Unitization definition
Unitization means the process of combining mineral interests or leases thereof in separate tracts of land into a single entity for administrative, operating or ownership purposes. Unitization is sometimes called "pooling" or "communitization" and may be voluntary or involuntary.
Unitization means the operation of all or part of a field or reservoir as a single entity for operating purposes.
Unitization means the combination of two or more tracts of oil and gas, or portions
Examples of Unitization in a sentence
Participation in royalties from a unitized area, or rent abatements, shall be in accordance with the Unitization Agreement.
Unitization Agreements including acres under this Lease must be approved in writing by the Lessor.
At the Lessor's option, rent may be abated in accordance with specific terms contained within a Unitization Agreement which has been approved in writing by the Lessor.
Unitization means reduced costs and increased benefits to all interested parties.
Unitization does not waive or reduce the effectiveness of the mitigating measures that condition the lessee’s right to conduct operations on these leases.
More Definitions of Unitization
Unitization means the combining of tracts and interests necessary
Unitization means the combination of two or more tracts of oil and gas, or portions thereof, or leases, for drilling of horizontal wells and production of oil and gas from the unit with allocation of production to the net acreage of each tract included in the unit to operate as a consolidated horizontal well unit;
Unitization means the combination of two or more tracts
Unitization means the exploration and development of an entire geologic structure or
Unitization means the act of combining separately owned tracts or separate interests therein into a unit constituting all or some portion of a coalbed that produces or is capable of producing coalbed methane and the joint operation of that unit;
Unitization means a set of paper-scanned images or electronically processed files, and indicates where individual pages or files belong together as Documents, including attachments, and where each Document begins and ends.
Unitization means the combination of two or more tracts, leases, units, or portions thereof, for drilling of a shallow horizontal well or wells and production of oil and gas from the unit with a fractional part of the productions from the unit allocated in the proportion that the amount of net acreage reasonably determined to be in each tract or lease included within the unit bears to the total acreage reasonably determine to be in the unit or, if the well or wells traverse more than one unit, the allocation of production may be based upon a reasonable correlation to the portion of the horizontal wellbore in each unit; and