A farmout agreement is used when the "farmor" agrees to assign acreage to the "farmee" in return for the "farmee" performing specified drilling and testing obligations, with the "farmor" also reserving an interest in the acreage assigned and in the production from the wells drilled by the second company.
Georgia Farmout Agreement - Short Form
Category:
State:
Multi-State
Control #:
US-OG-224
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Farmout Agreement - Short Form?
Discovering the right lawful file format can be quite a have difficulties. Naturally, there are a lot of themes available on the Internet, but how can you discover the lawful develop you require? Take advantage of the US Legal Forms web site. The service gives 1000s of themes, including the Georgia Farmout Agreement - Short Form, that can be used for organization and personal requires. Each of the forms are checked out by pros and fulfill state and federal specifications.
Should you be previously listed, log in in your accounts and then click the Obtain switch to obtain the Georgia Farmout Agreement - Short Form. Use your accounts to look from the lawful forms you might have acquired earlier. Visit the My Forms tab of the accounts and acquire another copy in the file you require.
Should you be a new customer of US Legal Forms, here are straightforward directions that you should adhere to:
- Very first, be sure you have selected the correct develop to your town/area. You can examine the shape while using Preview switch and study the shape description to make sure it will be the right one for you.
- If the develop does not fulfill your needs, make use of the Seach area to discover the right develop.
- When you are sure that the shape is proper, click on the Buy now switch to obtain the develop.
- Pick the prices prepare you would like and type in the needed information. Design your accounts and purchase your order making use of your PayPal accounts or credit card.
- Choose the document structure and down load the lawful file format in your device.
- Full, edit and printing and indication the obtained Georgia Farmout Agreement - Short Form.
US Legal Forms may be the biggest library of lawful forms for which you can find a variety of file themes. Take advantage of the service to down load skillfully-made paperwork that adhere to express specifications.
Form popularity
FAQ
A farmout is when a resource-producing property is outsourced for development to a third party or farmee. The farmee pays the owner (farmor) royalties on income generated from the outsourced activities. Farmouts are most common in natural resources exploration and extraction, such as with oil, gas, or minerals mining.
While the first is the entry of companies into O&G exploration, the farm-out takes place when a business with the current concession is willing to give up part or all of its available area. Making a simpler analogy about the process, the farm-in is the buyer and the farm-out is the seller.
The assignor of the interest usually reserves a specified overriding royalty interest, with the option to convert the overriding royalty interest to a specified working interest upon payout of drilling and production expenses, otherwise known as a back-in after payout (BIAPO).
out agreement, the key agreement documenting a transaction whereby a third party agrees to acquire an interest in an upstream oil and gas asset (licence or other form of concession) from one or more of the current owners in return for performing certain work obligations, such as the acquisition of seismic, the ...
One example is where it is projected that the farmee will pay for 75% of the drilling costs, the parties may agree that upon meeting the earning barrier, the farmee will obtain a 75% interest in the acreage committed to the well, or even the entire contract area.
The point at which all costs of leasing, exploring, drilling and operating have been recovered from production of a well or wells as defined by contractual agreement.
