Oregon Amendment to Unit Agreement

• Category: Oil Gas and Minerals - Pooling and Unitization
• State: Multi-State
• Control #: US-OG-733
• Format: Word; Rich Text

Description

The form is used when the Owners, by unanimous consent, desire to amend a Unit Agreement. It may be executed in multiple counterparts, which, when taken together, shall be deemed one and the same instrument. An Oregon Amendment to Unit Agreement is a legal document that modifies or updates the terms and conditions of an existing unit agreement in the state of Oregon. A unit agreement refers to an agreement between multiple landowners or interest holders over a designated geographic area, typically related to oil, gas, or mineral exploration and production. In the context of Oregon, there are two main types of amendments to a unit agreement: voluntary amendments and compulsory amendments. 1. Voluntary Amendments: These amendments are made with the consent and agreement of all parties involved in the unit agreement. They are typically initiated when the parties decide to make changes to certain provisions, add new provisions, or revise existing terms due to various reasons such as changes in technology, market conditions, or operational requirements. Voluntary amendments in Oregon may require the approval of the Oregon Department of Geology and Mineral Industries (DOGMA) or other regulatory bodies, depending on the nature of the amendment and the specific requirements set forth by the state. 2. Compulsory Amendments: Unlike voluntary amendments, compulsory amendments are made without the unanimous agreement of all parties involved in the unit agreement. These amendments may be necessary when a certain percentage of the working interest owners or operators within the unit area express their desire for changes to the unit agreement, such as modifying the unit area boundaries, drilling obligations, or distribution of production. Compulsory amendments in Oregon may be initiated through a formal application process and generally require a public hearing before the Oregon Department of Geology and Mineral Industries (DOGMA) or another authorized regulatory agency. Keywords: Oregon, Amendment to Unit Agreement, legal document, modify, update, terms and conditions, existing agreement, landowners, interest holders, oil, gas, mineral exploration, production, voluntary amendments, compulsory amendments, consent, provisions, technology, market conditions, operational requirements, Oregon Department of Geology and Mineral Industries, regulatory bodies, unanimous agreement, working interest owners, operators, unit area boundaries, drilling obligations, distribution of production, formal application process, public hearing.

An Oregon Amendment to Unit Agreement is a legal document that modifies or updates the terms and conditions of an existing unit agreement in the state of Oregon. A unit agreement refers to an agreement between multiple landowners or interest holders over a designated geographic area, typically related to oil, gas, or mineral exploration and production. In the context of Oregon, there are two main types of amendments to a unit agreement: voluntary amendments and compulsory amendments. 1. Voluntary Amendments: These amendments are made with the consent and agreement of all parties involved in the unit agreement. They are typically initiated when the parties decide to make changes to certain provisions, add new provisions, or revise existing terms due to various reasons such as changes in technology, market conditions, or operational requirements. Voluntary amendments in Oregon may require the approval of the Oregon Department of Geology and Mineral Industries (DOGMA) or other regulatory bodies, depending on the nature of the amendment and the specific requirements set forth by the state. 2. Compulsory Amendments: Unlike voluntary amendments, compulsory amendments are made without the unanimous agreement of all parties involved in the unit agreement. These amendments may be necessary when a certain percentage of the working interest owners or operators within the unit area express their desire for changes to the unit agreement, such as modifying the unit area boundaries, drilling obligations, or distribution of production. Compulsory amendments in Oregon may be initiated through a formal application process and generally require a public hearing before the Oregon Department of Geology and Mineral Industries (DOGMA) or another authorized regulatory agency. Keywords: Oregon, Amendment to Unit Agreement, legal document, modify, update, terms and conditions, existing agreement, landowners, interest holders, oil, gas, mineral exploration, production, voluntary amendments, compulsory amendments, consent, provisions, technology, market conditions, operational requirements, Oregon Department of Geology and Mineral Industries, regulatory bodies, unanimous agreement, working interest owners, operators, unit area boundaries, drilling obligations, distribution of production, formal application process, public hearing.