This Agreement is entered into, between the parties subscribing, ratifying, or consenting to it. The Parties are the owners of working, royalty, or other oil and gas interests in the Unit Area subject to this Agreement.
The Mineral Leasing Act of February 25, 1920, 41 Stat. 437, as amended, 30 U.S.C., Secs. 181 et seq., authorizes Federal lessees and their representatives to unite with each other, or jointly or separately with others, in collectively adopting and operating a cooperative or unit plan of development or operation of all or any part of any oil or gas pool, field, or like area, for the purposes of more properly conserving the natural resources whenever determined and certified by the Secretary of the Interior of the United States, to be necessary or advisable in the public interest.
The Nassau New York Unit Agreement and Plan of Unitization is a legal document that outlines the process and terms for unitizing oil and gas resources in Nassau, New York. This agreement is designed to facilitate the joint development and operations of multiple oil and gas leases located within a defined geographic area. The Nassau New York Unit Agreement and Plan of Unitization aims to promote efficiency in resource extraction by pooling together various leasehold interests. By consolidating multiple leases, companies can jointly plan and coordinate drilling, production, and other activities, optimizing the use of resources and reducing costs. There are various types of Nassau New York Unit Agreement and Plan of Unitization: 1. Field-Wide Unitization: This type of unit agreement applies to a large-scale oil or gas field in Nassau, New York. It involves combining multiple leases and creating a single unitized area, enabling companies to collectively develop and operate the resources in a coordinated manner. 2. Pooling Unitization: This variant of the unit agreement focuses on pooling smaller oil and gas prospects within a specific area. Leaseholders agree to merge their individual tracts into a single unit, allowing for enhanced drilling and production efficiency. 3. Participating Area Unitization: In cases where multiple producing zones or formations exist within a lease area, participating area unitization agreements are used. This agreement allows for separate development and operation plans for each participating area, ensuring optimal resource extraction from distinct geological formations. 4. Secondary Recovery Unitization: This type of unit agreement is applicable in situations where enhanced oil recovery methods, such as water flooding or carbon dioxide injection, are employed to extract additional hydrocarbons from the reservoir. The agreement outlines the technical and economic aspects of implementing secondary recovery methods throughout the designated unit area. The Nassau New York Unit Agreement and Plan of Unitization typically includes provisions related to lease pooling, resource allocation, joint operations, cost sharing, drilling operations, production sharing, revenue distribution, and dispute resolution mechanisms. It provides a framework for leaseholders to collaboratively exploit the oil and gas resources within a specific geographic area, promoting efficient and responsible development.
