This form is used when the Operator desires to amend the Designation of Pooled Unit, as permitted by the terms of the Leases included in the Unit, to (increase/reduce) the size of the Unit so that, on the Effective Date of this Amendment, the Unit will consist of a specific number of acres of land, which lands are to be depicted on a plat attached to this Amendment.
The West Virginia Amendment to Pooled Unit Designation is a legal provision specific to the state of West Virginia that allows for the modification or alteration of existing pooled units in the extraction of natural resources, such as coal, oil, or gas. The amendment aims to address various factors that may necessitate changes to existing pool designations, including geological considerations, technological advancements, or changes in ownership or leasehold interests. This amendment enables interested parties, such as energy companies, landowners, and regulatory bodies, to apply for modifications to the pooling designations in order to optimize resource extraction, prevent waste, and ensure fairness among all stakeholders involved. There are different types of West Virginia Amendments to Pooled Unit Designation that can be pursued based on specific circumstances: 1. Geological Amendments: These amendments pertain to changes required due to new geological information or advancements in geotechnical mapping. For example, if new seismic data suggests the presence of additional reserves or the need for realignment of pooled units, a geological amendment may be pursued. 2. Technological Amendments: As technology advances, extraction methods and equipment efficiency may evolve. Technological amendments to pooled unit designations allow for adjustments to account for these advancements, ensuring optimal resource recovery and minimizing waste. 3. Ownership or Leasehold Interest Amendments: Changes in ownership, leasehold interests, or the consolidation of mineral rights may require amendments to pooled unit designations. These amendments aim to accommodate new parties involved and maintain equitable distribution of resource benefits. The West Virginia Amendment to Pooled Unit Designation plays a crucial role in facilitating efficient and responsible resource extraction by allowing flexibility in adapting pooled unit configurations to evolving circumstances. It ensures that all relevant factors, including geological insights, technological advancements, and changes in ownership, are considered to promote fair resource development and sustainable energy practices.
