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 Texas Supplemental Declaration of Pooled Unit is a legal document used in the state of Texas to establish and govern a pooled unit, which refers to a set of oil and gas leases that have been combined for the purpose of exploration and development. This declaration outlines the rights, obligations, and responsibilities of the participating leaseholders and operators involved in the pooled unit. Keywords: Texas Supplemental Declaration of Pooled Unit, legal document, oil and gas leases, exploration, development, rights, obligations, responsibilities, leaseholders, operators. There can be different types of Texas Supplemental Declarations of Pooled Unit based on the specific requirements and arrangements of the participating parties. Some notable types include: 1. Pooled Unit Development Agreement: This type of supplemental declaration outlines the terms and conditions for exploration and development within the pooled unit. It defines the roles and responsibilities of the operators, the allocation of costs and risks, and the distribution of production revenues among the leaseholders. 2. Pooled Unit Operating Agreement: This type of supplemental declaration establishes the operating procedures for the pooled unit. It covers various aspects such as drilling and completion operations, production optimization, maintenance responsibilities, environmental compliance, and dispute resolution mechanisms. 3. Pooled Unit Exploration Agreement: This type of supplemental declaration focuses on the initial exploration activities within the pooled unit. It outlines the scope of seismic surveys, drilling tests, and other geological evaluations required to assess the potential of the pooled unit before proceeding with further development operations. 4. Pooled Unit Production Sharing Agreement: In cases where multiple parties contribute to the funding and operation of a pooled unit, this type of supplemental declaration clarifies the terms and conditions for sharing the produced hydrocarbons. It defines the percentage of production allocated to each participating party based on their investment and involvement. It is important to consult with legal professionals and obtain expert advice while drafting or executing a Texas Supplemental Declaration of Pooled Unit to ensure compliance with applicable laws and to protect the interests of all parties involved.The Texas Supplemental Declaration of Pooled Unit is a legal document used in the state of Texas to establish and govern a pooled unit, which refers to a set of oil and gas leases that have been combined for the purpose of exploration and development. This declaration outlines the rights, obligations, and responsibilities of the participating leaseholders and operators involved in the pooled unit. Keywords: Texas Supplemental Declaration of Pooled Unit, legal document, oil and gas leases, exploration, development, rights, obligations, responsibilities, leaseholders, operators. There can be different types of Texas Supplemental Declarations of Pooled Unit based on the specific requirements and arrangements of the participating parties. Some notable types include: 1. Pooled Unit Development Agreement: This type of supplemental declaration outlines the terms and conditions for exploration and development within the pooled unit. It defines the roles and responsibilities of the operators, the allocation of costs and risks, and the distribution of production revenues among the leaseholders. 2. Pooled Unit Operating Agreement: This type of supplemental declaration establishes the operating procedures for the pooled unit. It covers various aspects such as drilling and completion operations, production optimization, maintenance responsibilities, environmental compliance, and dispute resolution mechanisms. 3. Pooled Unit Exploration Agreement: This type of supplemental declaration focuses on the initial exploration activities within the pooled unit. It outlines the scope of seismic surveys, drilling tests, and other geological evaluations required to assess the potential of the pooled unit before proceeding with further development operations. 4. Pooled Unit Production Sharing Agreement: In cases where multiple parties contribute to the funding and operation of a pooled unit, this type of supplemental declaration clarifies the terms and conditions for sharing the produced hydrocarbons. It defines the percentage of production allocated to each participating party based on their investment and involvement. It is important to consult with legal professionals and obtain expert advice while drafting or executing a Texas Supplemental Declaration of Pooled Unit to ensure compliance with applicable laws and to protect the interests of all parties involved.
