API MF 5U01:1993 pdf download.Model of Voluntary Unit Agreement
2.4 Correcting Errors. The shapes and descriptions of the respective Tracts have been estab- lished by using the best information available. If it subsequently appears that any Tract, because of diverse royalty or working interest ownership on the Effective Date, should have been divided into more than one Tract, or that any mechanical miscalculation or clerical error has been made, Unit Operator, with the approval of Working Interest Owners, shall correct the mistake by revising the exhibits to conform to the facts. The revision shall not include any re- evaluation of engineering or geological interpretations used in determining Tract Participation. Each such revision of an exhibit made prior to thirty (30) days after the Effective Date shall be effective as of the Effective Date. Each such revision thereafter made shall be effective at 7:00 a.m. on the first day of the calendar month next following the fling for record of the revised exhibit or on such other date as may be determined by Working Interest Owners and set forth in the revised exhibit.
2.5 Filing Revised Exhibits. If an exhibit is revised, Unit Operator shall execute an appropri- ate instrument stating the effective date for the revised exhibit with the revised exhibit attached and promptly fle the same for record in the county or counties in which this Agreement is fled and furnish the revised exhibit to the W orking Interest Owners and requisite regulatory agencies.
3.3 Amendment of Leases and Other Agreements. The provisions of the various leases, agree- ments, division and transfer orders, or other instruments pertaining to the respective Tracts or the production therefrom are amended to the extent necessary to make them conform to the provisions of this Agreement, but otherwise shall remain in full force and effect. The Royalty Owners and Working Interest Owners, as to each particular Tract, represent and confrm to and agree with the other Parties to this Agreement that no further drilling obligations exist under any oil and gas lease or contract affecting such Tract. Royalty Owners further agree that any default, forfeiture, or penalty provision in any such oil and gas lease or other contract shall be suspended and of no force or effect during the term of this Agreement.
3.4 Continuation of Leases and Term Interests. Production from any part of the Unitized Formation, except for the purpose of determining payments to Royalty Owners, or other Unit Operations shall be considered as production from or operations upon each Tract, and such production or operations shall continue in effect each lease or term mineral or Royalty Interest as to all lands and formations covered thereby just as if such operations were conducted on and as if a well were producing from each Tract. OPTIONAL LANGUAGE一Each Royalty Owner hereby leases, lets, grants, adopts, ratifes, and confirms each lease under which such Royalty Owner is credited with a Royalty Interest pursuant to this Agreement, and hereby grants such lease as to the Unitized Formation to the Working Interest Owner(s) credited hereunder with a Working Interest therein. It is agreed that each lease shall remain in full force and effect from the date of execution hereof until the Effective Date, and thereafter in accordance with its terms and this Agreement.
API MF 5U01:1993 pdf download
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