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.
Oakland Michigan Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation: In Oakland County, Michigan, a pooling agreement is a legal contract between a lessee (usually an oil or gas company) and royalty owners, specifically on two tracts of land. This agreement allows for the efficient extraction of natural resources from the area by combining the land and resources of multiple owners. Key Keywords: 1. Oakland County, Michigan — This agreement is specific to Oakland County in the state of Michigan, indicating the regional scope of the pooling arrangement. 2. Pooling Agreement — This legal contract outlines the terms and conditions under which the lessee can combine the land and resources of multiple owners for extraction purposes. 3. Lessee — Refers to the entity (typically an oil or gas company) that leases the land for resource extraction. 4. Royalty Owners — Refers to the individuals or organizations who own the mineral rights of the two tracts specified in the agreement. 5. Two Tracts — This pooling agreement involves the combination of resources from two separate plots of land, providing an increased efficiency in resource extraction. 6. Depth Limitation — Specifies the depth range within which the pooling agreement is applicable, ensuring that both tracts' resources are exploited responsibly and efficiently. Types of Oakland Michigan Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation: 1. Oil Pooling Agreement: This type of agreement is formed when the principal objective is the extraction and production of oil from the combined resources of the two tracts. 2. Gas Pooling Agreement: This pooling agreement specifically focuses on combining the gas resources of the two tracts for extraction purposes. 3. Dual Pooling Agreement: A comprehensive agreement that covers both oil and gas extraction from the two tracts simultaneously, allowing for the utilization of all available resources. 4. Shallow Depth Pooling Agreement: A pooling agreement with a depth limitation that focuses on extracting resources from shallower formations, typically for cost-efficiency or specific resource characteristics in those depths. 5. Deep Depth Pooling Agreement: Conversely, this pooling agreement is specific to the extraction of resources from deeper formations, which may require substantial investment and specialized equipment. Overall, the Oakland Michigan Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation serves as a legally binding contract that enables the effective and responsible exploration and extraction of natural resources from specific areas in Oakland County, Michigan. It facilitates cooperation between the lessee and royalty owners, ensuring a fair distribution of profits while respecting depth limitations specified within the agreement.
