the boundaries of the unit, and the method of apportionment for expenses and revenues. There are two types of Oregon Declaration of Pooled Unit — Short Form, namely: 1. General Pooled Unit: This type of declaration encompasses a broad range of oil and gas leases and wells within a specific geographical area. Operators and interested parties join forces to maximize production efficiency by sharing resources and costs. 2. Specific Pooled Unit: This declaration is specific to a particular lease or well within a larger pool. It may involve a single operator or multiple parties who want to pool their interests for better management and profitability. The Oregon Declaration of Pooled Unit — Short Form is critical for creating a legally binding agreement between the participants. It ensures that each party's rights, responsibilities, and interests are clearly defined and protected. By signing this agreement, operators and participating parties commit to adhering to the rules and regulations set forth in the declaration, which helps promote collaboration, efficiency, and fair distribution of costs and profits. In conclusion, the Oregon Declaration of Pooled Unit — Short Form serves as the foundation for establishing and operating a pooled unit in Oregon. Whether it is a general or specific pooled unit, this document is essential for maintaining transparency, accountability, and cooperation among operators and participating parties.