This form of declaration provides notice that the unit owner pools, unitizes, and combines the Unit Leases, including all renewals, extensions, ratifications, and amendments of the Unit Leases and the lands covered by those Leases and the mineral and/or royalty estates in the lands subject to the Leases into a unit for the exploration, development, and production of oil, gas, and associated hydrocarbons (the Unit ).
The New Mexico Declaration of Pooled Unit — Long Form is a legal document that is commonly used in the oil and gas industry in the state of New Mexico. It is designed to define and establish a cooperative agreement among multiple property owners or lessees within a specific geographic area, known as a pooled unit. The purpose of the New Mexico Declaration of Pooled Unit — Long Form is to consolidate the interests of various stakeholders who own or lease mineral rights in a given area. By pooling their interests together, they can collectively develop and produce oil and gas resources more efficiently and economically. This agreement allows for the consolidation of operations, which reduces costs and maximizes recovery. Some relevant keywords associated with the New Mexico Declaration of Pooled Unit — Long Form include: 1. Pooled Unit: A defined geographic area where multiple owners or lessees combine their interests in the purpose of oil and gas development. 2. Cooperative Agreement: The legal arrangement that establishes the terms and conditions for pooling the interests of the various stakeholders within a pooled unit. 3. Mineral Rights: The ownership or leasing rights to extract and develop natural resources, such as oil and gas, within a specific area. 4. Consolidation: The process of bringing together multiple interests or assets into a single entity or cooperative agreement. 5. Cost Efficiency: The ability to reduce expenses and increase profitability by sharing resources, infrastructure, and operating expenses among the stakeholders within a pooled unit. 6. Recovery Optimization: The utilization of advanced technology and practices maximizing the production and extraction of oil and gas resources within a given area. 7. Leasing Interests: The legal rights granted to an individual or company to access and develop mineral resources within a specific area. 8. Operator: The entity responsible for managing and overseeing the development and production operations within a pooled unit. 9. Unitization: The process of combining multiple leases or tracts of land into a single operational unit for the purpose of simplifying operations and increasing efficiency. While there may not be different types of New Mexico Declaration of Pooled Unit — Long Forms as such, variations may exist based on specific terms, conditions, and provisions tailored to meet the unique requirements of individual agreements. These variations may be influenced by factors such as the size of the pooled unit, the number of stakeholders involved, and the specific geological characteristics of the area.
