No such agreement shall be consented to or approved by the commissioner unless he finds that:
A. such agreement will tend to promote the conservation of oil or gas and the better utilization of reservoir energy;
B. under the operations proposed the state and each beneficiary of the lands involved will receive its fair share of the recoverable oil or gas in place under its lands in the area affected; and
C. the agreement is in other respects for the best interests of the state.