This form is an agreement that is used by the Parties that are the owners of working, royalty, or other oil and gas interests in the unit area subject to this Agreement. It is pursuant to the Mineral Leasing Act of February 25, 1920, as amended, 30 U.S.C. Sec. 181 et seq., authorizes Federal lessees and their representatives to unite with each other, or jointly or separately with others, in collectively adopting and operating under a unit plan of development or operations of all or any part of any oil and gas pool, field, or like area, for the purpose of more properly conserving the natural resources whenever determined and certified by the Secretary of the Interior to be necessary or advisable in the public interest.
Delaware Exploratory Unit Agreement
State:
Multi-State
Control #:
US-OG-737
Format:
Word;
Rich Text
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FAQ
A contribution agreement is a legally binding document that allows individuals or firms to share the burden of a liability. The agreement provides assurance that if they are sued, they would be able to seek a pre-determined proportion of the liability from fellow members of the agreement.
Mineral rights grant ownership to all of the oil and gas lying below the surface of the property, as well as the right to explore, drill, and produce oil and natural gas on that property or to lease such rights to a third party. Typically, mineral rights are perpetual.
An exploration agreement is a contract that legally unites two interested parties toward a common goal or project contingent on certain terms. For example, two oil and gas companies might agree to work together to explore and develop a plot of land for natural resources.