Texas Dissolution of Pooled Unit refers to the legal process that allows for the termination or dissolution of a pooled unit in the state of Texas. A pooled unit is a group of oil and gas leases or tracts that have been combined for the purpose of drilling and extracting resources collectively. When a pooled unit is dissolved, the participating owners in the unit regain their individual share of the leased land and any associated resources. This process usually occurs when the objectives of the pooled unit have been fulfilled, the lease term has expired, or the unit is no longer economically viable. The Texas Railroad Commission (RRC) is the regulatory authority responsible for overseeing the dissolution process and ensuring compliance with applicable laws and regulations. To initiate the dissolution, the operator of the pooled unit must file a formal application with the RRC, providing detailed information about the unit and the reasons for dissolution. The application for dissolution typically includes information such as the pooled unit's name, size, and location, as well as the purpose and objectives of the unit. The operator must also provide evidence that the necessary consents from all the working interest owners in the unit have been obtained. These consents demonstrate that all parties involved in the pooled unit are in agreement with the dissolution. It is important to note that different types of Texas Dissolution of Pooled Unit may exist depending on the circumstances. Some common types include voluntary dissolution, forced dissolution, and partial dissolution. Voluntary dissolution occurs when all the working interest owners in the pooled unit mutually agree to dissolve the unit. This may happen when the objectives of the unit have been met, or if the owners no longer wish to continue operations. Forced dissolution, on the other hand, may occur when there is a violation of the terms and conditions of the unit agreement or if the operator fails to meet its obligations. In such cases, the RRC may order the dissolution of the pooled unit to protect the interests of the participating owners. Partial dissolution refers to the dissolution of only a portion of the pooled unit, while the remaining portion continues to operate. This may occur if some owners wish to withdraw from the unit, or if a specific section of the unit is no longer commercially viable. In conclusion, Texas Dissolution of Pooled Unit is a process that allows for the termination of a combined group of oil and gas leases or tracts. Whether it is voluntary, forced, or partial dissolution, the Texas Railroad Commission plays a crucial role in overseeing the process and ensuring compliance with relevant regulations.
Texas Dissolution of Pooled Unit
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In the case of pooling, more than one tract or lease will be combined or pooled in order for the drilling of the well to take place. Operations and productions that are taken from the pooled unit have to be treated as if they are taking place on each tract within that pooled unit.
However, a pooling agreement is any agreement that brings together separately owned, usually small, mineral or leasehold interests in order to comply with state regulatory laws to drill a single well.[1] Specifically in Texas, the purpose is to accumulate sufficient surface acreage to permit drilling operations on a ...
A method of accounting used when two companies merge (= join together), in which their assets, debts, etc. are combined: Under the pooling of interests method, a business combination is regarded as the uniting of the ownership interests of two companies, not as the acquisition of one company by another.
Pooling is ?the bringing together of small tracts sufficient for the granting of a well permit under applicable spacing rules,? while unitization is ?the joint operation of all or some portion of a producing reservoir.?[1] While pooling and unitization are both used to prevent waste and protect correlative rights,[2] ...
?Units pooled for oil hereunder shall not substantially exceed 40 acres each in area, and units pooled for gas hereunder shall not substantially exceed in area 640 acres each plus a tolerance of 10% thereof.?
? Pooling is the joinder of separately owned leases. covering different tracts of land for development as a single tract or "pool". - Pooling requires specific authorization by lessor by a. lease or a separate agreement such as declaration of unit.
A pooling unit is designated, bringing together all the mineral rights in a specific area. As oil and gas production starts, the generated mineral interests are distributed ing to the ownership percentages and the allocation formula specified in the pooling arrangement.
Pooling is ?the bringing together of small tracts sufficient for the granting of a well permit under applicable spacing rules,? while unitization is ?the joint operation of all or some portion of a producing reservoir.?[1] While pooling and unitization are both used to prevent waste and protect correlative rights,[2] ...
