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Designation of Pooled Unit For Oil and Gas

Designation of Pooled Unit For Oil and Gas

Name: Designation of Pooled Unit For Oil and Gas
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.72 (270 reviews)

Category:

Oil Gas and Minerals - Pooling and Unitization

State:

Multi-State

Control #:

US-OG-378

Format:

Instant download

Description

This form is used by an Operator as a formal declaration that the Leases described are combined and pooled, as to the Lands described, to create a pooled unit.

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FAQ

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.

If you see a blue flame when you turn on the burners, you have a natural gas stove and a home equipped for natural gas.To check if your furnace is powered by natural gas, look for a black iron pipe going into the bottom of your furnace. This is a gas pipe and indicates that you have a natural gas furnace.

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.

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 spacing unit is a legally described boundary designated by a governmental agency (the Oklahoma Corporation Commission (OCC) in the case of Oklahoma)) as a common source of supply of oil and gas for purposes of dividing fairly, among the various owners, production from a particular well or wells.

1. n. Oil and Gas Business The amount of acreage, determined by governmental authority that can be efficiently and economically drained by a well at a particular depth or horizon.

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).

Statutes require the Commission to prorate to reduce waste. Proration means all producers will share the pain.

(1) No well for oil, gas, or geothermal resource shall hereafter be drilled nearer than 1,200 feet to any well completed in or drilling to the same horizon on the same tract or farm, and no well shall be drilled nearer than 467 feet to any property line, lease line, or subdivision line; provided the commission, in

Designation of Pooled Unit For Oil and Gas

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FAQ

What is a declaration of pooling?

How do you know if you have natural gas on your property?

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

What does pooling mean in oil and gas?

What is a unit in oil and gas?

What is a proration unit in oil and gas?

What is the difference between pooling and unitization?

What is proration in oil and gas?

How close can an oil well be to a house in Texas?

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