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.
Hawaii Farmout Agreement Providing For A Single Well Producer to Earn An Assignment
Category:
State:
Multi-State
Control #:
US-OG-220
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Farmout Agreement Providing For A Single Well Producer To Earn An Assignment?
Discovering the right lawful file design might be a have a problem. Naturally, there are plenty of templates available on the Internet, but how will you discover the lawful kind you want? Use the US Legal Forms web site. The support provides a large number of templates, like the Hawaii Farmout Agreement Providing For A Single Well Producer to Earn An Assignment, that can be used for enterprise and private demands. All the types are checked out by professionals and fulfill state and federal needs.
When you are currently listed, log in in your profile and click the Obtain button to get the Hawaii Farmout Agreement Providing For A Single Well Producer to Earn An Assignment. Use your profile to look from the lawful types you may have acquired previously. Check out the My Forms tab of the profile and obtain yet another version of your file you want.
When you are a brand new user of US Legal Forms, listed below are basic directions so that you can follow:
- Initially, make certain you have chosen the right kind to your town/area. You may check out the shape while using Review button and read the shape explanation to make certain it is the best for you.
- In the event the kind will not fulfill your expectations, make use of the Seach field to discover the proper kind.
- When you are positive that the shape is suitable, select the Get now button to get the kind.
- Choose the prices strategy you desire and enter in the needed details. Create your profile and pay for the order utilizing your PayPal profile or Visa or Mastercard.
- Opt for the file structure and obtain the lawful file design in your gadget.
- Complete, revise and print and indicator the attained Hawaii Farmout Agreement Providing For A Single Well Producer to Earn An Assignment.
US Legal Forms is definitely the greatest local library of lawful types in which you can see different file templates. Use the service to obtain skillfully-produced documents that follow express needs.
Form popularity
FAQ
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.
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 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).
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.
Also known as a farm-in agreement. A type of contract through which an investor (a farmee) may acquire an interest in an upstream project from an existing project participant (a farmor). It is typically used in the exploration or development stage of a project.
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.