Iowa Dissolution of Pooled Unit (By Unit Owners)
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FAQ
?Unitization? means the combining or consolidation of separately owned lease interests for joint exploration or development of a reservoir or potential hydrocarbon accumulation under the terms of a Unit Agreement.
?Unitization? means the combining or consolidation of separately owned lease interests for joint exploration or development of a reservoir or potential hydrocarbon accumulation under the terms of a Unit Agreement.
In the case of pooling, more than one tract or lease will be combined or pooled in order for the drilling of the well to take place. Operations and productions that are taken from the pooled unit have to be treated as if they are taking place on each tract within that pooled unit.
A unit agreement entails a BLM-approved agreement to cooperate in all facets of oil and gas production, without regard to lease boundaries and ownership. All unit agreements are subject to Onshore Oil and Gas Operations regulations (43 CFR Part 3160).
Unitization is a process in which two or more operating companies combine their interests in a single unitized area, allowing them to operate their wells together. Texas' standards include determining the boundaries of the unitized area and how production will be divided amongst the participating companies.
1. n. [Oil and Gas Business] The combining of smaller federal tracts of land to total the acreage required by the US Bureau of Land Management and/or state regulations to form a legal spacing and proration unit.
Unit Operating Agreement means any operating or unit agreement to which a Company is a party or by which it is legally or contractually bound governing oil and gas drilling, completion, and other operations and related activities in any Unit.
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] ...
Communitization allows for the development of a separate lease or a portion thereof that cannot be independently developed and operated in conformity with an established well-spacing or well development program.
The process whereby an oil or gas reservoir straddling multiple licence areas is jointly developed by the holders of each licence. A key principle of unitisation is that the straddling reservoir is physically developed as though the boundary between the licence areas does not exist.