Alaska Area of Mutual Interest Agreement

State:
Multi-State
Control #:
US-OG-682
Format:
Word; 
Rich Text
Instant download

Description

This form is an agreement between parties that own leasehold interests created by oil and gas leases. To facilitate the coordinated acquisition of additional Leases and exploration for and development of oil, gas, and other minerals from lands located in the general area of the Parties Leases, the Parties desire to enter into this Agreement to create an Area of Mutual Interest (the AMI).
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FAQ

Easement. An interest in land owned by another party that entitles the holder to a specific limited use or enjoyment, including the right to construct, reconstruct, operate, and maintain authorized improvements.

1. n. [Oil and Gas Business] The right that nonselling participating parties have in a lease, well or unit to proportionately acquire the interest that a participating party proposes to sell to a third party.

Area of Mutual Interest (AMI): a geographic area generally defined by a contract (e.g., Farmout, JOA, JDA or similar agreement) within which two or more persons hold an interest.

An area of mutual interest (AMI) contract describes the geographic area contained in the AMI, the rights of each party (such as the percentage interest allocated to each company), the agreement's term, and how contract provisions are to be implemented.

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Alaska Area of Mutual Interest Agreement