Pooled Lands definition
Examples of Pooled Lands in a sentence
The provisions of the preceding Clause shall apply, mutatis mutandis, to the Parties’ Operations, activities and obligations with respect to the Pooled Lands relative to the Reserved Formations.
No Party warrants title to its Pre-Pooled Interests in the Pooled Lands.
As of the Effective Date, and unless otherwise provided in this Agreement, all costs and expenses incurred with respect to the Pooled Lands and all Pooled Substances produced and revenues received as a result of Operations on the Pooled Lands shall be allocated among the Parties in accordance with their respective Pooled Interests.
Nothing in this Agreement is to be construed as effecting a cross-conveyance of the interests of the Parties in the Title Documents or the Pooled Lands.
That Party shall conduct any other such operations with respect to the Reserved Formations in a manner that shall not interfere with Operations on the Pooled Lands.
Upon termination of this Agreement with respect to the Pooled Lands in accordance with Clause 9.1 or Clause 9.2 of this Head Agreement or Clause 1.14 of the Operating Procedure, and, insofar as the Title Documents remain in effect for the Pooled Lands at that time, the applicable Parties shall thereupon hold the applicable former Pooled Lands in the proportions of their respective Pre-Pooled Interests under any relevant agreement that consequently applies between them for those rights.
In addition to the provisions of Article 15.00 of the Operating Procedure, no Party will do, or cause to be done, anything to encumber the Pooled Lands or otherwise impact the Title Documents held by it which might reasonably result in any portion of any of those Title Documents becoming subject to termination or forfeiture.
Each Party hereby pools its respective Pre-Pooled Interest in and to the Title Documents, the Pooled Lands and the Pooled Substances only to the extent necessary for the production of Pooled Substances from the Pooled Lands, so that, as of the Effective Date, all Operations on the Pooled Lands may be conducted without regard to the boundary lines of the separate Title Documents comprising the Pooled Lands.
Notwithstanding the provisions of Article 9.00 and Article 10.00 of the Operating Procedure, under no circumstance may a Party Complete a well in one or more formations included in the Pooled Lands and also in any other formation or for any substance not included in the Pooled Lands or Pooled Substances without the consent of the other Parties, which consent may be refused by a Party for any reason.
As of the Effective Date, and except as may otherwise be provided herein, the Operating Procedure as amended by this Agreement: governs the relationship of the Parties as to their respective Pooled Interests; and applies to all Operations conducted on the Pooled Lands and the production of Pooled Substances therefrom.