Contra Costa California Amendment to Unit Agreement

• Category: Oil Gas and Minerals - Pooling and Unitization
• State: Multi-State
• County: Contra Costa
• Control #: US-OG-733
• Format: Word; Rich Text

Description

The form is used when the Owners, by unanimous consent, desire to amend a Unit Agreement. It may be executed in multiple counterparts, which, when taken together, shall be deemed one and the same instrument.

The Contra Costa California Amendment to Unit Agreement is a legal document that amends and modifies the terms and conditions of a unit agreement relating to oil and gas operations in the Contra Costa County of California. This agreement is specifically designed to facilitate the exploration, development, and production of oil and gas resources in this region. The purpose of the Contra Costa California Amendment to Unit Agreement is to ensure efficient and effective management of the unitized properties within the defined geographic area. It outlines the rights, obligations, and responsibilities of all parties involved, including the operating company, working interest owners, and royalty owners. The amendment addresses various aspects of the unit agreement, including the ownership interests, drilling requirements, production sharing, accounting procedures, and dispute resolution mechanisms. There can be different types of Contra Costa California Amendment to Unit Agreements, depending on the specific circumstances and needs of the parties involved. Some potential variations may include: 1. Unitization Amendments: These amendments focus on the establishment, modification, or termination of unitized properties within the prescribed boundaries. They define the participating area and outline the basis for sharing production and costs among the working interest owners. 2. Operating Amendments: These amendments primarily deal with operational matters such as drilling obligations, well spacing requirements, leasehold limitations, surface use rights, and environmental regulations. They ensure compliance with local and state laws and regulations governing oil and gas operations in Contra Costa County. 3. Cost Allocation Amendments: These amendments determine the allocation and reimbursement of costs incurred in the development, operation, and maintenance of the unitized properties. They establish accounting procedures, budgeting processes, and auditing mechanisms to ensure fair and equitable sharing of expenses. 4. Production Sharing Amendments: These amendments focus on the distribution of production revenues generated from the unitized properties. They outline the formula or methodology for allocating shared production to the working interest owners and royalty owners, and establish the frequency and manner of payment. In summary, the Contra Costa California Amendment to Unit Agreement is a comprehensive legal document that governs the management and operation of oil and gas properties in Contra Costa County. It ensures the smooth and efficient exploration, development, and production of oil and gas resources while addressing the rights and responsibilities of all parties involved. Different types of amendments can be made to address specific needs, including unitization, operations, cost allocation, and production sharing.