Nebraska Dissolution of Pooled Unit

State:
Multi-State
Control #:
US-OG-1276
Format:
Word; 
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This form is a dissolution of pooled unit.

Nebraska Dissolution of Pooled Unit refers to the legal process of terminating or dissolving a pooled unit in the state of Nebraska. A pooled unit is a collective ownership structure where multiple owners hold interests in a single tract of land for oil, gas, or mineral extraction purposes. The dissolution of a pooled unit can occur for various reasons, such as when the unit's purpose is fulfilled, when the mineral rights have expired, or when there is a need for restructuring ownership arrangements. The Nebraska Dissolution of Pooled Unit is regulated by the Nebraska Oil and Gas Conservation Act, which provides guidelines and procedures for the proper dissolution of these units. It ensures that the process is conducted in a fair and transparent manner while protecting the rights of all stakeholders involved. The types of Nebraska Dissolution of Pooled Unit may include: 1. Voluntary Dissolution: In this type, all owners of the pooled unit agree to terminate the unit voluntarily. It requires a unanimous decision from all stakeholders and often involves the execution of a written agreement documenting their consent. 2. Judicial Dissolution: If the owners fail to reach a unanimous agreement for dissolution, any interested party may seek judicial intervention. A court proceeding may be initiated to determine whether the dissolution is justified based on valid reasons, such as non-compliance with the terms of the agreement or irreconcilable disputes among the owners. 3. Expiration of Pooling Agreement: Pooled units are typically created through a pooling agreement, which outlines the terms and conditions of the unit. If the pooling agreement has a specified duration or expiration date, the pooled unit automatically dissolves when that period elapses, subject to any renewal provisions mentioned in the agreement. 4. Restructuring Dissolution: This type of dissolution occurs when there is a need to reorganize or restructure the ownership of the pooled unit. It may involve redistributing ownership percentages, adjusting working interests, or merging multiple units into a single entity. During the Nebraska Dissolution of Pooled Unit process, it is essential to follow the specific requirements outlined by the Nebraska Oil and Gas Conservation Commission (NO GCC). This may include filing appropriate paperwork, meeting notice provisions, conducting public hearings if required, and notifying all affected parties. Keywords: Nebraska Dissolution of Pooled Unit, pooled unit, ownership structure, termination, legal process, Nebraska Oil and Gas Conservation Act, stakeholders, voluntary dissolution, judicial dissolution, expiration of pooling agreement, restructuring dissolution, Nebraska Oil and Gas Conservation Commission, NO GCC, mineral rights.

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Be sure the form meets all the necessary state requirements. If possible preview it and read the description before purchasing it. Press Buy Now. Select the ... Mar 1, 2023 — To claim the credits, a taxpayer must complete and submit a Nebraska Property Tax Credit, Form PTC. Nebraska Higher Blend Tax Credit Act (LB ...Mar 1, 2021 — Purpose. The instructions in this booklet provide guidance in completing the most common. Nebraska corporation income tax forms and ... Unit or cooperative development; division orders; no termination by commission. ... (4) An order establishing units for a pool shall cover all lands determined ... Using Texas as an example, the first is voluntarily-pooled units, the most common, which occur through the combination of separately-owned mineral interests and ... Oil and gas leases; pooling of acreage authorized; allocation of production. Such governing boards are respectively authorized in their discretion to enter into ... Nov 19, 2022 — 015.01C A plan of dissolution adopted by the governing board which describes the pool's ... in or filling in forms. You can set your browser to ... (A) The issuer of the security is a unit investment trust registered under the Investment Company Act of 1940; ... pooled interest therein in a transaction that ... by HE Tracy · 1958 · Cited by 4 — There is a distinct possibility that the lessor may not be able to effectively write all of the foregoing restrictions into the pooling clause. For example ... The Pooling and Unitization Forms Program has over 35 forms primarily of Agreements, providing for pooling and unitization. In addition to Declaration and ...

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Nebraska Dissolution of Pooled Unit