Dallas Texas Declaration of Pooled Unit For Oil and Gas

Name: Dallas Texas Declaration of Pooled Unit For Oil and Gas
Brand: US Legal Forms
Rating: 4.58 (380 reviews)

Category:

Oil Gas and Minerals - Pooling and Unitization

State:

Multi-State

County:

Dallas

Control #:

US-OG-374

Format:

Instant download

Description

This declaration is executed by the Operatorand filed of record for the purpose of exercising the pooling authority granted to the Lessee in the Leases, and giving notice of the Lands comprising the Unit established by Operator.

18.2 Securities-Rule 10b-5 Claim

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It also records a "Declaration of Pooling" or similarly named document in the land records office at the local Courthouse. The declaration shows the boundaries of the pooling unit and identifies all the landowners and amount of property each landowner actually has in the unit.

Pooling is a tool used to bring together small or irregular tracts of land or mineral interests to form one drilling unit for the purposes of oil or gas production.

Pooling refers to joining together enough acreage to allow issuance of a drilling permit for a single well. Unitization refers to joining together large areas such as an entire reservoir or field to optimize operations, introduce efficiencies, and reduce costs. Both pooling and unitization can be voluntary or forced.

A pooling clause expands the granting clause by giving a lessee the authority to determine whether to pool. This authority, however, is not unfettered. Many disputes have arisen through the years as to whether a lessee has properly exercised his discretion and authority under a pooling clause.

Compulsory pooling, also known as forced, statutory or mandatory pooling, forces landownerswho do not wish the mineral resources underneath their land to be extractedto become part of a drilling unit.

Forced Pooling in Texas - the Texas forced pooling statute is similar to the statutes of most states. The Texas Railroad Commission has authority to issue forced pooling orders. A mineral interest owner who is force pooled in Texas has essentially the same options as mineral owners in other states.

Pooling is the combination of all or portions of multiple oil and gas leases to form a unit for the drilling of a single oil and/or gas well. The unit is generally one or a combination of government survey quarter-quarter sections.

Generally, a pooling clause will allow the leased premises to be combined with other lands to form a drilling unit, wherein proceeds from production anywhere on the drilling unit are allocated according to the percentage of the acreage of each tract divided by the total acreage of the drilling unit.

A Pugh Clause is meant to prevent a lessee from declaring all lands under an oil and gas lease as being held by production, even if production only occurs on a fraction of the property.

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Apache refused, contending production from the well in the producing unit held the entire 640-acre tract. 4 A "pool" is defined under Ohio law as "an underground reservoir containing a common accumulation of oil or gas,.Oil companies must comply with statute - "Petroleum" defined. Merits and uses of the Pugh Clause in oil and gas leasing. App.—Dallas 1986, writ ref'd n.r. Share of the production of oil or gas from any pool. 3-42) With 40 Acres Pooling Provision (the "Class Lease Forms");and (iv) had one or more of the oil and gas leases listed on the "Class Lease List". Department of Energy .

Dallas Texas Declaration of Pooled Unit For Oil and Gas

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What is a declaration of pooled unit?

What is pooling oil and gas in Texas?

What is the difference between pooling and unitization?

What does a good faith pooling clause allow a lessee?

What is forced pooling?

Does Texas have forced pooling?

What is a pooled unit?

What does pooling mean in oil and gas?

What is a pooling clause in oil and gas lease?

What is Pugh clause in oil and gas lease?

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Why would someone choose to pool their oil and gas interests?

Can anyone join the pooled unit?

What are the benefits of joining a pooled unit?

Are there any financial considerations when participating in a pooled unit?

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