This declaration is used when a unit operator desires to supplement and amend a Declaration of Pooled Unit to include in the unit the oil, gas and mineral leases described in Exhibit A to this Supplement, covering lands within the confines of the Unit Area.
The Iowa Supplemental Declaration of Pooled Unit is a legal document that outlines the rights, obligations, and terms for the creation and governance of a pooled unit in Iowa. This declaration is specifically relevant to oil and gas development and operations in the state. The document provides a detailed explanation of what a pooled unit is, which is essentially a consolidated unit of land and mineral interests for oil and gas exploration and production purposes. It explains that the pooling of mineral interests allows for more efficient and economically viable extraction of oil and gas resources, as it consolidates small, fragmented parcels of land into a single unit. The Iowa Supplemental Declaration of Pooled Unit enumerates key elements, such as the purpose and objectives of the pooled unit, the operator's responsibilities and rights, and the obligations of the participating interest owners. It also provides information about the boundaries of the pooled unit, drilling and production operations, financial matters, and dispute resolution mechanisms. There are different types of Iowa Supplemental Declaration of Pooled Unit, including but not limited to: 1. Voluntary Pooled Unit Declaration: This type of declaration occurs when the participating interest owners voluntarily agree to pool their interests for oil and gas exploration and production. 2. Mandatory Pooled Unit Declaration: In certain situations, Iowa law allows for the mandatory creation of a pooled unit. This can occur when a certain percentage of the interest owners consent to the pooling, even if some owners disagree. 3. Unitization Agreement Declaration: In some cases, multiple leasehold owners may enter into an unitization agreement, which establishes a pooled unit for the coordinated development and operation of a field or reservoir. This declaration outlines the rules and regulations governing the unitization agreement and the participating parties' rights and responsibilities. It is important to consult with legal professionals or petroleum engineers experienced in Iowa's oil and gas laws to ensure compliance with the specific requirements and regulations related to the Iowa Supplemental Declaration of Pooled Unit.
