This form is used when the parties own undivided leasehold interests in the Lease as to depths from the surface of the ground to a Specific Depth. The parties acknowledge that the production from a well on the leasehold interest will be obtained from depths in which the ownership is not common. Thus, the parties find it necessary to enter into this Agreement to enable the parties to each be paid a proportionate part of the commingled production from the separate depths in which they own interests.
A Bronx New York Commingling Agreement Among Working Owners As to Production from Different Formations Out of the Same Well Bore, Where Leasehold Ownership Varies As to Depth is a legal contract that regulates the sharing and management of oil or gas production from different formations within the same well bore. This agreement is necessary when multiple leaseholders hold interests in the same well but have varying ownership rights based on the depth of the formation being exploited. Here are some key points covered in a Bronx New York Commingling Agreement Among Working Owners As to Production from Different Formations Out of the Same Well Bore, Where Leasehold Ownership Varies As to Depth: 1. Purpose: The agreement clarifies the rules and obligations for co-ownership and commingling of production from different formations within the well bore located in Bronx, New York. 2. Formation Ownership: It defines each working owner's leasehold interests in different formations at various depths. These depths must be specified clearly to avoid any confusion or potential conflicts. 3. Production Allocation: The agreement outlines the method for allocating the production from each formation among the working owners based on their leasehold ownership rights. This ensures a fair distribution of proceeds and minimizes disputes. 4. Reporting and Accounting: The agreement includes provisions for regular reporting and accounting of production, including detailed records of individual working owners' share of production from each formation. 5. Expenses and Cost Recovery: The agreement establishes procedures and responsibilities for sharing costs associated with drilling, completion, operation, maintenance, and abandonment of the well bore. It also outlines mechanisms for cost recovery based on proportional interests. 6. Operating Committee: In some cases, a Bronx New York Commingling Agreement may establish an operating committee comprising representatives from each working owner to oversee well operations, decision-making, and compliance with the agreement. 7. Term and Termination: The agreement specifies the duration or term of the agreement and conditions under which it can be terminated or renewed by the working owners. It may also include provisions for dispute resolution and the process for amending the agreement if needed. Some additional types or variations of Bronx New York Commingling Agreement Among Working Owners As to Production from Different Formations Out of the Same Well Bore, Where Leasehold Ownership Varies As to Depth could include agreements specific to particular formations, agreements for both oil and gas production, or agreements tailored to address technological advancements or changing legal requirements related to well operation and supervision. By creating a comprehensive and well-defined Bronx New York Commingling Agreement, working owners can effectively manage the complexities of diverse leasehold ownership and ensure a harmonious and productive collaboration in the production of oil or gas from different formations within the same well bore.A Bronx New York Commingling Agreement Among Working Owners As to Production from Different Formations Out of the Same Well Bore, Where Leasehold Ownership Varies As to Depth is a legal contract that regulates the sharing and management of oil or gas production from different formations within the same well bore. This agreement is necessary when multiple leaseholders hold interests in the same well but have varying ownership rights based on the depth of the formation being exploited. Here are some key points covered in a Bronx New York Commingling Agreement Among Working Owners As to Production from Different Formations Out of the Same Well Bore, Where Leasehold Ownership Varies As to Depth: 1. Purpose: The agreement clarifies the rules and obligations for co-ownership and commingling of production from different formations within the well bore located in Bronx, New York. 2. Formation Ownership: It defines each working owner's leasehold interests in different formations at various depths. These depths must be specified clearly to avoid any confusion or potential conflicts. 3. Production Allocation: The agreement outlines the method for allocating the production from each formation among the working owners based on their leasehold ownership rights. This ensures a fair distribution of proceeds and minimizes disputes. 4. Reporting and Accounting: The agreement includes provisions for regular reporting and accounting of production, including detailed records of individual working owners' share of production from each formation. 5. Expenses and Cost Recovery: The agreement establishes procedures and responsibilities for sharing costs associated with drilling, completion, operation, maintenance, and abandonment of the well bore. It also outlines mechanisms for cost recovery based on proportional interests. 6. Operating Committee: In some cases, a Bronx New York Commingling Agreement may establish an operating committee comprising representatives from each working owner to oversee well operations, decision-making, and compliance with the agreement. 7. Term and Termination: The agreement specifies the duration or term of the agreement and conditions under which it can be terminated or renewed by the working owners. It may also include provisions for dispute resolution and the process for amending the agreement if needed. Some additional types or variations of Bronx New York Commingling Agreement Among Working Owners As to Production from Different Formations Out of the Same Well Bore, Where Leasehold Ownership Varies As to Depth could include agreements specific to particular formations, agreements for both oil and gas production, or agreements tailored to address technological advancements or changing legal requirements related to well operation and supervision. By creating a comprehensive and well-defined Bronx New York Commingling Agreement, working owners can effectively manage the complexities of diverse leasehold ownership and ensure a harmonious and productive collaboration in the production of oil or gas from different formations within the same well bore.
