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
Oklahoma Ratification and Consent to Pooling and / or Unitization by Overriding Royalty Interest Owner
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Multi-State
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US-OG-114
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Word;
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How to fill out Ratification And Consent To Pooling And / Or Unitization By Overriding Royalty Interest Owner?
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FAQ
In its essence, forced pooling is the taking of private property (also known as private eminent domain) that also forces the impacts of drilling onto landowners. Pooled landowners face toxic air emissions, risks of water pollution and other environmental impacts related to drilling.
Pooling is ?the bringing together of small tracts sufficient for the granting of a well permit under applicable spacing rules,? while unitization is ?the joint operation of all or some portion of a producing reservoir.?[1] While pooling and unitization are both used to prevent waste and protect correlative rights,[2] ...
The forced pooling process contains three key parts: the Notice, the Hearing and the Order. Any party that owns a right to drill within a unit can bring an application for forced pooling before the Oklahoma Corporation Commission (OCC). The Notice sets forth several pieces of valuable information.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
In a few words, a pooling clause is written into a lease. This oil and gas clause allows the leased premises to be combined with other lands to form a single drilling unit. It's not uncommon for there to be a pool of oil or gas under numerous parcels of land.
Oklahoma's forced pooling process benefits operators, working interest partners, and mineral interest owners.
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
A statutory pooling order will set the terms for sharing of costs and revenues from the well. The mineral owner may choose to pay in advance his or her share of costs of the well, or to have those costs deducted from his or her share of revenues.
