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 Indiana Supplemental Declaration of Pooled Unit is a legal document that pertains to the creation and establishment of a pooled unit in the state of Indiana. It outlines the rights and obligations of the owners or participants in the pooled unit, which is typically formed in the context of oil, gas, or mineral exploration and development. The purpose of the Indiana Supplemental Declaration of Pooled Unit is to consolidate the ownership and production of multiple individual tracts of land into a single unit for the purposes of efficient resource extraction. This pooling arrangement allows for the efficient exploration and extraction of natural resources, as it combines the acreage of multiple owners or leases to form a larger unit with improved economies of scale. The Indiana Supplemental Declaration of Pooled Unit typically includes various essential details and provisions. It identifies the participating tracts or leases that are being consolidated into the pooled unit and defines their respective ownership interests. It may also establish a governing body or committee responsible for making decisions regarding the pooled unit's operations, including the extraction methods, production quotas, and profit distribution. Additionally, the Indiana Supplemental Declaration of Pooled Unit specifies the procedures for leasing, drilling, and production within the unit. It often includes provisions related to the payment of royalties or leasehold interests, the maintenance of accurate records, and the sharing of costs and expenses among the participants. Different types of Indiana Supplemental Declarations of Pooled Unit may exist depending on the specific natural resources being targeted for extraction. For instance, there may be separate declarations for oil, gas, minerals, or other resources. Each type of declaration would include industry-specific terms and conditions tailored to that particular resource's extraction process and legal requirements. In conclusion, the Indiana Supplemental Declaration of Pooled Unit is a vital legal document that regulates the consolidation and utilization of land and resources in the state of Indiana. Whether it is for oil, gas, or mineral extraction, this document provides a framework for efficient resource exploration and development while ensuring fair participation and benefit sharing among the participating owners or leases.
