Indiana Exploration Agreement

State:
Multi-State
Control #:
US-OG-215
Format:
Word; 
Rich Text
Instant download

Description

This form is used when two parties are interested in conducting joint exploration operations, including the drilling of exploratory or development wells, for the discovery of and for the production of oil and/or gas in a stated area.
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FAQ

Those seven elements are: Identification (Defining all the parties involved) Offer (The agreement) Acceptance (Agreement mirrored by other parties) Mutual consent (Signatory consent of all parties) Consideration (The value exchanged for the offer) Capacity (Legal/mental competence of all parties)

An exploration agreement is a contract that legally unites two interested parties toward a common goal or project contingent on certain terms. For example, two oil and gas companies might agree to work together to explore and develop a plot of land for natural resources.

A contribution agreement is a legally binding document that allows individuals or firms to share the burden of a liability. The agreement provides assurance that if they are sued, they would be able to seek a pre-determined proportion of the liability from fellow members of the agreement.

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Indiana Exploration Agreement