Franklin Ohio Declaration of Pooled Unit - Short Form

• Category: Oil Gas and Minerals - Pooling and Unitization
• State: Multi-State
• County: Franklin
• Control #: US-OG-376
• Format: Word; Rich Text

Description

This declaration is executed by an Operator and filed of record for the purpose of exercising the pooling authority granted to the Lessee in the Leases, and giving notice of the Lands included in the Unit established by the Operator. The Franklin Ohio Declaration of Pooled Unit — Short Form is a legal document that outlines the details and terms of a pooled unit agreement in the state of Ohio. Pooled unit agreements are commonly used in the oil and gas industry to consolidate multiple tracts of land or leases into a single unit for resource extraction purposes. This declaration is designed to provide a concise and simplified version of the pooled unit agreement, presenting the essential information for all parties involved. It serves as a legally binding contract that governs the rights, obligations, and revenue distributions among the participants in the pooled unit. Different types of Franklin Ohio Declaration of Pooled Unit — Short Form may exist depending on specific circumstances or variations in the agreement terms. However, the general content of the declaration typically includes the following key information: 1. Identification of Parties: The declaration outlines the names and addresses of all parties involved in the agreement. This includes the operator, landowners, working interest owners, mineral rights owners, and any other relevant stakeholders. 2. Description of Pooled Unit: A clear and precise description of the boundaries and composition of the pooled unit is provided. This may include details such as the legal description, acreage, and the tract or lease numbers encompassed within the unit. 3. Participation and Ownership: The declaration specifies the ownership percentages or interests of each stakeholder in the pooled unit. It details the contribution of each participant and their proportionate share of costs, revenues, and royalties. 4. Operating Rights and Obligations: The document outlines the rights and obligations of the operator, including the authority to explore, develop, and produce the pooled resources. It also covers the operator's responsibilities for operational and environmental compliance, management of expenses, and reporting requirements. 5. Revenue Distribution: The declaration describes the process and guidelines for revenue distribution among the pooled unit participants. This typically includes the calculation and allocation of royalties, net profits, working interest revenues, and any other applicable payments. 6. Term and Termination: The duration of the agreement is specified, including its commencement date and any provisions for extension or early termination. Procedures for termination such as default, non-compliance, or mutual agreement are outlined in this section. It's important to note that the specific terminology, clauses, and language used in the Franklin Ohio Declaration of Pooled Unit — Short Form may vary depending on the legal requirements and preferences of the parties involved. Consulting with an attorney or legal professional well-versed in Ohio oil and gas law is advisable to ensure compliance and accuracy.

The Franklin Ohio Declaration of Pooled Unit — Short Form is a legal document that outlines the details and terms of a pooled unit agreement in the state of Ohio. Pooled unit agreements are commonly used in the oil and gas industry to consolidate multiple tracts of land or leases into a single unit for resource extraction purposes. This declaration is designed to provide a concise and simplified version of the pooled unit agreement, presenting the essential information for all parties involved. It serves as a legally binding contract that governs the rights, obligations, and revenue distributions among the participants in the pooled unit. Different types of Franklin Ohio Declaration of Pooled Unit — Short Form may exist depending on specific circumstances or variations in the agreement terms. However, the general content of the declaration typically includes the following key information: 1. Identification of Parties: The declaration outlines the names and addresses of all parties involved in the agreement. This includes the operator, landowners, working interest owners, mineral rights owners, and any other relevant stakeholders. 2. Description of Pooled Unit: A clear and precise description of the boundaries and composition of the pooled unit is provided. This may include details such as the legal description, acreage, and the tract or lease numbers encompassed within the unit. 3. Participation and Ownership: The declaration specifies the ownership percentages or interests of each stakeholder in the pooled unit. It details the contribution of each participant and their proportionate share of costs, revenues, and royalties. 4. Operating Rights and Obligations: The document outlines the rights and obligations of the operator, including the authority to explore, develop, and produce the pooled resources. It also covers the operator's responsibilities for operational and environmental compliance, management of expenses, and reporting requirements. 5. Revenue Distribution: The declaration describes the process and guidelines for revenue distribution among the pooled unit participants. This typically includes the calculation and allocation of royalties, net profits, working interest revenues, and any other applicable payments. 6. Term and Termination: The duration of the agreement is specified, including its commencement date and any provisions for extension or early termination. Procedures for termination such as default, non-compliance, or mutual agreement are outlined in this section. It's important to note that the specific terminology, clauses, and language used in the Franklin Ohio Declaration of Pooled Unit — Short Form may vary depending on the legal requirements and preferences of the parties involved. Consulting with an attorney or legal professional well-versed in Ohio oil and gas law is advisable to ensure compliance and accuracy.