Broward County, located in Florida, has specific provisions that may be added to a pooling or unit designation agreement. These provisions are put in place to ensure efficient and organized management of resources, particularly in relation to oil, gas, or mineral exploration and production activities. Some of the provisions that may be added to a pooling or unit designation in Broward Florida are: 1. Pooling Provision: The pooling provision allows for the combining of multiple oil, gas, or mineral interests into one unit. This helps in the efficient extraction and management of resources by preventing fragmented development and minimizing waste. 2. Spacing Provision: The spacing provision establishes minimum distances between wells, ensuring that they are adequately spaced to avoid interference and maximize resource recovery. This provision helps prevent over-drilling and ensures optimal resource extraction. 3. Unitization Provision: Under this provision, individual leasehold interests within a defined area can be combined into a single unit. Unitization allows for the coordinated development and production of resources, minimizing surface disturbance and enhancing the overall recovery rate. 4. Acreage Allocation Provision: This provision specifies how acreage is allocated among interest holders within the designated unit. It ensures a fair distribution of costs and production revenues, based on each party's ownership interest. 5. Royalty Provision: The royalty provision establishes the percentage of revenue that will be paid to the mineral interest owner(s) from the sale of resources. This provision is crucial in determining the financial compensation for the mineral rights owners. 6. Force Mature Provision: The force majeure provision accounts for unforeseen events or circumstances, such as natural disasters or government regulations, that may impact the ability to carry out drilling or production activities. It outlines the rights and responsibilities of the parties involved during such events. Different types of Broward Florida provisions that may be added to a pooling or unit designation agreement may vary based on the specific needs and regulations of the area. It is essential for interested parties to consult legal professionals and industry experts to ensure compliance with local laws and optimize resource extraction in Broward County, Florida.
Broward Florida Provisions That May Be Added to A Pooling Or Unit Designation
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