This form is used when working interest owners desire to adopt, ratify, and confirm the Unit Designation insofar as it covers their rights, title, and interests in and to the Oil, Gas, and Mineral Leases and the lands included in the Unit created by the Unit Designation, and agree their respective interests are subject to all terms and provisions of the Unit Designation.
New Mexico Ratification of Unit Designation by Working Interest Owners
Category:
State:
Multi-State
Control #:
US-OG-386
Format:
Word;
Rich Text
Instant download
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How to fill out Ratification Of Unit Designation By Working Interest Owners?
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FAQ
A ratification of an existing Texas oil and gas lease usually executed by a non-participating royalty interest owner or a non-executive mineral interest owner. It can be used for transactions involving business entities or private individuals.
Property owners who own mineral-rich land often lease the oil and gas rights to a company able to produce those resources. Property owners in turn benefit from a royalty interest in the oil and gas production from the producer (the lessee).
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
Most oil and gas leases on federal lands are managed by the BLM in coordination with the federal agency or non-federal entity that owns a land's surface rights.
