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Ratification of Oil and Gas Lease (To Permit Pooling/Unitization)

Ratification of Oil and Gas Lease (To Permit Pooling/Unitization)

Name: Ratification of Oil and Gas Lease (To Permit Pooling/Unitization)
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.82 (402 reviews)

Category:

Oil Gas and Minerals - Ratification

State:

Multi-State

Control #:

US-OG-1100

Format:

Instant download

Description

This form is a ratification of an oil and gas lease to permit pooling/unitization.

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FAQ

Once a Pooling Order is entered, you will receive a copy of the Order, which will state your options as an owner of an interest in the unit. Typically, the Order will afford you a number of options of a cash bonus and royalty payments on production based on the fair market value of your interest.

Unitization is the agreement to jointly operate an entire producing reservoir or a prospectively productive area of oil and/or gas. The entire unit area is operated as a single entity, without regard to lease boundaries, and allows for the maximum recovery of production from the reservoir.

As noted above, while pooling focuses on efficiently combining lands for the purpose of obtaining a drilling permit to drill a single well, unitization focuses on the combination of interests covering a larger area to facilitate development of all or part of a common source of supply (i.e. a field/reservoir).

To ratify a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

It also records a "Declaration of Pooling" or similarly named document in the land records office at the local Courthouse. The declaration shows the boundaries of the pooling unit and identifies all the landowners and amount of property each landowner actually has in the unit.

Pooling is the combination of all or portions of multiple oil and gas leases to form a unit for the drilling of a single oil and/or gas well.The oil and gas company can lease these under separate leases and separate terms and then pool these parcels to drill the well.

A Pugh Clause is meant to prevent a lessee from declaring all lands under an oil and gas lease as being held by production, even if production only occurs on a fraction of the property.

Ratification of Oil and Gas Lease (To Permit Pooling/Unitization)

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FAQ

What is a pooling bonus?

What is a unitization agreement oil and gas?

What is the difference between pooling and unitization?

What is the purpose of a ratification of oil and gas lease?

What is a declaration of pooling?

What is a pooling agreement oil and gas?

What is a Pugh clause in an oil and gas lease?

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