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.
The Oregon Amendment to Pooled Unit Designation is a legal document that pertains to the oil and gas industry in the state of Oregon. It outlines the regulations and procedures for designating and modifying pooled units, which are geographical areas approved for oil and gas exploration and production. This amendment is essential for maintaining clarity and fairness in the allocation of resources and responsibilities among operators and leaseholders within these pooled units. It ensures that all parties involved have a clear understanding of their rights and obligations. There are various types of Oregon Amendments to Pooled Unit Designation, each addressing specific aspects of the unit designation process. Some common types include: 1. Initial Pooled Unit Designation: This type of amendment sets the foundation for the creation of a pooled unit, defining its boundaries and identifying the participating leasehold interests. It outlines the requirements and procedures to establish a new pooled unit. 2. Modification of Pooled Unit Designation: This amendment allows for changes to exist pooled units. It may be necessary when additional leasehold interests are acquired, or when modifications in the unit boundaries are required due to operational or geological reasons. This amendment ensures that all modifications are executed in compliance with state regulations. 3. Administrative Amendments: These amendments involve minor adjustments to pooled unit designations, which usually do not significantly affect the overall structure or operations. Administrative amendments may include changes in the unit acreage, working interest percentages, or correction of typographical errors. 4. Termination of Pooled Unit Designation: This type of amendment outlines the process of terminating a pooled unit, which may occur when all economically recoverable oil and gas resources have been extracted or if other circumstances warrant its dissolution. It addresses the proper allocation and settlement of assets and liabilities among the participants before closing operations. Overall, the Oregon Amendment to Pooled Unit Designation plays a crucial role in creating a well-regulated and efficient environment for oil and gas exploration and production. It ensures fairness, protection of rights, and responsible management of the state's natural resources. Compliance with these amendments is essential for operators, leaseholders, and relevant stakeholders to legally and ethically conduct their activities within Oregon's oil and gas industry.
