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.
Title: Idaho Exploratory Unit Agreement: Exploring Idaho's Oil and Gas Reserves Introduction: The Idaho Exploratory Unit Agreement is a legally binding contract that governs the exploration and development of oil and gas reserves in the state of Idaho, United States. This agreement sets guidelines and regulations to ensure responsible and efficient exploration activities while also protecting the environment and maintaining the sustainability of the state's natural resources. Keywords: Idaho Exploratory Unit Agreement, exploration and development, oil and gas reserves, guidelines, regulations, responsible practices, environment, sustainability, natural resources. Types of Idaho Exploratory Unit Agreements: 1. Single Well Exploratory Unit Agreement: The Single Well Exploratory Unit Agreement refers to a specific agreement made for the exploration and development of oil and gas reserves through a single well. This type of agreement allows a company to focus on a particular well site to assess the potential of extracting oil and gas from that specific location. Keywords: Single Well Exploratory Unit Agreement, exploration and development, oil and gas reserves, well site, potential assessment. 2. Multiple Well Exploratory Unit Agreement: The Multiple Well Exploratory Unit Agreement covers the exploration and development of multiple wells within a designated unit area. This agreement allows for simultaneous drilling and extraction operations within the defined unit area, optimizing the use of resources and increasing the chances of discovering viable oil and gas reserves in different locations. Keywords: Multiple Well Exploratory Unit Agreement, exploration and development, oil and gas reserves, designated unit area, simultaneous drilling, extraction operations. 3. Targeted Exploratory Unit Agreement: The Targeted Exploratory Unit Agreement is designed for exploring and developing specific target areas within a larger exploration region. This agreement enables companies to concentrate their efforts on areas with the highest potential for discovering substantial oil and gas reserves, increasing the efficiency and success rate of exploration activities. Keywords: Targeted Exploratory Unit Agreement, exploration and development, specific target areas, exploration region, potential for discovery, efficiency, success rate. 4. Extended Exploratory Unit Agreement: The Extended Exploratory Unit Agreement extends the duration of an existing exploratory agreement to allow for further assessment of an area's oil and gas potential. This type of agreement grants additional time for companies to conduct comprehensive studies, collect data, and evaluate the economic viability of developing the identified oil and gas reserves. Keywords: Extended Exploratory Unit Agreement, exploration and development, oil and gas potential, assessment, comprehensive studies, data collection, economic viability. Conclusion: The Idaho Exploratory Unit Agreement governs the exploration and development of oil and gas reserves within the state, ensuring responsible practices and the sustainable utilization of natural resources. Various types of agreements, such as Single Well, Multiple Well, Targeted, and Extended, provide different approaches to exploration, guaranteeing comprehensive assessment, efficient operations, and increased chances of discovering viable reserves. Keywords: Idaho Exploratory Unit Agreement, exploration and development, responsible practices, sustainable utilization, natural resources, Single Well, Multiple Well, Targeted, Extended, comprehensive assessment, efficient operations, viable reserves.
