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.
Rhode Island Amendment to Pooled Unit Designation refers to a legal provision that allows changes to be made to the designated units within a pooled unit in Rhode Island. A pooled unit refers to a specific area of land that has been combined for the purpose of oil and gas exploration or production. The amendment to the pooled unit designation in Rhode Island enables operators and landowners to modify the existing unit boundaries, size, or configuration to better accommodate the extraction of oil and gas resources. It allows for flexibility in pooling multiple tracts of land, making it more efficient for energy companies to access and extract natural resources. There are a few types of Rhode Island Amendments to Pooled Unit Designation: 1. Unit Boundary Amendment: This type of amendment focuses on changing the boundaries of the existing pooled unit. It may involve expanding or contracting the unit to include or exclude specific tracts of land, depending on various factors such as ownership rights, geologic considerations, or operational requirements. 2. Unit Size Amendment: This type of amendment deals with adjusting the size of the pooled unit. It may involve increasing or reducing the total acreage within the unit. The size amendment is usually done to optimize production efficiency and ensure the equitable distribution of revenues among the participating landowners. 3. Unit Configuration Amendment: This amendment pertains to modifying the shape or layout of the pooled unit. It may involve reshaping the unit to better align with the geological features or drilling plans. The configuration amendment aims to maximize the recovery of oil and gas resources while minimizing potential operational risks. These types of Rhode Island Amendments to Pooled Unit Designation provide a mechanism for oil and gas operators to adapt to evolving circumstances and maximize the potential of the properties involved. They enable efficient resource extraction and ensure fair and equitable distribution of royalties among the stakeholders. It's important to consult with legal professionals and understand the state-specific regulations and procedures when considering an amendment to pooled unit designation in Rhode Island. Compliance with applicable laws and regulations is crucial to ensure the validity and enforceability of any amendments made to the pooled unit.
