In 1968 ARCO and Equity Oil, which subsequent changed its name to Whiting, entered into an agreement that assigned various surface and mineral interests and also created a number of options by which ARCO could purchase additional mineral interests. One of the options would be triggered if the parties were not recovering commercial quantities of oil within fifteen years. After the agreement is executed both parties engage in various research activities designed to make the extraction of shale oil commercially practicable. Research and development activities continue through 1983 when the parties amend the 1968 agreement, which gives Equity an option to purchase all of ARCO's interest in one of the three blocks or tracts that was subject to the 1968 agreement.
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