Iowa Memorandum Giving Notice of Exploration Agreement Creating An Area of Mutual Interest, Which Contains A Preferential Purchase Right

State:
Multi-State
Control #:
US-OG-346
Format:
Word; 
Rich Text
Instant download

Description

This is a form of a Memorandum to give notice of the existence of an unrecorded Exploration Agreement that creates an area of mutual interest and contains a Preferential Purchase Right between the Parties to the Agreement.

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FAQ

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.

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.

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Iowa Memorandum Giving Notice of Exploration Agreement Creating An Area of Mutual Interest, Which Contains A Preferential Purchase Right