In some jurisdictions (including Texas) an overriding royalty interest owners interest cannot be pooled without the overriding royalty owners consent. This form provides for the overriding royalty interest owner to ratify an existing pooling or unitization to allow the overriding royalty interest to participate in production
New Mexico Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner is a legal document that allows an overriding royalty interest (ORRIS) owner in New Mexico to give their consent and ratify the pooling and/or unitization of their interests with other mineral owners in an oil and gas lease. This document is commonly used in the oil and gas industry to establish a unified operation and maximize production efficiency. The New Mexico Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner is typically required when there are multiple owners of ORRIS within a specific lease or drilling unit. By ratifying and consenting to pooling and/or unitization, the ORRIS owner agrees to join other lease parties in pooling their respective interests and combining efforts for the purpose of exploration, drilling, and production. Unitization is the process of combining multiple leases or mineral interests located within a specific geographic area into a single unit for efficient extraction of minerals, such as oil and gas. Pooling, on the other hand, involves combining the interests of multiple leaseholders into one cohesive drilling operation. There are several types of New Mexico Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner, including: 1. Ratification and Consent to Pooling: This type of ratification and consent document specifically applies to pooling. It authorizes the pooling of interests with other leaseholders and establishes the terms and conditions of the pooled unit. 2. Ratification and Consent to Unitization: This type of document is used when the overriding royalty interest owner agrees to participate in the unitization of their interests. It sets out the terms of the unit agreement and outlines the allocation of production and royalties among the participating parties. 3. Ratification and Consent to Pooling and Unitization: This type of document combines both pooling and unitization concepts. It allows the overriding royalty interest owner to give their consent for both pooling and unitization of their interests, ensuring they are part of a unified and efficient production operation. Overall, the New Mexico Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner is a crucial document that facilitates the cooperative development of mineral resources in New Mexico, ensuring fair and efficient extraction processes and maximizing the potential of oil and gas leases.
