This declaration is used when a unit operator desires to supplement and amend a Declaration of Pooled Unit to include in the unit the oil, gas and mineral leases described in Exhibit A to this Supplement, covering lands within the confines of the Unit Area.
Allegheny Pennsylvania Supplemental Declaration of Pooled Unit
State:
Multi-State
County:
Allegheny
Control #:
US-OG-370
Format:
Word;
Rich Text
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Description
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How to fill out Supplemental Declaration Of Pooled Unit?
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FAQ
What is Unitization? 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 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.
An oil or gas reservoir may straddle adjacent contract areas. Unitization is the process whereby the straddling reservoir is jointly developed by the interest owners in the adjacent contract groups.
Order pooling means combining several different customers' orders on the same standard manufacturing panel. ?Order pooling? or ?pooling? is probably the most common name but the process is also called ?order combination?, ?panel sharing?, ?multi-panels? ?
Generally, a pooling clause will allow the leased premises to be combined with other lands to form a drilling unit, wherein proceeds from production anywhere on the drilling unit are allocated according to the percentage of the acreage of each tract divided by the total acreage of the drilling unit.
Pooling: During the pooling process, extraction companies purchase or lease mineral rights from multiple landowners and 'pool' them to form a drilling unit upon which they can legally place a drill rig.
Pooling is the combination of all or portions of multiple oil and gas leases to form a unit for the drilling of a single oil and/or gas well.
As noted above, while pooling focuses on efficiently combining lands for the purpose of obtaining a drilling permit to drill a single well, unitization focuses on the combination of interests covering a larger area to facilitate development of all or part of a common source of supply (i.e. a field/reservoir).