This form is used when royalty owners are the owners of royalty and mineral interests in Tracts 1 and 2, subject to the terms of Lease 1 and Lease 2. Recognizing that each of the Royalty Owners may not own an Interest in both Tracts 1 and 2, or may not own an identical Interest in Tracts 1 and 2, it is their desire, together with Lessee, to pool and unitize these two Tracts for oil and gas operations.
Texas Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation
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Multi-State
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US-OG-368
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Word;
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How to fill out Pooling Agreement Between Lessee And Royalty Owners On Two Tracts, With Depth Limitation?
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Lessee, at its option, is hereby given the right to pool or combine the leased premises or any portion thereof as to oil and gas, or either of them with any other land, lease or leases in the immediate vicinity thereof to the extent hereinafter stipulated, when it is necessary or advisable to do so in order to properly ...
Even with a unitization clause, the lessee has an implied duty of good faith and fair dealing when pooling or unitizing a fee oil and gas lease.[4] This means that the lessee should be careful when attempting to commit a lease that is about to expire or includes non-productive lands, or when the lessee's economic ...
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] ...
Declaration of a Pooled Unit Such a document delineates what portions of the leases are included in a unit. It also places third parties on notice. ing to the terms of the leases, any production from the wells in the pooled unit must maintain underlying leases or portions if this is applicable.
Pooling Order. ? A statement that the applicant made an attempt. to locate and come to agreement with all the owners in the pooled unit. ? That the applicant has the right to drill. ? The spacing order number, legal description, and.
Most modern oil and gas leases contain a ?pooling clause? which authorizes and allows the operator to pool the leased acreage into a production unit.
When pooling occurs, tracts from two or more leases are combined or pooled for the drilling of the well. The production and operations on the pooled unit are treated as having taken place on each tract within the pooled unit. As a result, the production on the pooled unit will maintain the leases comprising the unit.
Pooling is the combining of all oil and gas interests in a drilling unit. In most cases, the owners of oil and gas rights in a unit sign a lease with a developer that allows for pooling. If there is more than one developer in a unit, they voluntarily agree on a development plan.
