This form is used when the Operator desires to amend the Designation of Pooled Unit, as permitted by the terms of the Leases included in the Unit, to (increase/reduce) the size of the Unit so that, on the Effective Date of this Amendment, the Unit will consist of a specific number of acres of land, which lands are to be depicted on a plat attached to this Amendment.
The Mississippi Amendment to Pooled Unit Designation is a legal provision in the state of Mississippi that pertains to the designation and management of pooled units for oil and gas extraction. This amendment addresses various aspects of pooling, including the establishment of pooled units, their boundaries, and modifications. Pooled units refer to a combination of oil and gas leases or tracts of land that are merged together for the purpose of more efficient resource extraction. The Mississippi Amendment to Pooled Unit Designation outlines the prerequisites and procedures for the creation, modification, and termination of pooled units. The primary objective of this amendment is to streamline the extraction process by allowing multiple tracts of land or leases, typically owned by different individuals or entities, to be treated as a single unit. By pooling resources, operators can optimize the efficiency of drilling operations and enhance the overall recovery of oil and gas reserves. The Mississippi Amendment to Pooled Unit Designation offers clarity regarding the establishment of pooled units by defining the necessary conditions that must be met. These conditions commonly include contiguous or overlapping lease boundaries, common ownership, or contracts among multiple leasehold owners. Additionally, this amendment specifies the minimum acreage that must be included in a proposed pooled unit and outlines the associated application process, fees, and timelines. This amendment also allows for modifications to exist pooled units, such as changing the unit boundaries, acreage allocation, or leasehold interests. Requests for modifications are typically subject to administrative approval and may require the consent of a specified majority of the working interest owners within the unit. In terms of different types of Mississippi Amendments to Pooled Unit Designation, there may be variations based on specific geological formations or geographical areas within the state. For example, certain amendments may address pooling provisions for the Tuscaloosa Marine Shale or the Mississippi Lime formations. These amendments would typically incorporate specific geological considerations and characteristics unique to those formations. In conclusion, the Mississippi Amendment to Pooled Unit Designation is a crucial legal provision that governs the creation, modification, and termination of pooled units for oil and gas extraction in Mississippi. It ensures efficient utilization of resources while protecting the rights and interests of leasehold owners.
