This form of declaration provides notice that the unit owner pools, unitizes, and combines the Unit Leases, including all renewals, extensions, ratifications, and amendments of the Unit Leases and the lands covered by those Leases and the mineral and/or royalty estates in the lands subject to the Leases into a unit for the exploration, development, and production of oil, gas, and associated hydrocarbons (the Unit ).
The Utah Declaration of Pooled Unit — Long Form is a legal document that defines the specifics of a pooled unit in the state of Utah regarding oil and gas exploration and production. This declaration is applicable to multiple types of pooled units, with some variations based on different parameters. A pooled unit refers to combining multiple tracts or parcels of land within an area for the purpose of developing an oil or gas well collectively. This consolidation allows for more efficient resource extraction and production by sharing costs, equipment, and infrastructure among the unit owners. The Utah Declaration of Pooled Unit — Long Form contains several essential elements. Firstly, it establishes the participating working interest owners who hold rights within the pooled unit. These owners are typically oil and gas companies or individuals who have acquired or leased interests in different tracts of land within the unit. Secondly, the declaration specifies the participating interests attributed to each working interest owner. These interests determine the ownership percentage of the pooled unit and subsequently influence the distribution of production revenues and operational costs among the owners. Additionally, the declaration outlines the legal description and boundaries of the pooled unit, ensuring all parties involved have a clear understanding of the specific area and land tracts included in the unit. Moreover, the document establishes the rules and regulations governing the operation and management of the pooled unit. It addresses matters such as drilling locations, well spacing, target formations, and the development plan for the unit. Furthermore, the declaration includes provisions regarding the obligation of the working interest owners to reasonably develop and operate the pooled unit. This ensures that all parties actively contribute to the production efforts and share in the benefits and liabilities resulting from the unit's operations. It is important to note that there might be different variations of the Utah Declaration of Pooled Unit — Long Form based on specific considerations. These variations may include different regulations for units targeting oil versus gas resources, units located in different geological formations, or units developed using alternative technologies such as enhanced oil recovery (FOR) methods. Ultimately, the Utah Declaration of Pooled Unit — Long Form serves as a legally binding agreement that governs the collaborative efforts and responsibilities of the working interest owners within a pooled unit in Utah. By adhering to this declaration, the owners can effectively exploit the valuable oil and gas resources in an efficient and equitable manner.The Utah Declaration of Pooled Unit — Long Form is a legal document that defines the specifics of a pooled unit in the state of Utah regarding oil and gas exploration and production. This declaration is applicable to multiple types of pooled units, with some variations based on different parameters. A pooled unit refers to combining multiple tracts or parcels of land within an area for the purpose of developing an oil or gas well collectively. This consolidation allows for more efficient resource extraction and production by sharing costs, equipment, and infrastructure among the unit owners. The Utah Declaration of Pooled Unit — Long Form contains several essential elements. Firstly, it establishes the participating working interest owners who hold rights within the pooled unit. These owners are typically oil and gas companies or individuals who have acquired or leased interests in different tracts of land within the unit. Secondly, the declaration specifies the participating interests attributed to each working interest owner. These interests determine the ownership percentage of the pooled unit and subsequently influence the distribution of production revenues and operational costs among the owners. Additionally, the declaration outlines the legal description and boundaries of the pooled unit, ensuring all parties involved have a clear understanding of the specific area and land tracts included in the unit. Moreover, the document establishes the rules and regulations governing the operation and management of the pooled unit. It addresses matters such as drilling locations, well spacing, target formations, and the development plan for the unit. Furthermore, the declaration includes provisions regarding the obligation of the working interest owners to reasonably develop and operate the pooled unit. This ensures that all parties actively contribute to the production efforts and share in the benefits and liabilities resulting from the unit's operations. It is important to note that there might be different variations of the Utah Declaration of Pooled Unit — Long Form based on specific considerations. These variations may include different regulations for units targeting oil versus gas resources, units located in different geological formations, or units developed using alternative technologies such as enhanced oil recovery (FOR) methods. Ultimately, the Utah Declaration of Pooled Unit — Long Form serves as a legally binding agreement that governs the collaborative efforts and responsibilities of the working interest owners within a pooled unit in Utah. By adhering to this declaration, the owners can effectively exploit the valuable oil and gas resources in an efficient and equitable manner.
