Newark New Jersey Oil and Gas Lease with Pooling Rights
Category:
State:
Multi-State
City:
Newark
Control #:
US-1340898BG
Format:
Word;
Rich Text
Instant download
Description
Most leases will contain some provision giving the lessee (oil and gas company) the right to consolidate the leased premises with adjoining leased tracts. The area formed is called a “pool” or sometimes a “unit.” The reason for establishing such pools is to unite all the landowners having an interest in a common underground reservoir under one operator. Sometimes pooling arrangements are necessary to meet the minimum acreage requirement for a drilling permit under state regulations.
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