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 Nebraska Exploratory Unit Agreement is a legal document that governs the exploration, development, and production of oil and gas resources within a specific geographical area in the state of Nebraska. This agreement is commonly entered into between oil and gas companies and landowners who own the mineral rights to the designated area. The Nebraska Exploratory Unit Agreement establishes the rights, responsibilities, and obligations of both parties involved in the exploration and production activities. It typically outlines the terms and conditions related to leasing, drilling, extracting, and marketing the oil and gas resources. Landowners and oil and gas companies often enter into different types of Nebraska Exploratory Unit Agreements, depending on their specific needs and goals. Some of these types include: 1. Exploration Agreements: These agreements enable oil and gas companies to conduct initial exploration activities, such as seismic surveys and geophysical studies, within the designated area. They usually cover a specific timeframe and provide the option to proceed with further development if favorable results are obtained. 2. Unitization Agreements: When multiple landowners within a specific geographical area own mineral rights, an unitization agreement may be established. This agreement combines the individual leases into a single unit, facilitating joint exploration and production efforts. Unitization agreements aim to increase efficiency and maximize production, while also ensuring fair compensation for all parties involved. 3. Development Agreements: These agreements are entered into once an oil or gas discovery is made within the Exploratory Unit. Development agreements specify the procedures and timelines for drilling and developing the resource, as well as the allocation of costs, risks, and revenues among the participating parties. In summary, the Nebraska Exploratory Unit Agreement serves as a comprehensive framework for oil and gas companies and landowners to collaborate in exploring and producing natural resources. It encompasses various types of agreements, depending on the specific stage of exploration and production, and aims to strike a balance between economic development and protecting the rights and interests of all parties involved.
