I received a request for execution of a "Production Sharing Agreement" such that Chevron and R. Lacy Services could drill one or more Horizontal Drainhole Wells traversing multiple tracts.
The operators provide an example of the allocation which is a numerator of first take point to property edge and a denominator being from first take point to last take point.
My interest is an ORI established 75 or so years ago and is very, very small, making the use of professionals problematic.
I have the following concerns:
1) the document is having me "...Ratify, Adopt, and Confirm..." the oil and gas leases which covers 4 existing units of which I am a part of only one and covers 44 leases. The Unit I participate in is covered by 17 leases. How can I ratify, adopt and confirm all of this? what should I do instead?
2) Does anyone have a form that is mineral owner friendly that they might share with me to compare?
Doug