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How does forced pooling work in Oklahoma?

Mineral owners can be pooled if they have not signed an oil and gas lease, either because they cannot come to terms with the company, they cannot be located, or they are deceased and their heirs are unknown, or if they have not elected to participate in the well if given the option.

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 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 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.