New Jersey Oil and Gas Lease with Pooling Rights
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Description
Most leases will contain some provision giving the lessee (oil and gas company) the right to consolidate the leased premises with adjoining leased tracts. The area formed is called a “pool” or sometimes a “unit.” The reason for establishing such pools is to unite all the landowners having an interest in a common underground reservoir under one operator. Sometimes pooling arrangements are necessary to meet the minimum acreage requirement for a drilling permit under state regulations.
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