New Mexico Agreements, Contracts, Assignments, Pooling Orders, Etc.
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FAQ
In New Mexico, however, there has been no judicial recognition or inter- pretation of the compulsory pooling law even though it has been in effect since 1935-the year in which Oklahoma adopted its pooling law.
Compulsory pooling orders the division enters pursuant to NMSA 1978, Section 70-2-17, as amended, may provide for the recovery, out of the share of production allocable to the working interest of a party that elects not to pay its proportionate share of well costs in advance, in addition to reasonable well costs and ...
Compulsory pooling is used by oil and gas companies to force unleased or non-consenting landowners into oil and gas leases. It is used when oil and gas operators are unable, through voluntary agreement, to meet the acreage requirements for forming a drilling unit.
(1) An operator shall not file an application for permit to drill nor commence the drilling of a horizontal oil or gas well until the operator has either: (a) received the consent of at least one working interest owner or unleased mineral interest owner of each tract (in the target pool or formation) in which any part ...
Generally, a pooling clause will allow the leased premises to be combined with other lands to form a drilling unit, wherein proceeds from production anywhere on the drilling unit are allocated ing to the percentage of the acreage of each tract divided by the total acreage of the drilling unit.
Section 55-2-725 - Statute of limitations in contracts for sale. (1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.
RECs are the most common seller financing instrument used in New Mexico. With a REC, the seller transfers equitable interest in the property to the buyer upon execution of the REC, while the seller retains legal title to the property until the buyer satisfies all conditions of the REC.
A material breach occurs when one of the parties fails to perform a clause within the contract, or the whole of the contract, such that the other party never receives the goods or services promised or receives goods or services that are significantly different than those promised in the contract.