Fulton Georgia Dissolution of Pooled Unit refers to the legal process by which a pooled unit in Fulton County, Georgia, is dissolved. A pooled unit typically refers to a group of mineral interests or royalties held by multiple parties that are combined for the purpose of development and production of natural resources, such as oil or gas. The dissolution of a pooled unit can occur for various reasons, including expiration of the lease, termination of a production agreement, or the voluntary agreement of all parties involved. Once dissolved, each party's individual mineral interests or royalties revert to their original ownership and are no longer subject to the terms and conditions of the pooled unit. Different types of Fulton Georgia Dissolution of Pooled Units may include: 1. Expiration Dissolution: In cases where the lease or agreement governing the pooled unit has a specific expiration date, the dissolution occurs automatically once that date is reached. This type of dissolution is based on the pre-determined duration of the agreement. 2. Termination Dissolution: If a party violates the terms of the agreement or fails to meet certain obligations, the other parties involved may seek termination of the pooled unit. This type of dissolution typically requires legal involvement and may occur if there are breaches of contract, non-payment of royalties, or failure to comply with environmental regulations. 3. Voluntary Dissolution: All parties involved in the pooled unit may agree to dissolve it voluntarily for various reasons. This could be due to changes in development plans, differing objectives, or a desire to pursue individual development or sales strategies. Voluntary dissolution generally requires unanimous consent from all parties. 4. Contractual Dissolution: The agreement governing the pooled unit may contain provisions for dissolution under certain circumstances. These could include changes in ownership, mergers or acquisitions, bankruptcy, or other specific events outlined in the contract. Contractual dissolution follows the terms set out in the agreement and requires compliance with the agreed-upon procedures. It is important to consult with legal professionals experienced in oil and gas law and the specific regulations of Fulton County, Georgia, to properly navigate and execute the dissolution process of a pooled unit. Compliance with all relevant laws and contracts is crucial to protecting the rights and interests of all involved parties.
Fulton Georgia Dissolution of Pooled Unit
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FAQ
A unitization is the pooling of assets by several parties in an oil and gas producing area in order to form a single operating unit, in exchange for receiving an interest in that unit.
Unitization is the combined operation of an oil and gas field by the different holders of the rights to the petroleum resources in the individual tracts on top of a petroleum reservoir.
The purpose of the unitisation agreement is to establish the unit from the two or more licence or contract areas which contain the reservoir by unitising the licensees respective interests and to provide for the development, operation and decommissioning of the unit.
Forced Pooling in Texas - the Texas forced pooling statute is similar to the statutes of most states. The Texas Railroad Commission has authority to issue forced pooling orders. A mineral interest owner who is force pooled in Texas has essentially the same options as mineral owners in other states.
The horizontal Pugh clause operates to release all lands not included in a pooled unit, typically at the end of the primary term or after cessation of continuous drilling operations, if the lease provides for same. The horizontal Pugh clause releases land at the surface as to all depths.
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.
Pooling refers to joining together enough acreage to allow issuance of a drilling permit for a single well. Unitization refers to joining together large areas such as an entire reservoir or field to optimize operations, introduce efficiencies, and reduce costs. Both pooling and unitization can be voluntary or forced.
The Pugh Clause is named for a Louisiana attorney, Lawrence Pugh, who took on Shell Oil in 1947 on behalf of a lessor. The Louisiana Supreme Court sided with Shell Oil, and Pugh determined that the only way to prevent something similar from happening again was with a special clause in the lease contract.
Pooled Unit means two or more tracts of land, of which their ownership may be different, that are consolidated and operated as a single tract for production of oil and/or gas, either by voluntary agreement between the owners thereof, or by exercising of the authority of the Board under the statute.
In general terms, the Pugh Clause provides that production from a unitized or pooled area located on or including a portion of the leased lands will not be sufficient to extend the primary term for the entire leasehold.
