Dallas Texas Designation of Pooled Unit For Oil and Gas

Name: Dallas Texas Designation of Pooled Unit For Oil and Gas
Brand: US Legal Forms
Rating: 4.72 (270 reviews)

Category:

Oil Gas and Minerals - Pooling and Unitization

State:

Multi-State

County:

Dallas

Control #:

US-OG-378

Format:

Instant download

Description

This form is used by an Operator as a formal declaration that the Leases described are combined and pooled, as to the Lands described, to create a pooled unit.

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FAQ

2032022fil 201apul (geology) An accumulation of petroleum locally confined by subsurface geologic features. Also known as oil accumulation; oil reservoir.

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 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.

Unitization is the agreement to jointly operate an entire producing reservoir or a prospectively productive area of oil and/or gas. The entire unit area is operated as a single entity, without regard to lease boundaries, and allows for the maximum recovery of production from the reservoir.

Definition of gas pool : a continuous area of sedimentary rocks that when drilled yields natural gas in commercial quantities.

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.

To calculate your oil and gas royalties, you would first divide 50 by 1,000, and then multiply this number by . 20, then by $5,004,000 for a gross royalty of $50,040. Once you calculate your gross royalty amount, compare it to the number you see on your royalty check stubs.

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.

The basic royalty calculation is: the landowner's acreage in the unit / (divided by) total number of acres in the unit x (multiplied by) royalty rate x (multiplied by) production = (equals the) gross royalty. An example may be helpful.

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Oil companies must comply with statute - "Petroleum" defined. So it is in the prosaic world of Oil and Gas Operating Agreements.That production of oil and gas from a well located on any tract included in the pooled unit will be regarded during the life of the lease as. 377.26 Location of wells. 377. 27 Drilling units. 377. However, when a foreign pipeline (often called off-lease or out-of-unit) which carries gas. Oil and Gas Units I and II, Texts (courses 3185 and 3186). Gas and Energy Resources Law Section looks forward to a busy new year. 115 The surface owner had acquired the. AERdesignated pool.

Dallas Texas Designation of Pooled Unit For Oil and Gas

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