Pooled Unit definition

Pooled Unit means a spacing unit created by:

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Pooled Unit means the lands, formations and depths included within a unit that has been formed pursuant to or under a Contract, or has otherwise been approved by any applicable Governmental Authority.

Pooled Unit means a unit formed by the joining or combining of separately owned leasehold interests pursuant to the pooling clauses of the leases or any other agreement authorizing such pooling.

Examples of Pooled Unit in a sentence

• Lessee shall not include acreage in a Pooled Unit if the Oil Products contained therein are not capable of commercial production.

• Production of Oil Products from any part of a Pooled Unit shall be considered as operations for production of Oil Products from the land covered by this Lease, whether or not actually located on the premises covered by this Lease.

• The purchases of the securities offered hereby must be regarded as the placing of funds at a high risk in a new or "start-up" venture with all the unforeseen costs, expenses, problems, and difficulties to which such ventures are subject.

• For purposes of computing the Oil Products contained on this Lease and any Pooled Unit hereunder, Lessee an Lessor agree that a reserves estimate or resource report prepared by a recognized geology or engineering firm, selected by Lessee shall be determinant.

• In the event the Lateral Line Equivalent traverses a Pooled Unit which also covers the depths from which the Lateral Line Equivalent is producing, the production or proceeds therefrom attributable to the portion of the Lateral Line Equivalent traversing the Pooled Unit shall be allocated among the parties subject to the Pooled Unit in accordance with the terms of such Pooled Unit and this Agreement.

• By way of example, if Lessor’s portion of the estimated reserves on the leased Premises are 60 million barrels, and the estimated reserves on the entire Pooled Unit are 100 million barrels, Lessor’s royalty would be reduced to 3/5 of the Royalty otherwise payable hereunder, but would be payable on the reserves contained in the entire Pooled Unit.

• By way of example, if Lessor's portion of the estimated reserves on the leased Premises are 60 million barrels, and the estimated reserves on the entire Pooled Unit are 100 million barrels, Lessor's Royalty would be reduced to 3/5 of the Royalty otherwise payable hereunder, but would be payable on the reserves contained in the entire Pooled Unit.

• University L▇▇▇▇ will create Pooled Unit Agreements encompassing the Productive Acreage allocated to all producing Development Unit W▇▇▇▇ drilled under the terms of this Agreement.

• A Pooled Unit established hereunder shall be unitized acreage as compared to the non-pooled and non-unitized acreage.

• Subject to JOA dated 3/6/00 between Vintage Petroleum Inc., Palace Exploration Co., ▇▇▇▇▇ Petroleum Corp., and Andex Resources LLC covering lands within the Pooled Unit for State ▇▇▇▇▇ ▇▇ ▇▇.

More Definitions of Pooled Unit

Pooled Unit means two or more tracts of land, of which their ownership may be different, that are consolidated and operated as a single tract for production of oil and/or gas, either by voluntary agreement between the owners thereof, or by exercising of the authority of the Board under the statute. When such tracts are consolidated by Board authority, the size of the consolidation tract shall not exceed the size, with permitted tolerance, of a "Drilling Unit" as herein defined. In no such case is there any actual change in the title or ownership of the original tracts.

Pooled Unit as defined in Article 11.