>if they do unitize does that mean all the lands are combined and then divided.

No. After unitization, it becomes one big play with one operator. The operator can drill anywhere they want within the unit. Profits and costs are distributed between the unit participants based on the unit interests.

>..will each company put their percentage of funding towards the development...

Yes

>could this put fo in a bind if they cant cough up enough cash at the time...

Yes

>or will it lead to further dilution...at a higher s/p.

Maybe. Profits also get spilt, so by the time development rolls around, the participants all have income.

>...so another jv could be formed with the other fo land...

Yes

>wo wo wo...so if exxon proves up the econs on this trough...and they unitize the land they are unitizing right now...fo will still have more selling to do.

Yes