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.
A Los Angeles California Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation is a legal contract that allows oil and gas companies to combine multiple tracts of land for drilling operations. The agreement specifies the terms and conditions under which the lessee (the company drilling for oil or gas) may pool the interests of the royalty owners (the owners of the mineral rights on the land) in order to efficiently extract the resources. Key aspects of this pooling agreement include the restrictions on the depth of drilling operations and the specific tracts involved. The agreement will outline the depth limitation, which may vary depending on geologic considerations, environmental regulations, and the interests of the parties involved. There can be different types of Los Angeles California Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation based on various factors such as: 1. Geographic Location: Depending on the specific region in Los Angeles, there may be different pooling agreements considering the unique geological characteristics and local regulations. 2. Depth Restriction: The pooling agreement may have different depth limitations, which can be influenced by the depth at which the oil or gas reserves are located, safety concerns, or environmental protection measures. 3. Tract Size: The pooling agreement can involve various combinations of tracts, with the lessee and royalty owners agreeing on the specific tracts to be pooled. The size and shape of these tracts can vary, affecting the overall agreement terms. 4. Exploration and Production Technologies: The pooling agreement may also consider the specific technologies utilized for exploration and production. For instance, if advanced drilling techniques like horizontal drilling or hydraulic fracturing (fracking) are used, the agreement may include additional provisions to address potential impacts or risks associated with these methods. Overall, a Los Angeles California Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation serves as a legally binding document that establishes the framework for efficient resource extraction while protecting the interests of both the lessee and royalty owners. It ensures that the pooling of tracts and drilling activities are conducted within specified depths and according to agreed-upon regulations.
