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 Wyoming Amendment to Pooled Unit Designation is a legal provision specific to the state of Wyoming in the United States. This amendment pertains to regulations governing the establishment and modification of pooled units in the state for oil and gas exploration and production. Pooled units refer to a consolidated area of land where multiple mineral rights holders combine their interests in efficient resource extraction. The primary goal of the Wyoming Amendment to Pooled Unit Designation is to ensure the fair allocation of production and royalties among different mineral rights owners within a given geographical area. By pooling their interests, these owners can collectively develop and produce oil and gas resources without barriers or property boundaries. There are different types and aspects of the Wyoming Amendment to Pooled Unit Designation. One important distinction is the amendment's provisions for the initial formation of pooled units. Companies or individuals seeking to drill and extract oil and gas in Wyoming must submit applications to the relevant regulatory authority, such as the Wyoming Oil and Gas Conservation Commission (WOG CC). These applications should provide comprehensive details about the proposed unit, including the affected area's legal descriptions, participating leases, and potential production estimates. The WOG CC evaluates these applications to determine if they meet the required criteria before granting approval. Furthermore, the Wyoming Amendment also covers the modification and enlargement of existing pooled units. As circumstances change over time, it may become necessary to adjust the boundaries or add additional tracts to an existing pooled unit. This modification process involves submitting amended applications and notifying all leaseholders within the affected area. Proper analysis and evaluation of the production and economic impact are essential to ensure that the adjustment does not result in unfair advantages or undue burdens for any party involved. The Wyoming Amendment to Pooled Unit Designation also delineates guidelines for the operation and management of pooled units. This includes details on unit operations, such as the drilling, production, and transportation of hydrocarbons within the designated area. The amendment ensures that all participants adhere to established rules and procedures to promote the efficient and safe extraction of oil and gas resources. In conclusion, the Wyoming Amendment to Pooled Unit Designation is a regulatory framework that governs the establishment, modification, and operation of pooled units for oil and gas exploration and production in Wyoming. It aims to provide a fair and efficient system for resource development while ensuring the protection of the rights and interests of all stakeholders involved. Compliance with this amendment is crucial for any individual or company seeking to participate in oil and gas activities in Wyoming.
