Arkansas Dissolution of Pooled Unit is a legal process in the state of Arkansas which allows a pooled unit to be dissolved. A pooled unit is a term used in the oil and gas industry to describe the grouping of multiple oil and gas leases or interests in order to efficiently develop and extract resources from a common reservoir. The dissolution of a pooled unit may occur for various reasons, including the depletion of the reservoir, changes in ownership or interests, or the need to reconfigure the unit for more efficient operations. When a pooled unit is dissolved, the rights and obligations of the unit are terminated, and the individual leases or interests within the unit are no longer treated as a collective entity. There are several types of Arkansas Dissolution of Pooled Unit that may be pursued depending on the circumstances: 1. Voluntary Dissolution: This type of dissolution occurs when all the working interest owners or lessees within the pooled unit agree to dissolve the unit. It typically involves a formal agreement among the parties involved and requires the approval of the relevant regulatory authority. 2. Forced Dissolution: In some cases, a pooled unit may be dissolved involuntarily due to certain circumstances. This can occur if the regulatory authority determines that the unit is no longer economically viable or if there are violations of the unit's operating agreement or regulations. 3. Termination of Lease: If a lease within a pooled unit expires or is terminated, it may lead to the dissolution of the unit if other qualifying leases or interests are not available to maintain the unit. Regardless of the type of Arkansas Dissolution of Pooled Unit, the process typically involves filing appropriate documentation with the Arkansas Oil and Gas Commission or other relevant regulatory authority. This may include providing details about the reasons for dissolution, the agreement (if applicable), and the specific legal requirements to be fulfilled. It is important to consult with an attorney or industry expert knowledgeable in Arkansas oil and gas laws to ensure compliance with all legal requirements and to understand the potential implications of dissolving a pooled unit. Each situation is unique, and the specific steps and requirements may vary based on the circumstances involved.
Arkansas Dissolution of Pooled Unit
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A method of accounting used when two companies merge (= join together), in which their assets, debts, etc. are combined: Under the pooling of interests method, a business combination is regarded as the uniting of the ownership interests of two companies, not as the acquisition of one company by another.
Pooling is ?the bringing together of small tracts sufficient for the granting of a well permit under applicable spacing rules,? while unitization is ?the joint operation of all or some portion of a producing reservoir.?[1] While pooling and unitization are both used to prevent waste and protect correlative rights,[2] ...
However, a pooling agreement is any agreement that brings together separately owned, usually small, mineral or leasehold interests in order to comply with state regulatory laws to drill a single well.[1] Specifically in Texas, the purpose is to accumulate sufficient surface acreage to permit drilling operations on a ...
? Pooling is the joinder of separately owned leases. covering different tracts of land for development as a single tract or "pool". - Pooling requires specific authorization by lessor by a. lease or a separate agreement such as declaration of unit.
Declaration of a Pooled Unit Such a document delineates what portions of the leases are included in a unit. It also places third parties on notice. ing to the terms of the leases, any production from the wells in the pooled unit must maintain underlying leases or portions if this is applicable.
A pooling unit is designated, bringing together all the mineral rights in a specific area. As oil and gas production starts, the generated mineral interests are distributed ing to the ownership percentages and the allocation formula specified in the pooling arrangement.
