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.
Ohio Amendment to Pooled Unit Designation is a legal provision that allows for the modification or alteration of existing pooled unit designations in Ohio's oil and gas industry. This amendment enables operators or interested parties to adjust or change the boundaries and specifications of pooled units for efficient resource exploration and production. The Ohio Amendment to Pooled Unit Designation is vital for optimizing oil and gas extraction operations in the state. This process ensures that operators can adapt to varying geological conditions, technological advancements, and changing market demands. It provides flexibility and the ability to maximize the recovery of oil and natural gas reserves while minimizing environmental impact. There are several types of Ohio Amendments to Pooled Unit Designation that may be pursued, depending on the specific needs and circumstances of the project. These variations include: 1. Unit Expansion: This amendment allows for increasing the size of an existing pooled unit without affecting its original boundaries. It enables operators to include additional wells or leasehold interests within the unit, thereby enhancing production potential and efficiency. 2. Unit Reduction: Conversely, this amendment permits the reduction or downsizing of a pooled unit. It may be pursued when certain well(s) or leasehold interests are no longer economically viable or have depleted their resources. Unit reduction helps optimize operations and ensures that resources are allocated efficiently across the industry. 3. Unit Splitting or Combining: This type of amendment involves splitting an existing pooled unit into smaller units or combining multiple smaller units into a larger one. It facilitates the redistribution of acreage and reserves, accommodating changes in production priorities and well performance. 4. Unit Reshaping: Unit reshaping amendments allow operators to modify the boundaries and shape of an existing pooled unit. This alteration could involve adding or excluding specific portions of land, potentially improving productivity by targeting areas with higher resource concentration. 5. Modification of Pooling Provisions: This amendment addresses changes in pooling provisions, such as adjusting the working interest ratios, allowing for unconventional reservoir development, or incorporating new regulations or industry practices. In summary, the Ohio Amendment to Pooled Unit Designation is an essential tool for Ohio's oil and gas industry to adapt and optimize resource extraction operations. Through various types of amendments, operators can modify and adjust pooled units to enhance production efficiency, respond to changing circumstances, and ensure sustainable resource management.
