This form is used when royalty owners are the owners of royalty and mineral interests in Tracts 1 and 2, subject to the terms of Lease 1 and Lease 2. Recognizing that each of the Royalty Owners may not own an Interest in both Tracts 1 and 2, or may not own an identical Interest in Tracts 1 and 2, it is their desire, together with Lessee, to pool and unitize these two Tracts for oil and gas operations.
Maryland Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation
State:
Multi-State
Control #:
US-OG-368
Format:
Word;
Rich Text
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How to fill out Pooling Agreement Between Lessee And Royalty Owners On Two Tracts, With Depth Limitation?
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FAQ
This agreement, also known as a pooling agreement, allows shareholders to gain or maintain control without giving up their identities as stockholders as with a voting trust. Voting agreements cannot be used between directors, to restrict the discretion of directors, or to buy votes.
When pooling occurs, tracts from two or more leases are combined or pooled for the drilling of the well. The production and operations on the pooled unit are treated as having taken place on each tract within the pooled unit. As a result, the production on the pooled unit will maintain the leases comprising the unit.
A pooling agreement is a type of contract in which shareholders of a corporation create a voting trust by pooling their voting rights and transferring them to a trustee. This is also called a voting agreement or shareholder-control agreement since it is used to control the affairs of the corporation.
Pooling arrangement means an arrangement whereby several insurance or reinsurance undertakings agree to share identified insurance risks in defined proportions. The parties insured by the members of the pooling arrangement are not themselves members of the pooling arrangement.
Pooling Agreements. Introduction. A Pooling Agreement is a contract in which a group of affiliated or associated insurance companies within a holding company system1 agree to share certain specified revenues and payment obligations.
