New Mexico Dissolution of Pooled Unit (By Unit Owners) refers to the legal process by which unit owners in a pooled unit can dissolve the existence of the unit. This type of dissolution can occur when the unit owners mutually agree to terminate the pooled unit and distribute its assets accordingly. Keywords: New Mexico, Dissolution of Pooled Unit, Unit Owners, legal process, terminate, assets. In New Mexico, there are two main types of Dissolution of Pooled Unit (By Unit Owners) that can be pursued depending on the circumstances: 1. Voluntary Dissolution: This type of dissolution occurs when all unit owners in the pooled unit voluntarily agree to dissolve it. They are required to reach a mutual understanding and come to a consensus on the distribution of the unit's assets. It is important to follow the prescribed legal procedures for voluntary dissolution in order to ensure a smooth and legally binding process. 2. Compulsory Dissolution: In certain situations, a pooled unit in New Mexico may be subject to compulsory dissolution by unit owners. This can occur when there is a substantial disagreement amongst the unit owners, financial mismanagement, or failure to comply with legal requirements. In such cases, unit owners can file a petition for dissolution with the New Mexico court, outlining the grounds for dissolution and requesting the court's intervention to dissolve the pooled unit. Regardless of the type of dissolution pursued, it is essential to consult with an experienced attorney who specializes in real estate and condominium law. They can guide unit owners through the legal process, ensure compliance with applicable state laws, and protect their interests during the dissolution of the pooled unit. In conclusion, New Mexico Dissolution of Pooled Unit (By Unit Owners) is a legal process where unit owners can voluntarily or compulsorily dissolve a pooled unit, redistributing its assets according to agreed-upon terms or court intervention. Proper legal guidance is vital to ensure a smooth and legally binding dissolution process.
New Mexico Dissolution of Pooled Unit (By Unit Owners)
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The New Mexico Oil and Gas Justice and Reform Act Reforms the Basic Framework of the 1935 Oil and Gas Act to: Expand the duties and authorities of the Oil Conservation Commission (OCC) and Oil Conservation Division (OCD) to include: Protection of the environment, Protection of public health, and.
To transfer any rights to minerals successfully, follow these steps: The new owner has to acquire a copy of the deed for the site at a local courthouse in New Mexico. Review the deed to ensure it matches the description and to ensure that the so-called rights to any minerals are included in the property deed.
(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 ...
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.
SOPA creates an obligation to pay damages where oil and gas operations result in any loss of: land value; agricultural production or income; use; access; or improvements.
The oil and gas proceeds derived from the sale of production from any well producing oil, gas or related hydrocarbons in New Mexico shall be paid to all persons legally entitled to such payments, commencing not later than six months after the first day of the month following the date of first sale and thereafter not ...
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 ...
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.