This form is used to promote conservation, increase the ultimate recovery of Unitized Substances of the specified lands and to protect the rights of the owners, it is deemed necessary and desirable to enter this Agreement, in conformity with (Applicable State Statute), to unitize the oil and gas rights in the Unitized Formation in order to conduct Unit operations for the conservation and utilization of Unitized Substances as provided in this Agreement.
South Carolina Unitization Agreement
State:
Multi-State
Control #:
US-OG-776
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Unitization Agreement?
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FAQ
The goal of unitisation is to ensure that different block owners sharing a common accumulation develop the field as a single unit. Licence holders sharing a common field will enter into a unitisation agreement, which will firstly establish the percentage interests in the unit.
Unit Operating Agreement means any operating or unit agreement to which a Company is a party or by which it is legally or contractually bound governing oil and gas drilling, completion, and other operations and related activities in any Unit.
A unitized fund is a way to pool assets from several investors often in a focused investment such as a single stock. Pensions and employee stock ownership plans (ESOPs) that offer workers company stock often use a unitized fund structure to increase efficiency in managing these shares.
?Unitization? means the combining or consolidation of separately owned lease interests for joint exploration or development of a reservoir or potential hydrocarbon accumulation under the terms of a Unit Agreement.
The goal of unitisation is to ensure that different block owners sharing a common accumulation develop the field as a single unit. Licence holders sharing a common field will enter into a unitisation agreement, which will firstly establish the percentage interests in the unit.
When an oil and gas field is unitized, the various owners of the tracts above the reservoir work together to extract the reservoir's oil and gas. The Unitization Agreement aims to protect the interests of all parties involved while also avoiding some legal pitfalls.