This form is used when the Operator desires to amend the Designation of Pooled Unit, as permitted by the terms of the Leases included in the Unit, to (increase/reduce) the size of the Unit so that, on the Effective Date of this Amendment, the Unit will consist of a specific number of acres of land, which lands are to be depicted on a plat attached to this Amendment.
The Harris Texas Amendment to Pooled Unit Designation is a legal modification that pertains to the consolidation and organization of shared oil or gas resources in Harris County, Texas. This amendment plays a crucial role in establishing the boundaries and operations of a pooled unit, ensuring fair distribution of production revenues and promoting efficient utilization of hydrocarbon reserves. Designed to regulate the consolidation of multiple tracts or leases into a single production unit, the Harris Texas Amendment to Pooled Unit Designation aims to enhance overall resource management and encourage optimal reservoir development. By pooling various individual interests, such as mineral rights owners or leaseholders, the amendment facilitates the efficient extraction of oil or gas from a specific geographic area. This amendment provides a framework for defining the boundaries and composition of a pooled unit, specifying the location of the unit and the participating tracts or leases. It outlines the procedures for pooling, including the required percentage of participation from each interest owner, thus ensuring equitable participation and preventing any unjust advantage to a single individual or entity. Additionally, the Harris Texas Amendment to Pooled Unit Designation offers guidelines for the determination and allocation of production revenues among interest owners. It establishes a comprehensive formula or method for calculating and distributing royalties proportionally, based on the extent of individual participation. Furthermore, this amendment enforces monitoring and reporting requirements to ensure compliance and transparency throughout the life of the pooled unit. It sets forth the responsibilities of the operator, who oversees the day-to-day operations and submits regular reports detailing production volumes, costs, and revenue allocation. Different types of Harris Texas Amendments to Pooled Unit Designation may exist to cover specific scenarios or evolving industry practices. These variants could include provisions for unit expansions, modifications to boundary lines, or updates to revenue allocation methodologies. These amendments may be tailored to accommodate unique geological features, technological advancements, or changes in legal and regulatory frameworks. To conclude, the Harris Texas Amendment to Pooled Unit Designation is a crucial legal instrument that governs the consolidation, operation, and management of shared oil and gas resources in Harris County, Texas. Its implementation ensures fair distribution of revenues, promotes efficient utilization of hydrocarbon reserves, and contributes to the sustainable development of the energy industry.The Harris Texas Amendment to Pooled Unit Designation is a legal modification that pertains to the consolidation and organization of shared oil or gas resources in Harris County, Texas. This amendment plays a crucial role in establishing the boundaries and operations of a pooled unit, ensuring fair distribution of production revenues and promoting efficient utilization of hydrocarbon reserves. Designed to regulate the consolidation of multiple tracts or leases into a single production unit, the Harris Texas Amendment to Pooled Unit Designation aims to enhance overall resource management and encourage optimal reservoir development. By pooling various individual interests, such as mineral rights owners or leaseholders, the amendment facilitates the efficient extraction of oil or gas from a specific geographic area. This amendment provides a framework for defining the boundaries and composition of a pooled unit, specifying the location of the unit and the participating tracts or leases. It outlines the procedures for pooling, including the required percentage of participation from each interest owner, thus ensuring equitable participation and preventing any unjust advantage to a single individual or entity. Additionally, the Harris Texas Amendment to Pooled Unit Designation offers guidelines for the determination and allocation of production revenues among interest owners. It establishes a comprehensive formula or method for calculating and distributing royalties proportionally, based on the extent of individual participation. Furthermore, this amendment enforces monitoring and reporting requirements to ensure compliance and transparency throughout the life of the pooled unit. It sets forth the responsibilities of the operator, who oversees the day-to-day operations and submits regular reports detailing production volumes, costs, and revenue allocation. Different types of Harris Texas Amendments to Pooled Unit Designation may exist to cover specific scenarios or evolving industry practices. These variants could include provisions for unit expansions, modifications to boundary lines, or updates to revenue allocation methodologies. These amendments may be tailored to accommodate unique geological features, technological advancements, or changes in legal and regulatory frameworks. To conclude, the Harris Texas Amendment to Pooled Unit Designation is a crucial legal instrument that governs the consolidation, operation, and management of shared oil and gas resources in Harris County, Texas. Its implementation ensures fair distribution of revenues, promotes efficient utilization of hydrocarbon reserves, and contributes to the sustainable development of the energy industry.
