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.
Virgin Islands Pooling Agreement Between Lessee and Royalty Owners on Two Tracts, With Depth Limitation
State:
Multi-State
Control #:
US-OG-368
Format:
Word;
Rich Text
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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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FAQ
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 ...
In a few words, a pooling clause is written into a lease. This oil and gas clause allows the leased premises to be combined with other lands to form a single drilling unit. It's not uncommon for there to be a pool of oil or gas under numerous parcels of land.
The declaration shows the boundaries of the pooling unit and identifies all the landowners and amount of property each landowner actually has in the unit.
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 ...
A pooling agreement is a type of contract in which shareholders of a corporation create a voting trust by pooling their voting rights and transferring them to a trustee. This is also called a voting agreement or shareholder-control agreement since it is used to control the affairs of the corporation.
An example of a Surface Area Pugh Clause: ?Production from or operations on a pooled unit or units including a portion or portions of the leased premises will maintain this Lease in force only as to the acreage included in the unit or units.
