North Dakota Dissolution of Pooled Unit (By Unit Owners) In North Dakota, the Dissolution of Pooled Unit (By Unit Owners) refers to the legal process by which owners of a pooled unit can terminate or dissolve the pooling agreement. A pooled unit is created when multiple owners of neighboring tracts of land combine their interests into a single unit for oil and gas operations. The dissolution of a pooled unit may occur due to various reasons, such as changes in oil and gas market conditions, disputes among unit owners, or the desire of individual owners to regain control over their own mineral rights. This process provides the opportunity for unit owners to reclaim their property rights and make independent decisions regarding the development of their mineral resources. There are different types of North Dakota Dissolution of Pooled Unit (By Unit Owners), including: 1. Voluntary Dissolution: This occurs when all the unit owners agree to dissolve the pooled unit voluntarily. It requires a unanimous decision from all unit owners, typically through a written agreement that specifies the terms and conditions of dissolution. 2. Dissolution by Application: In some cases, a single unit owner may file an application with the North Dakota Oil and Gas Division to dissolve the pooled unit. This typically requires a valid reason, such as lack of production or non-compliance with the pooling agreement. 3. Dissolution by Bankruptcy: If a unit owner declares bankruptcy, it can lead to the dissolution of the pooled unit. Bankruptcy proceedings may require the court's involvement and approval to dissolve the unit. 4. Dissolution by expiration: A pooled unit may also be dissolved upon expiration of its predetermined term. This can occur when the unit owners agree to a fixed term for the pooling arrangement, and upon its expiration, the unit is automatically dissolved. 5. Dissolution due to conflict: In situations where conflicts arise among unit owners regarding the operation and management of the pooled unit, it may result in a dissolution. This typically involves disagreements over lease terms, royalties, or operational decisions that cannot be resolved. It is important to note that the process of Dissolution of Pooled Unit (By Unit Owners) in North Dakota is governed by specific laws and regulations. Unit owners contemplating or involved in the dissolution process should seek legal advice to understand their rights, obligations, and the potential financial implications involved. Keywords: North Dakota, Dissolution of Pooled Unit, Unit Owners, oil and gas operations, mineral rights, voluntary dissolution, application, bankruptcy, expiration, conflicts, legal process, North Dakota Oil and Gas Division, pooling agreement, lease terms, royalties, financial implications.
North Dakota Dissolution of Pooled Unit (By Unit Owners)
Description
How to fill out North Dakota Dissolution Of Pooled Unit (By Unit Owners)?
You may devote several hours on-line looking for the lawful file web template that meets the federal and state specifications you will need. US Legal Forms gives a huge number of lawful types that happen to be evaluated by experts. It is simple to down load or printing the North Dakota Dissolution of Pooled Unit (By Unit Owners) from the service.
If you already possess a US Legal Forms account, it is possible to log in and click on the Acquire button. Following that, it is possible to complete, modify, printing, or indication the North Dakota Dissolution of Pooled Unit (By Unit Owners). Every single lawful file web template you get is your own forever. To obtain an additional duplicate associated with a acquired kind, visit the My Forms tab and click on the related button.
If you use the US Legal Forms web site the very first time, keep to the basic guidelines under:
- Very first, ensure that you have chosen the correct file web template for your area/city of your choosing. Look at the kind explanation to make sure you have picked the appropriate kind. If available, use the Review button to check throughout the file web template too.
- If you wish to locate an additional edition of your kind, use the Research discipline to discover the web template that suits you and specifications.
- After you have discovered the web template you desire, simply click Buy now to move forward.
- Choose the prices prepare you desire, type your references, and sign up for a free account on US Legal Forms.
- Comprehensive the deal. You can use your Visa or Mastercard or PayPal account to pay for the lawful kind.
- Choose the file format of your file and down load it to the system.
- Make adjustments to the file if needed. You may complete, modify and indication and printing North Dakota Dissolution of Pooled Unit (By Unit Owners).
Acquire and printing a huge number of file themes while using US Legal Forms website, that provides the biggest selection of lawful types. Use expert and express-distinct themes to handle your business or individual requirements.
Form popularity
FAQ
Every parent or other person legally responsible for the care or support of a child who wholly abandons the child or willfully fails to furnish food, shelter, clothing, and medical attention reasonably necessary and sufficient to meet the child's needs is guilty of a class C felony.
23-12-13. Persons authorized to provide informed consent to health care for incapacitated persons - Priority. i. A close relative or friend of the patient who is at least eighteen years of age and who has maintained significant contacts with the incapacitated person.
(Bismarck, ND) ? A Watford City-based company says North Dakota's oil and gas mineral rights are worth two-point-eight billion dollars. The current value is 18-percent higher than last year's appraisal. The valuations take into account current prices and natural declines in production.
38-08-08. When two or more separately owned tracts are embraced within a spacing unit, or when there are separately owned interests in all or a part of the spacing unit, then the owners and royalty owners thereof may pool their interests for the development and operation of the spacing unit.
42-01-01. Nuisance - Definition. Annoys, injures, or endangers the comfort, repose, health, or safety of others; 2. Offends decency; 3.
How do I transfer mineral rights in North Dakota? To convey or transfer ownership of mineral rights to a new owner, the current owner of the rights has to engage a title insurance company or an attorney at a district court to perform a search of the property title.