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.
New Jersey Amendment to Pooled Unit Designation is a legal documentation that pertains to the modification or alteration of the existing designation of pooled units in the state of New Jersey. Pooled units refer to a collective ownership interest in an oil or gas reservoir or well, typically utilized in the oil and gas industry. The amendment allows for a change in the composition or configuration of these pooled units, which may involve alterations in the size, shape, or boundaries of the unit. This modification is made to enhance the effectiveness of oil or gas extraction and maximize production from the reservoir. There are several types of New Jersey Amendment to Pooled Unit Designation, which include: 1. Unit Expansion Amendment: This type of amendment aims to increase the size of the pooled unit by incorporating additional adjoining acreages or wells into the existing unit. It is typically done to accommodate new drilling opportunities or to optimize the recovery of hydrocarbons from the reservoir. 2. Unit Contraction Amendment: On the contrary, this amendment involves reducing the size of the pooled unit by excluding certain acreages or wells. It may be necessary when a well or acreage within the existing unit becomes non-productive or is deemed uneconomical. 3. Unit Redesignation Amendment: This type of amendment focuses on adjusting the boundaries or configuration of the existing pooled unit without any changes in size. It may be sought to revise the unit's boundaries to align with the geologic or engineering characteristics of the reservoir, allowing for more efficient extraction and resource recovery. 4. Unit Reassignment Amendment: This amendment deals with the reallocation of pooled units from one lessee or operator to another. It may occur due to changes in ownership, lease agreements, or to streamline operations among multiple stakeholders. The New Jersey Amendment to Pooled Unit Designation requires thorough review and compliance with the state's regulatory bodies, including the New Jersey Department of Environmental Protection (NJ DEP) and the New Jersey Oil & Gas Commission. Operators or lessees seeking to amend pooled unit designations must follow the specific guidelines and procedures outlined by these authorities. Professional legal assistance may be essential to ensure proper adherence to the requirements and successful execution of the amendment process.
