Allocated pool means a pool in which the total oil or gas production is restricted and is allocated to various wells in the pool in accordance with proration schedules.
Allocated pool means the total points, up to 100, allocated to members of the Managing Member by the Class A Member, from time to time in its sole and absolute discretion, after consulting with the Managing Member. The Allocated Pool shall not exceed 90 unless otherwise requested by the Managing Member and approved by the Class A Member. The initial Allocated Pool shall equal 80 points. No member of the Managing Member admitted to the Managing Member after the date hereof shall have an initial allocation of points in excess of 25; provided that such allocation may be increased to more than 25 points thereafter by the Advisory Committee. If the points to be allocated to a new member of the Managing Member would cause the total points allocated to exceed 90, or 100 if determined by the Advisory Committee, then the current members shall forfeit an amount equal to the excess on a pro-rata basis or on such other basis as is determined by the Advisory Committee.
Examples of Allocated pool in a sentence
Allocated pool is one in which the total oil or natural gas production is restricted and allocated to various wells therein in accordance with proration schedules.