Wake North Carolina Declaration of Pooled Unit For Oil and Gas

• Category: Oil Gas and Minerals - Pooling and Unitization
• State: Multi-State
• County: Wake
• Control #: US-OG-374
• Format: Word; Rich Text

Description

This declaration is executed by the Operatorand filed of record for the purpose of exercising the pooling authority granted to the Lessee in the Leases, and giving notice of the Lands comprising the Unit established by Operator. The Wake North Carolina Declaration of Pooled Unit for Oil and Gas is a legal document that outlines the agreement and regulations surrounding the pooling of multiple landowners' mineral rights in Wake County, North Carolina for the exploration and extraction of oil and gas resources. In a pooled unit, individual landowners agree to combine their respective mineral interests into a single unit for the purpose of drilling and extracting oil and gas resources. This allows for more efficient and effective resource extraction, as it enables the operators to access a larger area and minimize the need for multiple well sites. The Wake North Carolina Declaration of Pooled Unit for Oil and Gas typically specifies the terms and conditions of the pooling arrangement, including the proportionate sharing of production revenue, obligations of the participating landowners, and the rights and responsibilities of the operator conducting the drilling and extraction activities. Furthermore, it often includes provisions regarding the duration of the pooling agreement, the conditions for termination or modification, and the procedures for settling disputes among the parties involved. Keywords: Wake North Carolina, Declaration, Pooled Unit, Oil and Gas, Mineral Rights, Exploration, Extraction, Resources, Drilling, Efficient, Resource Extraction, Well Sites, Terms, Conditions, Sharing, Revenue, Obligations, Landowners, Rights, Responsibilities, Operator, Duration, Termination, Modification, Disputes. Different types of Wake North Carolina Declaration of Pooled Unit for Oil and Gas may include variations specific to different geological formations or areas within Wake County. For example, there could be separate declarations for the pooling of mineral interests in the Marcellus Shale, Utica Shale, or other formations present in the region. These specific declarations may incorporate additional terms or guidelines tailored to the unique properties and challenges associated with each formation. Keywords: Wake North Carolina, Declaration, Pooled Unit, Oil and Gas, Mineral Interests, Geological Formations, Marcellus Shale, Utica Shale, Terms, Guidelines, Properties, Challenges.

The Wake North Carolina Declaration of Pooled Unit for Oil and Gas is a legal document that outlines the agreement and regulations surrounding the pooling of multiple landowners' mineral rights in Wake County, North Carolina for the exploration and extraction of oil and gas resources. In a pooled unit, individual landowners agree to combine their respective mineral interests into a single unit for the purpose of drilling and extracting oil and gas resources. This allows for more efficient and effective resource extraction, as it enables the operators to access a larger area and minimize the need for multiple well sites. The Wake North Carolina Declaration of Pooled Unit for Oil and Gas typically specifies the terms and conditions of the pooling arrangement, including the proportionate sharing of production revenue, obligations of the participating landowners, and the rights and responsibilities of the operator conducting the drilling and extraction activities. Furthermore, it often includes provisions regarding the duration of the pooling agreement, the conditions for termination or modification, and the procedures for settling disputes among the parties involved. Keywords: Wake North Carolina, Declaration, Pooled Unit, Oil and Gas, Mineral Rights, Exploration, Extraction, Resources, Drilling, Efficient, Resource Extraction, Well Sites, Terms, Conditions, Sharing, Revenue, Obligations, Landowners, Rights, Responsibilities, Operator, Duration, Termination, Modification, Disputes. Different types of Wake North Carolina Declaration of Pooled Unit for Oil and Gas may include variations specific to different geological formations or areas within Wake County. For example, there could be separate declarations for the pooling of mineral interests in the Marcellus Shale, Utica Shale, or other formations present in the region. These specific declarations may incorporate additional terms or guidelines tailored to the unique properties and challenges associated with each formation. Keywords: Wake North Carolina, Declaration, Pooled Unit, Oil and Gas, Mineral Interests, Geological Formations, Marcellus Shale, Utica Shale, Terms, Guidelines, Properties, Challenges.