The New Mexico Declaration of Pooled Unit — Short Form is a legal document that is used in the oil and gas industry to establish a pooled unit for the extraction of mineral resources from a specific area or tract of land. This document allows multiple parties or owners of mineral rights within the designated area to combine their interests into one cohesive unit, thereby enhancing the efficiency and economic viability of drilling and production operations. Keywords: New Mexico, Declaration of Pooled Unit — Short Form, oil and gas industry, legal document, mineral resources, tract of land, parties, owners, mineral rights, combined interests, drilling operations, production operations. There are various types of New Mexico Declaration of Pooled Unit — Short Form, which may include: 1. Initial Declaration of Pooled Unit — Short Form: This type of declaration is used when establishing a pooled unit for the first time. It outlines the specific area or tract of land to be included in the pooled unit, the participating parties and their respective interests, and the terms and conditions governing the unit. 2. Amended Declaration of Pooled Unit — Short Form: If any modifications or changes need to be made to the existing pooled unit, an amended declaration is utilized. This could involve the addition or removal of participating parties, adjustment of interest percentages, or alteration of the boundaries of the pooled unit. 3. Extension Declaration of Pooled Unit — Short Form: In certain cases, the duration of a pooled unit may need to be extended to allow for continued extraction of mineral resources. An extension declaration is used to formalize the extended time period, ensuring the parties involved can continue their collaborative operations. 4. Termination Declaration of Pooled Unit — Short Form: When the pooled unit is no longer economically viable or if the parties wish to dissolve their cooperative arrangement, a termination declaration is executed. This document outlines the process of winding down operations, distributing remaining assets, and releasing or transferring the individual interests back to the respective parties. Keywords: Initial Declaration, Amended Declaration, Extension Declaration, Termination Declaration, pooled unit, modifications, changes, participating parties, interest percentages, boundaries, duration, extended time period, economically viable, dissolve, cooperative arrangement, winding down operations, distributing assets, releasing interests, transferring interests.
New Mexico Declaration of Pooled Unit - Short Form
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How to fill out New Mexico Declaration Of Pooled Unit - Short Form?
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FAQ
A pooling unit is designated, bringing together all the mineral rights in a specific area. As oil and gas production starts, the generated mineral interests are distributed ing to the ownership percentages and the allocation formula specified in the pooling arrangement.
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.
Pooling is ?the bringing together of small tracts sufficient for the granting of a well permit under applicable spacing rules,? while unitization is ?the joint operation of all or some portion of a producing reservoir.?[1] While pooling and unitization are both used to prevent waste and protect correlative rights,[2] ...
In the case of pooling, more than one tract or lease will be combined or pooled in order for the drilling of the well to take place. Operations and productions that are taken from the pooled unit have to be treated as if they are taking place on each tract within that pooled unit.
When pooling occurs, tracts from two or more leases are combined or pooled for the drilling of the well. The production and operations on the pooled unit are treated as having taken place on each tract within the pooled unit. As a result, the production on the pooled unit will maintain the leases comprising the unit.