Salt Lake Utah Declaration of Pooled Unit - Short Form

• Category: Oil Gas and Minerals - Pooling and Unitization
• State: Multi-State
• County: Salt Lake
• 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 Salt Lake Utah Declaration of Pooled Unit — Short Form is a legal document used in the state of Utah to establish the creation and operation of a pooled unit. A pooled unit refers to the combined acreage of multiple oil and gas leases or interests in the purpose of drilling and producing minerals. The declaration addresses various aspects pertaining to the creation and administration of the pooled unit. It typically includes the following key elements: 1. Parties Involved: The document identifies the parties involved, including the operators, working interest owners, and royalty owners who collectively own the leasehold or mineral interests within the proposed pooled unit. 2. Unit Description: The declaration provides a detailed description of the boundaries and acreage encompassed by the proposed unit. This information is crucial for accurately determining the proportionate shares and interests of each participating party. 3. Formation of Pooled Unit: The declaration outlines the process and conditions for establishing the pooled unit. This includes obtaining the consent and agreement of the majority of the working interest owners or operators, as well as compliance with applicable laws and regulations. 4. Unit Operations: The document specifies the rights, responsibilities, and obligations of the participating parties in regard to drilling, production, and maintenance of the pooled unit. It may also include provisions for the distribution of costs, revenues, and royalties among the unit owners. 5. Duration and Termination: The declaration defines the duration of the pooled unit and the circumstances under which it may be terminated or modified. This can include provisions for unit extensions, suspension of operations, or voluntary withdrawal of parties from the unit. 6. Governing Law and Dispute Resolution: The document typically includes a choice of law provision, indicating that the laws of the state of Utah govern the interpretation and enforcement of the declaration. It may also outline mechanisms for resolving disputes, such as arbitration or mediation. Different types of Salt Lake Utah Declaration of Pooled Unit — Short Form may exist with slight variations in language or provisions to accommodate specific circumstances or parties involved. However, the overall purpose and structure of the document remain consistent across different versions. Variants may include designations such as "Amended and Restated Declaration of Pooled Unit" or "Declaration of Pooled Unit — 2021 Version," indicating subsequent updates or revisions to previous declarations.

The Salt Lake Utah Declaration of Pooled Unit — Short Form is a legal document used in the state of Utah to establish the creation and operation of a pooled unit. A pooled unit refers to the combined acreage of multiple oil and gas leases or interests in the purpose of drilling and producing minerals. The declaration addresses various aspects pertaining to the creation and administration of the pooled unit. It typically includes the following key elements: 1. Parties Involved: The document identifies the parties involved, including the operators, working interest owners, and royalty owners who collectively own the leasehold or mineral interests within the proposed pooled unit. 2. Unit Description: The declaration provides a detailed description of the boundaries and acreage encompassed by the proposed unit. This information is crucial for accurately determining the proportionate shares and interests of each participating party. 3. Formation of Pooled Unit: The declaration outlines the process and conditions for establishing the pooled unit. This includes obtaining the consent and agreement of the majority of the working interest owners or operators, as well as compliance with applicable laws and regulations. 4. Unit Operations: The document specifies the rights, responsibilities, and obligations of the participating parties in regard to drilling, production, and maintenance of the pooled unit. It may also include provisions for the distribution of costs, revenues, and royalties among the unit owners. 5. Duration and Termination: The declaration defines the duration of the pooled unit and the circumstances under which it may be terminated or modified. This can include provisions for unit extensions, suspension of operations, or voluntary withdrawal of parties from the unit. 6. Governing Law and Dispute Resolution: The document typically includes a choice of law provision, indicating that the laws of the state of Utah govern the interpretation and enforcement of the declaration. It may also outline mechanisms for resolving disputes, such as arbitration or mediation. Different types of Salt Lake Utah Declaration of Pooled Unit — Short Form may exist with slight variations in language or provisions to accommodate specific circumstances or parties involved. However, the overall purpose and structure of the document remain consistent across different versions. Variants may include designations such as "Amended and Restated Declaration of Pooled Unit" or "Declaration of Pooled Unit — 2021 Version," indicating subsequent updates or revisions to previous declarations.