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 Travis Texas Exploratory Unit Agreement is a legal contract that pertains to oil and gas exploration and production activities within the Travis County region of Texas, United States. This agreement outlines the rights, obligations, and responsibilities of parties involved in the exploration and development of oil and gas resources within a specific geographic area known as the exploratory unit. The exploratory unit refers to a designated tract of land that may encompass multiple legal descriptions, leasehold interests, and mineral ownership. It is established to facilitate efficient exploration and development operations while ensuring fair distribution of production revenues among participants. Under the Travis Texas Exploratory Unit Agreement, participating parties include leaseholders, working interest owners, operators, and possibly non-operating working interest owners. The agreement typically covers various aspects, including but not limited to: 1. Purpose and Scope: The agreement clearly defines the objective and boundaries of the exploratory unit, specifying the expected oil and gas exploration activities to be undertaken. 2. Duration and Termination: It specifies the initial term during which exploration activities are to be conducted and outlines conditions for potential extensions or early termination. 3. Participation and Ownership: The agreement details the rights and responsibilities of participating parties, including their ownership interests, contributions towards drilling and operating costs, and provisions for maintaining their interests throughout the exploration and production phases. 4. Drilling Obligations and Operations: This section outlines duties and requirements related to drilling operations, including the selection of drilling sites, drilling schedules, safety protocols, and rights to offset wells drilled by other participants. 5. Production, Allocation, and Royalties: The agreement addresses procedures for production handling, allocation of production among participants, calculation and payment of royalties, as well as accounting and reporting requirements. 6. Administrative Matters: It covers various administrative aspects, including decision-making processes, billing and payment procedures, indemnification, insurance requirements, audits, and resolutions for disputes or conflicts. Different types of Travis Texas Exploratory Unit Agreements may exist based on factors such as the specific geographical area, participants involved, duration, and variations in contract terms. Examples may include Travis Texas Exploratory Unit Agreement — East Block, Travis Texas Exploratory Unit Agreement — West Block, or Travis Texas Exploratory Unit Agreement — Deep Well Project. In conclusion, the Travis Texas Exploratory Unit Agreement is a comprehensive legal instrument that governs oil and gas exploration activities in Travis County, Texas. It is created to establish a productive and harmonious working relationship between participating parties while ensuring efficient resource utilization and equitable distribution of benefits.The Travis Texas Exploratory Unit Agreement is a legal contract that pertains to oil and gas exploration and production activities within the Travis County region of Texas, United States. This agreement outlines the rights, obligations, and responsibilities of parties involved in the exploration and development of oil and gas resources within a specific geographic area known as the exploratory unit. The exploratory unit refers to a designated tract of land that may encompass multiple legal descriptions, leasehold interests, and mineral ownership. It is established to facilitate efficient exploration and development operations while ensuring fair distribution of production revenues among participants. Under the Travis Texas Exploratory Unit Agreement, participating parties include leaseholders, working interest owners, operators, and possibly non-operating working interest owners. The agreement typically covers various aspects, including but not limited to: 1. Purpose and Scope: The agreement clearly defines the objective and boundaries of the exploratory unit, specifying the expected oil and gas exploration activities to be undertaken. 2. Duration and Termination: It specifies the initial term during which exploration activities are to be conducted and outlines conditions for potential extensions or early termination. 3. Participation and Ownership: The agreement details the rights and responsibilities of participating parties, including their ownership interests, contributions towards drilling and operating costs, and provisions for maintaining their interests throughout the exploration and production phases. 4. Drilling Obligations and Operations: This section outlines duties and requirements related to drilling operations, including the selection of drilling sites, drilling schedules, safety protocols, and rights to offset wells drilled by other participants. 5. Production, Allocation, and Royalties: The agreement addresses procedures for production handling, allocation of production among participants, calculation and payment of royalties, as well as accounting and reporting requirements. 6. Administrative Matters: It covers various administrative aspects, including decision-making processes, billing and payment procedures, indemnification, insurance requirements, audits, and resolutions for disputes or conflicts. Different types of Travis Texas Exploratory Unit Agreements may exist based on factors such as the specific geographical area, participants involved, duration, and variations in contract terms. Examples may include Travis Texas Exploratory Unit Agreement — East Block, Travis Texas Exploratory Unit Agreement — West Block, or Travis Texas Exploratory Unit Agreement — Deep Well Project. In conclusion, the Travis Texas Exploratory Unit Agreement is a comprehensive legal instrument that governs oil and gas exploration activities in Travis County, Texas. It is created to establish a productive and harmonious working relationship between participating parties while ensuring efficient resource utilization and equitable distribution of benefits.
