 |
| Purchase Information |
| Use this form to request purchase information on API online subscriptions. |
|
|
Document API MF 5U03 is offered by IHS as part of an online subscription. This subscription contains many documents on the same topic.
You may also purchase this document alone from the IHS Standards Store.
API MF 5U03 Document Information:
Title
Model Form of Statutory Unit Agreement
American Petroleum Institute
Publication Date:
Jun 1, 1993
Scope:
FOREWORD
The API Model Form of Statutory Unit Agreement and the companion Model
Form of Statutory Unit Operating Agreement were issued as First
Editions, March 1974. The revised Second Editions, April 1, 1993,
supersede and replace the First Editions of these model forms. The
revised editions have been prepared to update these model forms to
include revisions found from experience to be desirable.
These model forms are designed for use in states where so-called
"fieldwide" units may be established by order of the appropriate
regulatory agency for the purpose of increasing the ultimate recovery
of oil and gas.
Because of similarities in accomplishing unitization, either
voluntarily or under statutory authority, these model forms are
patterned after Model Form 5U01: Model Form of Voluntary Unit
Agreement, Fourth Edition, April 1993, and Model Form 5U02: Model Form
of Voluntary Unit Operating Agreement, Fourth Edition, April 1993.
Appropriate modifications and footnotes reflect requirements and
prohibitions of various state statutes. Being general in nature, these
forms require adaptation to conform to conditions of particular units
and to requirements concerning execution, acknowledgment, and
recordation.
Statutes of some states contemplate that the Unit Agreement and Unit
Operating Agreement will be consolidated into a single document for
approval by participants and the appropriate regulatory agency. The
single document would consist of two parts corresponding to the two
model forms. In other states, the two model forms can be used as
separate documents.
The revised model forms were prepared by the Subcommittee on Unit
Operations under the administration of the API Executive Committee on
Drilling & Production Practices.
USERS ARE CAUTIONED that this suggested form may not contain all the
provisions that may be required by parties to an actual agreement for
unit operations. In addition, the form contains numerous provisions
that must be completed by inserting appropriate time periods, number
of parties, voting requirements, or dollar amounts and each party must
determine appropriate inserts for its particular situation or
application. This is especially critical with respect to the voting
requirements relating to operation of the lease. Users of the model
form or portions or variations thereof should seek the advice of
counsel to ensure that the agreement reflects the actual intent of the
parties, is proper under the applicable business circumstances, and is
appropriate under the governing statute. Use of the form or any
portion or variation thereof shall be at the sole discretion, risk,
and liability of the user parties. American Petroleum Institute
disclaims any and all interests or liability whatsoever for loss or
damages that may result from use of the form or portions or variations
thereof.
About IHS
IHS (NYSE: IHS) is a leading global provider of critical technical information, decision-support tools and related services in a number of industries including aerospace and defense, automotive, construction, electronics, and energy. IHS serves customers ranging from large governments and multinational corporations to smaller companies and technical professionals in more than 100 countries. IHS been in business for more than 45 years and employ more than 2,300 people around the world.
