This form of declaration provides notice that the unit owner pools, unitizes, and combines the Unit Leases, including all renewals, extensions, ratifications, and amendments of the Unit Leases and the lands covered by those Leases and the mineral and/or royalty estates in the lands subject to the Leases into a unit for the exploration, development, and production of oil, gas, and associated hydrocarbons (the Unit ).
The Kentucky Declaration of Pooled Unit — Long Form is a legal document used in the state of Kentucky to establish a pooled unit for the purposes of oil and gas production. This declaration outlines the terms and conditions under which multiple landowners or leaseholders can contribute their properties, or portions thereof, to form a consolidated unit for drilling and production operations. Keywords: Kentucky Declaration of Pooled Unit, long form, legal document, oil and gas production, pooled unit, landowners, leaseholders, consolidated unit, drilling, production operations. The main objective of the Kentucky Declaration of Pooled Unit — Long Form is to promote efficient and effective utilization of resources, reduce costs, and maximize the recovery of oil and gas reserves within a given area. By combining multiple leases or tracts of land, operators can eliminate unnecessary duplication of drilling operations and infrastructure, leading to increased productivity and profitability. The long form version of this document includes comprehensive provisions that address various aspects of the pooled unit, such as the allocation of costs, the sharing of production revenues, the calculation of working interests, and the rights and responsibilities of the participating parties. It also includes detailed descriptions of the properties being pooled, the geographical boundaries of the unit, and any exceptions or exclusions. Different types or variations of the Kentucky Declaration of Pooled Unit — Long Form may exist depending on the specific circumstances and requirements of the participating parties. Some variations may include additional clauses or provisions to accommodate unique situations, such as special consideration for landowners with preserved wildlife habitats or environmentally sensitive areas. In summary, the Kentucky Declaration of Pooled Unit — Long Form is a crucial legal document that facilitates the consolidation of multiple properties for oil and gas production purposes. It ensures fair and equitable distribution of costs and revenues among the participating parties, while promoting responsible resource development and maximizing the potential of Kentucky's oil and gas reserves.
