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 Texas Declaration of Pooled Unit — Long Form is a legal document used in the oil and gas industry to establish and define the ownership and operation of a pooled unit. Pooled units are created when multiple mineral leasehold tracts are combined to form a single drilling and production unit for more efficient extraction of oil and gas resources. The Texas Declaration of Pooled Unit — Long Form provides comprehensive details regarding the formation, boundaries, and allocation of interests within the pooled unit. It outlines the rights, obligations, and responsibilities of all parties involved, including the operators and non-operating working interest owners. This declaration is essential for ensuring smooth collaboration and coordination among the various stakeholders in the pooled unit. It specifies the working interest and royalty interest percentages of each owner in relation to the overall production of the unit. Additionally, it clarifies the distribution of costs, expenses, and revenues associated with drilling, production, and operation activities. The long-form version of the Texas Declaration of Pooled Unit includes more detailed provisions, addressing additional scenarios, contingencies, and potential disputes that may arise within the pooled unit. This version anticipates a broader range of circumstances and provides comprehensive guidelines to prevent conflicts and facilitate efficient decision-making. While there might not be official names for different types of Texas Declarations of Pooled Unit — Long Form, variations may arise based on specific circumstances or legal requirements of a particular project or company. Some may tailor the declaration to best reflect their individual needs, while still adhering to state regulations and industry standards. To draft a comprehensive Texas Declaration of Pooled Unit — Long Form, important keywords to consider would include: pooled unit, oil and gas industry, mineral leasehold tracts, ownership, operation, boundaries, allocation, interests, operators, working interest owners, royalty interest, production, costs, expenses, revenues, drilling, collaboration, coordination, stakeholders, disputes, decision-making, regulations, and industry standards.
