(a) After notice and hearing, all orders effecting the pooling shall be made on terms and conditions that are fair and reasonable and will afford the owner or owners of each tract or interest in the unit the opportunity to produce or receive his fair share.
(b) Each order shall:
(1) describe the land included in the unit, identifying the reservoir to which it applies;
(2) designate the location of the well; and
(3) appoint an operator for the unit.