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 York Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner is a legal process that allows overriding royalty interest (ORRIS) owners in New York to give their approval and consent to pooling and/or unitization activities related to oil and gas operations. This process is essential for efficient and effective exploration and production of hydrocarbons and helps promote collaboration among multiple interest owners. The concept of pooling refers to the consolidation of multiple small oil and gas leases, typically owned by different individuals or entities, into a single unit. Unitization, on the other hand, involves combining working interests within a particular geographic area to form a larger unit. These processes help to optimize the development and extraction of oil and gas resources from a reservoir, making it more economically viable. For ORRIS owners in New York, the Ratification and Consent to Pooling and/or Unitization is vital as it ensures their rights and interests are protected while enabling the orderly and coordinated development of oil and gas resources. By providing their consent, ORRIS owners allow their proportionate share of royalty to be determined based on the actual production from the entire pooled or unitized area, rather than from their individual lease or interest. Different types of Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner may include: 1. Voluntary Ratification and Consent: When ORRIS owners voluntarily choose to ratify and consent to pooling and/or unitization, demonstrating their willingness to participate in the combined development of the resources. 2. Statutory Ratification and Consent: In some cases, state regulations or laws may require ORRIS owners to provide their consent to pooling and/or unitization operations. The statutory aspect ensures compliance and streamlines the legal process. 3. Non-Consenting ORRIS Owner: This refers to an ORRIS owner who refuses or fails to provide their consent to pooling and/or unitization activities. In such cases, the non-consenting owner may have limited or restricted rights to the benefits and royalties derived from the joint development. Overall, New York Ratification and Consent to Pooling and/or Unitization by Overriding Royalty Interest Owner is crucial to foster cooperation and synergy among multiple interest owners, leading to the effective utilization of resources and the optimization of oil and gas production in the state.
