This form of declaration provides notice that the unit owner pools, unitizes, and combines the Unit Leases, including all renewals, extensions, ratifications, and amendments of the Unit Leases and the lands covered by those Leases and the mineral and/or royalty estates in the lands subject to the Leases into a unit for the exploration, development, and production of oil, gas, and associated hydrocarbons (the Unit ).
The Rhode Island Declaration of Pooled Unit — Long Form is a legal document that outlines the details and regulations regarding the creation and operation of a pooled unit in Rhode Island. This document is used to establish a pooled unit in order to facilitate joint oil, gas, or mineral exploration and development activities. In Rhode Island, different types of Rhode Island Declarations of Pooled Unit — Long Form may exist depending on the purpose and nature of the pooled unit. Some common types include: 1. Oil and Gas Pooled Unit: This type of pooled unit is formed with the goal of collectively exploring, drilling, producing, and marketing oil and gas resources. The long form declaration outlines the participants' rights and obligations, such as sharing costs, profits, and potential risks associated with the exploration and production activities. 2. Mineral Pooled Unit: A mineral pooled unit is focused on collective exploration and development of various minerals, excluding oil and gas. The long form declaration specifies the minerals included in the pooled unit and the responsibilities of each participant in terms of expenses, revenues, and operational decisions related to mineral extraction. 3. Offshore Energy Pooled Unit: Rhode Island also recognizes offshore energy pooled units, which aim to harness renewable energy resources such as wind, wave, or tidal energy. The long form declaration defines the scope of the pooled unit, the allocation of costs and benefits, and the procedures for collaboration and decision-making related to offshore energy projects. The Rhode Island Declaration of Pooled Unit — Long Form typically includes important details such as the identification of the pooled unit, the participating parties (known as "unit operators" or "working-interest owners"), the ownership percentages or interests of each participant, and the unit agreement. It also outlines administrative procedures, dispute resolution processes, and regulatory compliance requirements. It is crucial for participants in a pooled unit to carefully review and understand the Rhode Island Declaration of Pooled Unit — Long Form before entering into any agreements. Legal assistance from experienced professionals is recommended to ensure compliance with state laws and to protect the rights and interests of all participants.
