In the interest of the public welfare and to promote conversation and increase the ultimate recovery of oil, gas, and associated minerals from the Unit and to protect the rights of the owners of interest in the lands included in the Unit, it is deemed necessary and desirable to enter into this Agreement, in conformity with (Applicable Statutory reference), to unitize the Oil and Gas Rights in and to the Unitized Formation in order to conduct a secondary recovery, pressure maintenance, or other recovery program as provided for in this Agreement.
The Lima Arizona Unit Agreement is a legally binding contract established between multiple parties in the state of Arizona to govern the management and development of oil and gas resources within a specific geographical area known as the Lima Arizona Unit. This agreement is designed to provide a framework for efficient and cooperative decision-making while ensuring fair compensation and the protection of each party's interests. The Lima Arizona Unit Agreement typically involves various stakeholders, including oil and gas companies, landowners, government agencies, and sometimes Native American tribes. Its purpose is to facilitate the exploration, drilling, production, and distribution activities related to oil and gas resources in a manner that maximizes operational efficiency and minimizes environmental impact. This agreement covers a wide range of aspects related to the development and management of oil and gas resources. It establishes guidelines for the allocation of costs, including exploration expenses, drilling costs, and infrastructure development expenses, among the participants. It also outlines the rights and responsibilities of each party involved, including the sharing of profits, the duration of the agreement, and the approval process for major decisions. The Lima Arizona Unit Agreement ensures that all parties involved in the development of the Lima Arizona Unit collaborate and coordinate their efforts effectively. This includes exchanging technical information, coordinating production schedules, and jointly addressing any potential challenges or disputes that may arise during the course of operations. While there is typically only one Lima Arizona Unit Agreement in a specific geographical area, it is essential to note that there may be variations or modifications based on specific circumstances or individual project requirements. These modifications may include amendments to accommodate specific landowners' needs, account for different geological characteristics within the unit, or address any additional regulatory or environmental considerations. In summary, the Lima Arizona Unit Agreement is a comprehensive contractual framework that ensures smooth and coordinated operations for the development of oil and gas resources within the Lima Arizona Unit. It provides guidelines for cost-sharing, decision-making, and profit-sharing among the involved parties to promote a mutually beneficial and sustainable approach to resource exploitation.The Lima Arizona Unit Agreement is a legally binding contract established between multiple parties in the state of Arizona to govern the management and development of oil and gas resources within a specific geographical area known as the Lima Arizona Unit. This agreement is designed to provide a framework for efficient and cooperative decision-making while ensuring fair compensation and the protection of each party's interests. The Lima Arizona Unit Agreement typically involves various stakeholders, including oil and gas companies, landowners, government agencies, and sometimes Native American tribes. Its purpose is to facilitate the exploration, drilling, production, and distribution activities related to oil and gas resources in a manner that maximizes operational efficiency and minimizes environmental impact. This agreement covers a wide range of aspects related to the development and management of oil and gas resources. It establishes guidelines for the allocation of costs, including exploration expenses, drilling costs, and infrastructure development expenses, among the participants. It also outlines the rights and responsibilities of each party involved, including the sharing of profits, the duration of the agreement, and the approval process for major decisions. The Lima Arizona Unit Agreement ensures that all parties involved in the development of the Lima Arizona Unit collaborate and coordinate their efforts effectively. This includes exchanging technical information, coordinating production schedules, and jointly addressing any potential challenges or disputes that may arise during the course of operations. While there is typically only one Lima Arizona Unit Agreement in a specific geographical area, it is essential to note that there may be variations or modifications based on specific circumstances or individual project requirements. These modifications may include amendments to accommodate specific landowners' needs, account for different geological characteristics within the unit, or address any additional regulatory or environmental considerations. In summary, the Lima Arizona Unit Agreement is a comprehensive contractual framework that ensures smooth and coordinated operations for the development of oil and gas resources within the Lima Arizona Unit. It provides guidelines for cost-sharing, decision-making, and profit-sharing among the involved parties to promote a mutually beneficial and sustainable approach to resource exploitation.
