Wake North Carolina Declaration of Pooled Unit - Long Form

State:
Multi-State
County:
Wake
Control #:
US-OG-375
Format:
Word; 
Rich Text
Instant download

Description

This form of declaration provides notice that the unit owner pools, unitizes, and combines the Unit Leases, including all renewals, extensions, ratifications, and amendments of the Unit Leases and the lands covered by those Leases and the mineral and/or royalty estates in the lands subject to the Leases into a unit for the exploration, development, and production of oil, gas, and associated hydrocarbons (the Unit).

The Wake North Carolina Declaration of Pooled Unit — Long Form is a legal document that establishes the formation and operation of a pooled unit in Wake County, North Carolina. This document outlines the various terms, rights, and obligations associated with a pooled unit agreement in the region. A pooled unit is a mechanism used in the oil and gas industry, where multiple oil and gas leases are consolidated into a single operational unit. This allows for the efficient extraction of resources and the fair distribution of profits among the leaseholders. The Wake North Carolina Declaration of Pooled Unit — Long Form specifies the specific requirements and guidelines for the formation and management of such units in the county. The declaration typically includes provisions related to the identification of the pooled unit, including its legal description and boundaries. It also outlines the rights and responsibilities of the participating operators, which may include drilling and exploration activities, operating expenses, and revenue-sharing arrangements. The Wake North Carolina Declaration of Pooled Unit — Long Form may include specific provisions related to drilling permits, production requirements, and environmental considerations. It may also outline the process for amending or terminating the pooled unit agreement, as well as dispute resolution mechanisms. Different types of Wake North Carolina Declaration of Pooled Unit — Long Form may exist based on specific factors such as the size and scope of the pooled unit, the type of resources being extracted (e.g., oil, natural gas), and the specific legal and regulatory requirements of Wake County. These variations may differ in terms of the specific provisions they include, the parties involved, and the overall objectives of the pooled unit. Overall, the Wake North Carolina Declaration of Pooled Unit — Long Form serves as a critical legal instrument for governing the establishment and operation of pooled units in Wake County. It ensures compliance with relevant laws and regulations, promotes efficient resource extraction, and facilitates equitable distribution of benefits among the participating parties.

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FAQ

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.

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. The unit is generally one or a combination of government survey quarter-quarter sections.

Unitization is the act of consolidating multiple smaller units into a larger unit for improved warehouse efficiency, quicker packaging and arranging, and more efficient handling and transportation.

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.

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.

It also records a "Declaration of Pooling" or similarly named document in the land records office at the local Courthouse. The declaration shows the boundaries of the pooling unit and identifies all the landowners and amount of property each landowner actually has in the unit.

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.

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.

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.

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.

More info

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Wake North Carolina Declaration of Pooled Unit - Long Form