Indiana Exploratory Unit Agreement

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Multi-State
Control #:
US-OG-737
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Word; 
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Description

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.


The Indiana Exploratory Unit Agreement is a legal document that outlines the terms and conditions for the exploration and development of oil or gas reserves within a designated geographic area in the state of Indiana. This agreement is typically entered into between a landowner or property owner and an energy company or operator. The primary purpose of the Indiana Exploratory Unit Agreement is to establish the rights and responsibilities of both parties involved in the exploration and potential extraction of oil or gas resources. It governs the relationship between the landowner and the energy company, ensuring that all activities are carried out in a manner that is both safe and environmentally responsible. The agreement covers various aspects related to the exploration and potential development of the resources, including the duration of the agreement, the specific geographical boundaries of the exploratory unit, and the compensation or payment terms for the landowner. It also addresses the obligations of the energy company, such as conducting seismic surveys, drilling exploratory wells, and implementing necessary safety measures. There may be different types or variations of the Indiana Exploratory Unit Agreement, depending on the specific circumstances and requirements of the parties involved. Some commonly known variations include: 1. Oil Exploratory Unit Agreement: This type of agreement is specifically tailored for the exploration and potential extraction of oil reserves within a designated area in Indiana. It may include specific provisions related to drilling techniques, equipment requirements, and oil transportation. 2. Gas Exploratory Unit Agreement: This agreement focuses on the exploration and potential extraction of natural gas reserves within a designated area in Indiana. It may have provisions related to gas storage, pipeline infrastructure, and gas market conditions. 3. Joint Exploratory Agreement: In some cases, multiple energy companies may come together to jointly explore and develop oil or gas reserves in Indiana. This agreement would outline the terms and conditions of their collaboration, including the sharing of costs, profits, and responsibilities. It is important for both landowners and energy companies to carefully review and negotiate the terms of the Indiana Exploratory Unit Agreement to ensure that their rights and interests are protected. Legal assistance from a qualified attorney specializing in oil and gas law is highly recommended to properly understand and address all the legal complexities associated with this type of agreement.

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FAQ

Surface rights are what you own on the surface of the property. These include the space, the buildings and the landscaping. Mineral rights, on the other hand, cover the specific resources beneath the surface. In areas designated for mining, it's common for surface rights and mineral rights to be separate. How To Understand Your Mineral Rights | Rocket Mortgage rocketmortgage.com ? learn ? mineral-rights rocketmortgage.com ? learn ? mineral-rights

Unitization is the agreement to jointly operate an entire producing reservoir or a prospectively productive area of oil and/or gas. The entire unit area is operated as a single entity, without regard to lease boundaries, and allows for the maximum recovery of production from the reservoir.

The Indiana Dormant Mineral Interest Act" was passed by the Indiana Legislature in 1971. The Act provides that severed mineral interests would automatically revert to the current surface owner of the land unless one of the following conditions was met: 1. Sufficient "use" of the mineral interest by the owner.

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.

The Indiana Dormant Mineral Interest Act" was passed by the Indiana Legislature in 1971. The Act provides that severed mineral interests would automatically revert to the current surface owner of the land unless one of the following conditions was met: 1. Sufficient "use" of the mineral interest by the owner. United States Supreme Court Upholds Indiana Mineral Lapse ... UNM Digital Repository ? viewcontent UNM Digital Repository ? viewcontent PDF

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Exploration companies em- ploy or contract with a pro- fessional called a “landman” to acquire leases of mineral rights to land with potential re- serves of oil ... Indiana Posey is the current owner of a certain Option to Lease and Drilling Agreement between Indiana Posey and Indiana Franklin Realty, Inc., dated September ...Persons interested in leasing state owned oil and gas must complete and submit an APPLICATION FOR PETROLEUM EXPLORATION OR PRODUCTION ACTIVITIES ON STATE LANDS ... 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 ... An exploration agreement is a contract that legally unites two interested parties toward a common goal or project contingent on certain terms. Upon approval, one copy of the Unit Agreement and Unit Operating. Agreement will be returned bearing our receipt stamp. Page 2. MODEL UNIT AGREEMENT. FOR. Mar 8, 2017 — Entity who has the right to enter upon the leased lands to conduct drilling and related operations, including production of oil or gas. Each form is designed using a MS Word "Fill in the Blank" format. This allows ... Ratification of Unit Agreement · Ratification of Unit Designation (By Working ... Sep 15, 2014 — • The terms “lease” and/or “agreement” may refer to any of the following: a lease, unit, agreement, or communitization agreement. • The ... Jun 20, 2023 — A unit agreement application must include the unit agreement proposal itself, whether it be the model unit agreement found at 43 CFR 3186.1 or ...

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Indiana Exploratory Unit Agreement