This form is used when royalty owners are the owners of royalty and mineral interests in Tracts 1 and 2, subject to the terms of Lease 1 and Lease 2. Recognizing that each of the Royalty Owners may not own an Interest in both Tracts 1 and 2, or may not own an identical Interest in Tracts 1 and 2, it is their desire, together with Lessee, to pool and unitize these two Tracts for oil and gas operations.
Harris Texas Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation A pooling agreement is a legal contract that allows oil and gas operations to combine multiple tracts or leases for efficient resource extraction. In Harris County, Texas, the Harris Texas Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation enables oil and gas companies to pool the rights and interests of multiple tracts, ensuring maximum utilization of resources while protecting the interests of the lessors. Keywords: Harris Texas, Pooling Agreement, Lessee, Royalty Owners, Two Tracts, Depth Limitation This particular agreement refers to the pooling of two tracts in Harris County, Texas. It is specifically designed to establish a collaborative relationship between the lessee (the oil and gas company) and the royalty owners (the holders of mineral rights) across the two tracts. By combining their interests and resources, both parties benefit from increased operational efficiency and higher returns. The Harris Texas Pooling Agreement imposes a depth limitation, which means that the pooling applies only to specific depths below the surface. This provision ensures that the pooling agreement remains focused on the targeted resource extraction zones and prevents overlapping operations or unnecessary utilization of resources. Different types or variations of the Harris Texas Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation can include additional clauses or provisions depending on the specific needs and priorities of the lessor and lessee. Some common variations may include: 1. Depth Allocation: This type of agreement may have a provision that allocates specific depths to different tracts or royalty owners, ensuring fairness and proper resource management. 2. Royalty Distribution: The pooling agreement may outline the distribution of royalties among the participating royalty owners, stating the percentage or formula for dividing the earnings. 3. Operating Costs: In some cases, the pooling agreement may address the allocation of operating costs associated with the combined operations, ensuring a fair distribution among the participating parties. 4. Default and Cancellation: This type of pooling agreement may include provisions outlining the consequences of default or cancellation by either the lessee or royalty owners and the steps to resolve disputes or terminate the agreement. 5. Consent Requirement: Some agreements may require the consent of the royalty owners before undertaking certain activities, such as drilling deeper or entering into joint ventures. The Harris Texas Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation is a crucial legal document that streamlines oil and gas operations while protecting the interests of all involved parties. By allowing the pooling of resources and expertise, it ensures efficient resource extraction while maximizing the economic benefits for the lessee and royalty owners.Harris Texas Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation A pooling agreement is a legal contract that allows oil and gas operations to combine multiple tracts or leases for efficient resource extraction. In Harris County, Texas, the Harris Texas Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation enables oil and gas companies to pool the rights and interests of multiple tracts, ensuring maximum utilization of resources while protecting the interests of the lessors. Keywords: Harris Texas, Pooling Agreement, Lessee, Royalty Owners, Two Tracts, Depth Limitation This particular agreement refers to the pooling of two tracts in Harris County, Texas. It is specifically designed to establish a collaborative relationship between the lessee (the oil and gas company) and the royalty owners (the holders of mineral rights) across the two tracts. By combining their interests and resources, both parties benefit from increased operational efficiency and higher returns. The Harris Texas Pooling Agreement imposes a depth limitation, which means that the pooling applies only to specific depths below the surface. This provision ensures that the pooling agreement remains focused on the targeted resource extraction zones and prevents overlapping operations or unnecessary utilization of resources. Different types or variations of the Harris Texas Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation can include additional clauses or provisions depending on the specific needs and priorities of the lessor and lessee. Some common variations may include: 1. Depth Allocation: This type of agreement may have a provision that allocates specific depths to different tracts or royalty owners, ensuring fairness and proper resource management. 2. Royalty Distribution: The pooling agreement may outline the distribution of royalties among the participating royalty owners, stating the percentage or formula for dividing the earnings. 3. Operating Costs: In some cases, the pooling agreement may address the allocation of operating costs associated with the combined operations, ensuring a fair distribution among the participating parties. 4. Default and Cancellation: This type of pooling agreement may include provisions outlining the consequences of default or cancellation by either the lessee or royalty owners and the steps to resolve disputes or terminate the agreement. 5. Consent Requirement: Some agreements may require the consent of the royalty owners before undertaking certain activities, such as drilling deeper or entering into joint ventures. The Harris Texas Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation is a crucial legal document that streamlines oil and gas operations while protecting the interests of all involved parties. By allowing the pooling of resources and expertise, it ensures efficient resource extraction while maximizing the economic benefits for the lessee and royalty owners.
