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 Mississippi Supplemental Declaration of Pooled Unit is a legal document that outlines the specific terms and conditions related to the creation and operation of a pooled unit in the state of Mississippi. It is typically used in the context of oil and gas exploration and production. Keywords: Mississippi, Supplemental Declaration, Pooled Unit, legal document, terms and conditions, creation, operation, oil and gas exploration, production. There are different types of Mississippi Supplemental Declarations of Pooled Unit, each serving a specific purpose or addressing unique circumstances. These types may include: 1. Initial Pooled Unit Declaration: This type of declaration establishes the initial parameters of the pooled unit, such as the specific properties or tracts of land included, the working interests and royalty interests assigned to each participant, and the allocation of costs and expenses. 2. Amendment or Modification Declaration: As circumstances change over time, an amendment or modification declaration may be required to update or revise the terms of the existing pooled unit. This could include adding or removing properties, adjusting working interests or royalty interests, or modifying the allocation of costs and expenses. 3. Unit Expansion Declaration: When additional properties or tracts of land are added to an existing pooled unit, a unit expansion declaration is executed to define the new boundaries and incorporate the additional interests and obligations of the participants. 4. Unit Termination Declaration: In certain situations where the pooled unit is no longer viable or necessary, a unit termination declaration may be issued to dissolve the pooled unit and release participants from their obligations. This would typically occur when the oil and gas reserves have been depleted or when the economic viability of the project no longer exists. 5. Unit Operator Change Declaration: If there is a change in the designated operator of the pooled unit, a unit operator change declaration is executed to transfer the rights and responsibilities of the operator to a new entity. This declaration would outline the terms and conditions of the transfer and ensure a smooth transition of operations. These are some different types of Mississippi Supplemental Declarations of Pooled Unit, each serving a distinct purpose within the oil and gas industry in the state of Mississippi. It is important to consult with legal professionals and industry experts to ensure compliance with state laws and regulations when creating or modifying such declarations.
