Oregon Designation of Successor Operator, Communitization Agreement

State:
Multi-State
Control #:
US-OG-729
Format:
Word; 
Rich Text
Instant download

Description

This form is used for the Designation of a Successor Operator pursuant to a specified Section of a Communitization Agreement. First Party is designated by Second Parties as Operator of the communitized area, and First Party desires to assume all the rights, duties, and obligations of Operator under the Communitization Agreement.



This Agreement is incorporated into this Designation by reference and made a part of it as fully and effectively as though the Agreement were expressly set forth in this Designation.

Oregon Designation of Successor Operator, Commoditization Agreement: A Comprehensive Guide In the state of Oregon, the Designation of Successor Operator and Commoditization Agreement are vital legal documents applied in the management and operation of oil, gas, and geothermal properties. These agreements play a significant role in ensuring the smooth transition of ownership and facilitation of joint operations, while adhering to state regulations. Let's delve into these two crucial agreements in detail: 1. Oregon Designation of Successor Operator: The Oregon Designation of Successor Operator agreement is utilized to designate a new operator for an oil, gas, or geothermal property in the state. This agreement is instrumental when the existing operator wishes to relinquish their responsibilities or when it becomes necessary due to a change in circumstances. The Designation of Successor Operator ensures a seamless transfer of operations, safeguarding the continuity of production and minimizing disruptions. Key provisions within this agreement include the identification of the new operator, their qualifications, and the effective date of the transfer. It is vital to comply with the Oregon Department of Geology and Mineral Industries (DOGMA) rules and regulations for a successful operator change. Types of Designation of Successor Operator Agreements in Oregon: a) Voluntary Transfer: When the existing operator willingly transfers its responsibilities to a designated successor operator, such as when they wish to focus on other ventures or opt for retirement. b) Involuntary Transfer: In some cases, the transfer may be involuntary, triggered by a breach of the original operator's obligations, financial insolvency, or violation of regulatory requirements. During such scenarios, the state may designate a successor operator to ensure proper management. 2. Oregon Commoditization Agreement: The Oregon Commoditization Agreement enables multiple operators or leaseholders to combine their respective oil, gas, or geothermal properties into a single cohesive unit. This agreement facilitates coordinated production from collectively owned or leased lands, optimizing extraction efficiency. This agreement is highly beneficial when individual properties are not economically feasible to develop independently but can yield significant benefits when operated together. The Commoditization Agreement defines the responsibilities, rights, and liabilities of each operator involved, ensuring fair allocation of expenses, royalties, and revenues derived from the communal operation. Types of Commoditization Agreements in Oregon: a) Field-Wide Commoditization: When operators or leaseholders in a particular field agree to jointly develop the resources underlying their holdings. This ensures efficient reservoir management and avoids redundancies in exploration and production efforts. b) Unit Commoditization: This type of agreement encompasses a specific defined portion of a field or reservoir. Here, the participating operators or leaseholders pool their resources and collectively invest in drilling, extraction, and production activities within the defined unit. To ensure compliance with Oregon's requirements, operators need to submit their Designation of Successor Operator and Commoditization Agreements to the DOGMA for review and approval. In conclusion, Oregon's Designation of Successor Operator and Commoditization Agreements are crucial legal instruments when it comes to transferring operator ship and managing joint operations in the state's oil, gas, and geothermal industry. By adhering to these agreements, operators ensure continuity, maximize production efficiency, and foster collaborative development for optimal resource extraction.

How to fill out Oregon Designation Of Successor Operator, Communitization Agreement?

You may invest hrs online attempting to find the legal document format that fits the state and federal demands you will need. US Legal Forms supplies a huge number of legal forms which can be analyzed by experts. It is possible to download or print the Oregon Designation of Successor Operator, Communitization Agreement from the service.

If you already possess a US Legal Forms bank account, you are able to log in and click on the Acquire switch. Next, you are able to total, modify, print, or indication the Oregon Designation of Successor Operator, Communitization Agreement. Every legal document format you get is the one you have eternally. To get one more copy of any acquired form, go to the My Forms tab and click on the related switch.

If you are using the US Legal Forms internet site initially, stick to the straightforward recommendations under:

  • First, make sure that you have chosen the proper document format to the region/metropolis of your liking. See the form outline to ensure you have picked out the appropriate form. If readily available, take advantage of the Review switch to search with the document format too.
  • If you would like discover one more variation of the form, take advantage of the Look for area to discover the format that suits you and demands.
  • Once you have identified the format you desire, just click Acquire now to continue.
  • Choose the prices prepare you desire, type in your credentials, and sign up for your account on US Legal Forms.
  • Full the deal. You can use your Visa or Mastercard or PayPal bank account to fund the legal form.
  • Choose the formatting of the document and download it to your device.
  • Make adjustments to your document if necessary. You may total, modify and indication and print Oregon Designation of Successor Operator, Communitization Agreement.

Acquire and print a huge number of document web templates utilizing the US Legal Forms web site, that offers the greatest variety of legal forms. Use skilled and express-distinct web templates to take on your company or person requires.

Form popularity

FAQ

A unit agreement entails a BLM-approved agreement to cooperate in all facets of oil and gas production, without regard to lease boundaries and ownership. All unit agreements are subject to Onshore Oil and Gas Operations regulations (43 CFR Part 3160).

§ 3217.11 What are communitization agreements? Under communitization agreements (also called drilling agreements), operators who cannot independently develop separate tracts due to well-spacing or well development programs may cooperatively develop such tracts.

1. n. [Oil and Gas Business] The combining of smaller federal tracts of land to total the acreage required by the US Bureau of Land Management and/or state regulations to form a legal spacing and proration unit.

Interesting Questions

More info

In lieu of submitting all Second Party signatures, the First Party hereby certifies that the required working interest owner approvals have been obtained. ( ... This form is used for the Designation of a Successor Operator pursuant to a specified Section of a Communitization Agreement. First Party is designated by ...A. SUIT Communitization Agreement Number. B. Full and complete description of lands and associated formations (must match original. A successor operator may be designated by the owners of the working interest ... I, the undersigned, hereby certify on behalf of. , the. Operator of the proposed ... Report a separate line on Form ONRR-2014 for each lease/agreement combination in the PA. Communitized production.: A communitization agreement (CA) allows. May 2, 2007 — On July 21, 2006, the Bureau of Land. Management (BLM) published a proposed rule to amend existing geothermal resources leasing and unit. This collection of forms is divided into 5 topical sections with 38 forms. Many of the forms are lengthy agreements providing for pooling or unitization. ENTER DATE CASE ESTABLISHED OR APPLICATION FILED. USE WHEN LAND DESCRIPTION CONTAINS ACQUIRED MINERAL ESTATE. ENTER NUMBER OF SUBSURFACE ACQUIRED ACRES ... Open the document and fill out all its fields. Apply your legally-binding eSignature. Save and invite other recipients to sign it. agreement. A successor operator may be designated by the owners of the working interest in the communitized area and three (3) executed copies of a designation ...

Trusted and secure by over 3 million people of the world’s leading companies

Oregon Designation of Successor Operator, Communitization Agreement