This form is used to promote conservation, increase the ultimate recovery of Unitized Substances of the specified lands and to protect the rights of the owners, it is deemed necessary and desirable to enter this Agreement, in conformity with (Applicable State Statute), to unitize the oil and gas rights in the Unitized Formation in order to conduct Unit operations for the conservation and utilization of Unitized Substances as provided in this Agreement.
New Jersey Unitization Agreement
State:
Multi-State
Control #:
US-OG-776
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Unitization Agreement?
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FAQ
3 March 1677 ? West Jersey's Concessions and Agreements, drafted in 1676 by Edward Byllynge and signed by the proprietors and inhabitants, sets forth a framework of government and fundamental laws of the colony.
In New Jersey, the elements of a valid contract are: ? An offer (see Offer). An acceptance (see Acceptance). Consideration (see Consideration). Mutual assent and intent to be bound (see Mutual Assent and Intent to be Bound).
New Jersey is an Agreement State.
The Concessions and Agreement was a document issued by the Lords Proprietors of Carolina on 7 Jan. 1665 to a group of Barbadian planters represented by Maj. William Yeamans. Although the Barbadians intended to settle in the Cape Fear region, the Concessions and Agreement applied to Carolina in its entirety.
?Unitization? means the combining or consolidation of separately owned lease interests for joint exploration or development of a reservoir or potential hydrocarbon accumulation under the terms of a Unit Agreement.
Concession and Agreement (full title: The Concession and Agreement of the Lords Proprietors of the Province of New Caesarea, or New Jersey, to and With All and Every the Adventurers and All Such as Shall Settle or Plant There) was a 1664 document that provided religious freedom in the colony of New Jersey.
A unitized fund is a way to pool assets from several investors often in a focused investment such as a single stock. Pensions and employee stock ownership plans (ESOPs) that offer workers company stock often use a unitized fund structure to increase efficiency in managing these shares.
In other words, for a contract to be formed there must be offer (i.e., Person A says that they will provide a service) and acceptance (Person B agrees to the service being provided), and there must be consideration (something of value must be exchanged). The parties must have had a meeting of the minds as to the terms.