This form is used when the Operator desires to amend the Designation of Pooled Unit, as permitted by the terms of the Leases included in the Unit, to (increase/reduce) the size of the Unit so that, on the Effective Date of this Amendment, the Unit will consist of a specific number of acres of land, which lands are to be depicted on a plat attached to this Amendment.
Nevada Amendment to Pooled Unit Designation is a legal process that involves modifying or updating the designated unit formation for oil and gas operations in the state of Nevada. This amendment allows for adjustments to the existing pooled unit or the creation of new units to more efficiently extract and utilize natural resources. Here are some relevant keywords associated with Nevada Amendment to Pooled Unit Designation: 1. Pooled unit: A designated area of land that combines multiple oil and gas leases or tracts, allowing for the joint development and extraction of hydrocarbon resources. 2. Amendment: The process of making changes or modifications to an existing pooled unit designation in accordance with legal requirements and industry guidelines. 3. Nevada Division of Minerals (ODOM): The regulatory body that governs the oil and gas industry in Nevada, overseeing the amendment process and ensuring compliance with state laws. 4. Oil and gas operations: The exploration, drilling, and production activities conducted in Nevada to extract crude oil and natural gas from underground reserves. 5. Unitization agreement: A contractual agreement between operators and leaseholders that outlines the terms and conditions for sharing costs, revenues, and production volumes within a pooled unit. 6. Mineral rights: The legal rights to extract, explore, and develop mineral resources, such as oil and gas, from a specific tract of land in Nevada. 7. Operator: The company or entity responsible for managing and conducting oil and gas operations within the designated pooled unit area. 8. Existing unit modification: An amendment made to an already established pooled unit, usually to adapt to changing operational needs or to maximize production efficiency. 9. New unit creation: An amendment process that involves designating a completely new pooled unit in Nevada, often when previously undeveloped areas become viable for oil and gas extraction. 10. Production allocation: The process of determining and assigning production shares or percentages to individual leaseholders within a pooled unit, based on their proportional contribution and participation. It is important to note that the specifics of Nevada Amendment to Pooled Unit Designation may vary depending on the unique characteristics and requirements of each oil and gas field in the state. Therefore, it is advisable to consult with legal experts or the Nevada Division of Minerals for precise information on different types or variations of this amendment process.
