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What is a pooling bonus?

Bonus Pool means a pool consisting of a percentage of the Net Profits from a Designated Well, as determined by the Company, paid by the Company to the Plan. Each Bonus Pool will be the basis for determining the Bonus to be paid to each Participant or Participant Group.

What is forced pooling?

What Is Compulsory Pooling? Compulsory pooling, also known as forced, statutory or mandatory pooling, forces landownerswho do not wish the mineral resources underneath their land to be extractedto become part of a drilling unit.

What is forced pooling in Oklahoma?

What is force pooling? The Oklahoma statutes authorize the Corporation Commission to create drilling and spacing units, and if necessary, to pool the interests of the owners therein to prevent waste and to protect the correlative rights of the interested parties.

What is a pooling provision?

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.

What is forced pooling?

What Is Compulsory Pooling? Compulsory pooling, also known as forced, statutory or mandatory pooling, forces landownerswho do not wish the mineral resources underneath their land to be extractedto become part of a drilling unit.

What states have forced pooling?

State Laws Can Compel Landowners to Accept Gas and Oil Drilling StateType of Regulation(s)Section NumberTexasForced pooling102.017Utah1) Involuntary pooling 2) Compulsory unitization40-6-6.5VermontForced pooling14-29-523VirginiaCompulsory pooling45.1-361.2146 more rows May 19, 2011

Does Texas have forced pooling?

There are three types of owners who can apply for MIPA to encourage or require forced pooling. The owner of any working interest. The owner of any interest in gas or oil in an existing or proposed proration unit. Any owner of an unleased tract other than a royalty owner.

What is the difference between pooling and unitization?

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).

What states have forced pooling?

State Laws Can Compel Landowners to Accept Gas and Oil Drilling StateType of Regulation(s)Section NumberTexasForced pooling102.017Utah1) Involuntary pooling 2) Compulsory unitization40-6-6.5VermontForced pooling14-29-523VirginiaCompulsory pooling45.1-361.2146 more rows May 19, 2011

What does pooling mean in oil and gas?

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.

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What is a pooling bonus?

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What is a pooling provision?

What is forced pooling?

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What states have forced pooling?

Does Texas have forced pooling?

What is the difference between pooling and unitization?

What states have forced pooling?

What does pooling mean in oil and gas?

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