This form creates an Area of Mutual Interest ( AMI ) comprising the Contract Area. During the term of this AMI, if any Party acquires all or any interest in any Oil and Gas Leases, any mineral interest, or any farmouts or other contracts which affect lands and minerals lying within the AMI, the Acquiring Party shall promptly advise each of the other Parties of the acquisition, at which time each Offeree shall have the right to acquire its proportionate interest in the Oil and Gas Interest.
Illinois Area of Mutual Interest
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US-OG-695
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An AMI agreement binds the signatory parties to jointly explore for oil and gas in a defined geographic area for a specified period of time.
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In Article 39 of the Illinois Criminal Code, lawmakers describe an offense called criminal usury. A person may be prosecuted for criminal usury if he or she offers a loan to someone with an interest rater higher than 20% per year. This crime is a Class 4 felony.
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.
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.
(a) Except as provided in subsection (b), judgments recovered in any court shall draw interest at the rate of 9% per annum from the date of the judgment until satisfied or 6% per annum when the judgment debtor is a unit of local government, as defined in Section 1 of Article VII of the Constitution, a school district, ...
