Illinois 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

Area of mutual interest (AMI) is a defined geographic location in which two or more oil or natural gas companies have a stake. Area Of Mutual Interest (AMI): What It is, How It Works - Investopedia investopedia.com ? terms ? area-of-mutual-i... investopedia.com ? terms ? area-of-mutual-i...

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.

Implied Covenant to Develop the Lease: This implied covenant requires the Lessee to protect against drainage and typically arises when a neighbor's land is drilled and that lease could be draining oil out from under the leased land. Implied Covenants Owed to Land and Mineral Right Owners wattsguerra.com ? implied-covenants-owed-to-lan... wattsguerra.com ? implied-covenants-owed-to-lan...

Preferential Right means any right or agreement that enables any Person to purchase or acquire any Asset or any interest therein or portion thereof as a result of or in connection with the execution or delivery of this Agreement or the consummation of the transactions contemplated hereby. Preferential Right Definition: 130 Samples - Law Insider lawinsider.com ? dictionary ? preferential-ri... lawinsider.com ? dictionary ? preferential-ri...

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