45.1-361.18 - Voluntary pooling of interests in drilling units; validity of unit agreements.
§ 45.1-361.18. Voluntary pooling of interests in drilling units; validity ofunit agreements.
A. When two or more separately owned tracts are embraced within a drillingunit, or when there are separately owned interests in all or a part of anysuch drilling unit, the gas or oil owners owning such interests may pooltheir interests for the development and operation of the drilling unit byvoluntary agreement. Such agreements may be based on the exercise of poolingrights or rights to establish drilling units which are granted in any gas oroil lease.
B. No voluntary pooling agreement between or among gas or oil owners shall beheld to violate the statutory or common law of the Commonwealth whichprohibits monopolies or acts, arrangements, contracts, combinations orconspiracies in restraint of trade or commerce.
(1982, c. 347, § 45.1-302; 1987, c. 452; 1989, c. 529; 1990, c. 92.)