Travis Texas Amendment to Unit Agreement

• Category: Oil Gas and Minerals - Pooling and Unitization
• State: Multi-State
• County: Travis
• 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. Travis Texas Amendment to Unit Agreement is a legal document that pertains to the modification or alteration of an existing unit agreement in relation to oil and gas exploration or extraction activities in Travis County, Texas. This amendment is designed to provide updated terms and conditions that may be necessary to address specific changes, developments, or unforeseen circumstances that have occurred since the original unit agreement was established. Keywords: Travis Texas, Amendment to Unit Agreement, oil and gas exploration, extraction activities, legal document, modification, alteration, unit agreement, terms and conditions, changes, developments, unforeseen circumstances, original agreement, Travis County. Types of Travis Texas Amendment to Unit Agreement: 1. Extension Amendment: This type of amendment is utilized when the existing unit agreement needs to be extended beyond its original duration. It may facilitate the continued operation or exploration of oil and gas activities, taking into account new developments or unforeseen circumstances that require additional time. 2. Boundary Amendment: This amendment is implemented when modifications are required in the geographical or spatial boundaries of the unit agreement area. Changes may be necessary to include or exclude specific tracts of land based on ownership changes, survey adjustments, or the discovery of new oil and gas resources in neighboring areas. 3. Operational Amendment: This type of amendment is made when operational adjustments are necessary within the unit agreement. It may involve changes to drilling or extraction techniques, production methods, facility placements, or safety protocols, allowing for more efficient operations while complying with environmental and regulatory requirements. 4. Royalty Amendment: A royalty amendment is made when modifications are needed in the distribution or calculation of royalty payments to the involved parties. This amendment may be required to revise the percentage distribution, payment schedule, or method of calculation based on changing market conditions, production volumes, or other financial factors. 5. Force Mature Amendment: This type of amendment is employed when unforeseen circumstances beyond the control of the parties involved prevent them from fulfilling their obligations under the unit agreement. Force majeure events, such as natural disasters, operational disruptions, or regulatory changes, may require the agreement to be modified to accommodate the impact of these unforeseen circumstances. These various types of Travis Texas Amendment to Unit Agreement provide the flexibility needed to adapt to changing circumstances in the oil and gas industry, ensuring that stakeholders can effectively manage their activities while maintaining compliance with legal and regulatory requirements.

Travis Texas Amendment to Unit Agreement is a legal document that pertains to the modification or alteration of an existing unit agreement in relation to oil and gas exploration or extraction activities in Travis County, Texas. This amendment is designed to provide updated terms and conditions that may be necessary to address specific changes, developments, or unforeseen circumstances that have occurred since the original unit agreement was established. Keywords: Travis Texas, Amendment to Unit Agreement, oil and gas exploration, extraction activities, legal document, modification, alteration, unit agreement, terms and conditions, changes, developments, unforeseen circumstances, original agreement, Travis County. Types of Travis Texas Amendment to Unit Agreement: 1. Extension Amendment: This type of amendment is utilized when the existing unit agreement needs to be extended beyond its original duration. It may facilitate the continued operation or exploration of oil and gas activities, taking into account new developments or unforeseen circumstances that require additional time. 2. Boundary Amendment: This amendment is implemented when modifications are required in the geographical or spatial boundaries of the unit agreement area. Changes may be necessary to include or exclude specific tracts of land based on ownership changes, survey adjustments, or the discovery of new oil and gas resources in neighboring areas. 3. Operational Amendment: This type of amendment is made when operational adjustments are necessary within the unit agreement. It may involve changes to drilling or extraction techniques, production methods, facility placements, or safety protocols, allowing for more efficient operations while complying with environmental and regulatory requirements. 4. Royalty Amendment: A royalty amendment is made when modifications are needed in the distribution or calculation of royalty payments to the involved parties. This amendment may be required to revise the percentage distribution, payment schedule, or method of calculation based on changing market conditions, production volumes, or other financial factors. 5. Force Mature Amendment: This type of amendment is employed when unforeseen circumstances beyond the control of the parties involved prevent them from fulfilling their obligations under the unit agreement. Force majeure events, such as natural disasters, operational disruptions, or regulatory changes, may require the agreement to be modified to accommodate the impact of these unforeseen circumstances. These various types of Travis Texas Amendment to Unit Agreement provide the flexibility needed to adapt to changing circumstances in the oil and gas industry, ensuring that stakeholders can effectively manage their activities while maintaining compliance with legal and regulatory requirements.