Pima Arizona Ratification of Unit Agreement

Name: Pima Arizona Ratification of Unit Agreement
Brand: US Legal Forms
Rating: 4.59 (209 reviews)

Category:

Oil Gas and Minerals - Ratification

State:

Multi-State

County:

Pima

Control #:

US-OG-385

Format:

Instant download

Description

This form is used when owner desires to ratify, adopt, and become bound by the Unit Agreement to the extent of the owner's interest in Oil and Gas Leases, mineral, royalty, and/or leasehold interests, and lands included in the Unit.

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FAQ

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.

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.

Unitization is the act of consolidating multiple smaller units into a larger unit for improved warehouse efficiency, quicker packaging and arranging, and more efficient handling and transportation.

To ratify a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

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.

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. As you review the pooling notice you see that although you have 100 total acres, only 2 of your acres are actually in the production unit.

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.

In terms of the oil and gas industry, ratification of a lease is the term for requesting acceptance of an existing lease agreement, with or without changes, from landowners who have purchased parcels to which the original leaseholder gave permission to drill and produce. Leases can last for decades.

Pima Arizona Ratification of Unit Agreement

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FAQ

Does Texas have forced pooling?

What is a unitization agreement?

What is a unitization?

What does ratification of a lease mean?

What is a pooled unit in oil and gas?

What is a pooling clause?

What is a Declaration and Notice of pooled unit?

What is the difference between pooling and unitization?

What is the purpose of a ratification of oil and gas lease?

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