unitize definition
unitize means the joining of the various oil and gas interests within a field or pool, or a part of either, for the purpose of drilling and operating one or more wells and the apportioning of the costs and benefits of the drilling and operating, and “unitization” has a corresponding meaning.
unitize or "unitization" shall mean the combination of all or parts of the leases in a prospect, reservoir, or field such that development and operation of the unit are provided for without regard to separate property interests and with unit production and costs allocated among the various parties, whether pursuant to formal or informal joint operating agreements.
unitize or "unitization" means the combining of multiple wells or drilling units to produce from a specified pool or reservoir or a specified geographic area:
More Definitions of unitize
unitize. The operation of all or part of a field as a single entity for operating purposes. In- Place Oil and Gas: The total amount of Oil and Gas calculated to be remaining in the Property, using standard industry methods, without regard to the ability to recover such oil and/or gas.