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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 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.
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 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 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).
Related Searches
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People also ask
What does unitization mean?
What is Unitization? 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.
What is a pooling clause?
Pooling Clause: Joining the Leased Land with Other Land The typical OG lease allows the lessee to join or pool various adjacent tracts of land together to form a larger pooled unit on which it can operate.
What is a pooling order?
Order pooling means combining several different customers orders on the same standard manufacturing panel. Order pooling or pooling is probably the most common name but the process is also called order combination, panel sharing, multi-panels
What are pooling rights?
Pooling: During the pooling process, extraction companies purchase or lease mineral rights from multiple landowners and pool them to form a drilling unit upon which they can legally place a drill rig.
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).
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