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.
Wisconsin Unitization Agreement
State:
Multi-State
Control #:
US-OG-776
Format:
Word;
Rich Text
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FAQ
Unitization is the agreement to jointly operate an entire producing reservoir or a prospectively productive area of oil and/or gas. The entire unit area is operated as a single entity, without regard to lease boundaries, and allows for the maximum recovery of production from the reservoir.
?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.
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] ...
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.
Unitization is a process in which two or more operating companies combine their interests in a single unitized area, allowing them to operate their wells together. Texas' standards include determining the boundaries of the unitized area and how production will be divided amongst the participating companies.
Natural Resources: In oil and gas production, unitization can mean the consolidation of adjacent but separately owned oil or gas fields under a single operator. This is often done to more efficiently exploit the resource and to ensure that each stakeholder receives a fair share of the produced resources.
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] ...
The process whereby an oil or gas reservoir straddling multiple licence areas is jointly developed by the holders of each licence. A key principle of unitisation is that the straddling reservoir is physically developed as though the boundary between the licence areas does not exist.