Dallas Texas Declaration of Pooled Unit - Short Form

State:
Multi-State
County:
Dallas
Control #:
US-OG-376
Format:
Word; 
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Description

This declaration is executed by an Operator and filed of record for the purpose of exercising the pooling authority granted to the Lessee in the Leases, and giving notice of the Lands included in the Unit established by the Operator.

The Dallas Texas Declaration of Pooled Unit — Short Form is a legal document that is used in the oil and gas industry to establish a pooled unit for the extraction of natural resources. This document outlines the rights and responsibilities of the parties involved in the pooling agreement. The purpose of the Dallas Texas Declaration of Pooled Unit — Short Form is to combine multiple tracts of land or mineral interests into a single unit for the purposes of drilling and production. By pooling their interests, landowners and mineral owners can maximize the efficiency of extraction operations and share in the profits generated from the pooled unit. Some relevant keywords associated with the Dallas Texas Declaration of Pooled Unit — Short Form include— - Oil and gas industry: The declaration is particularly relevant to the oil and gas industry, where pooling agreements are commonly used to streamline operations and increase profitability. — Pooled unit: This refers to the consolidated tract of land or mineral interests that are included in the pooling agreement. The declaration defines the boundaries of the pooled unit and establishes the percentage of ownership for each participating party. — Declaration: The document itself is often referred to as the "declaration" and serves as a legally binding agreement between the parties involved. — Short form: The term "short form" indicates that the declaration is a simplified version of the pooling agreement. This can make it more accessible and easier to understand for all parties involved. Different types of Dallas Texas Declaration of Pooled Unit — Short Form may vary based on specific terms and conditions agreed upon by the participating parties. These variations could include unique provisions for revenue distribution, expenses allocation, or specific clauses addressing environmental concerns or regulatory compliance. In conclusion, the Dallas Texas Declaration of Pooled Unit — Short Form is a legal document used in the oil and gas industry to establish a pooled unit for the extraction of natural resources. It outlines the rights and responsibilities of the parties involved and aims to streamline operations and maximize profitability. Various types of this declaration may exist based on specific terms agreed upon by the parties.

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FAQ

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.

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.

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.

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.

A pooling clause expands the granting clause by giving a lessee the authority to determine whether to pool. This authority, however, is not unfettered. Many disputes have arisen through the years as to whether a lessee has properly exercised his discretion and authority under a pooling clause.

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.

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.

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.

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Dallas Texas Declaration of Pooled Unit - Short Form