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.
Indiana Farmout Agreement - Short Form
Category:
State:
Multi-State
Control #:
US-OG-224
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Farmout Agreement - Short Form?
Are you in the position that you need paperwork for sometimes company or specific functions nearly every working day? There are plenty of authorized papers templates available on the Internet, but getting types you can trust isn`t easy. US Legal Forms offers thousands of kind templates, just like the Indiana Farmout Agreement - Short Form, which are written in order to meet state and federal needs.
When you are previously familiar with US Legal Forms website and get your account, merely log in. Afterward, it is possible to obtain the Indiana Farmout Agreement - Short Form template.
If you do not have an bank account and wish to begin using US Legal Forms, adopt these measures:
- Get the kind you want and make sure it is for your appropriate city/region.
- Make use of the Review button to analyze the form.
- Read the description to actually have selected the right kind.
- When the kind isn`t what you are trying to find, take advantage of the Research discipline to find the kind that meets your requirements and needs.
- When you get the appropriate kind, simply click Buy now.
- Pick the prices plan you need, complete the necessary information to produce your account, and buy an order with your PayPal or charge card.
- Decide on a convenient data file file format and obtain your duplicate.
Locate every one of the papers templates you have bought in the My Forms menus. You can obtain a further duplicate of Indiana Farmout Agreement - Short Form whenever, if possible. Just click the necessary kind to obtain or printing the papers template.
Use US Legal Forms, one of the most extensive selection of authorized kinds, to save lots of efforts and steer clear of blunders. The services offers appropriately manufactured authorized papers templates that can be used for a selection of functions. Make your account on US Legal Forms and start generating your way of life easier.
Form popularity
FAQ
1. n. [Oil and Gas Business] The farmout agreement often stipulates that the other party must drill a well to a certain depth, at a specified location, within a certain time frame; furthermore, the well typically must be completed as a commercial producer to earn an assignment.
Back-In / Back-In Interest: a reversionary interest held by a party (generally pursuant to a Farmout, JOA, JDA, Lease or Assignment and Bill of Sale) that entitles the party to a specified share of the Working Interest once Payout occurs. The Book of Jargon®: Oil & Gas - Latham & Watkins LLP Latham & Watkins ? Upload ? Documents ? O... Latham & Watkins ? Upload ? Documents ? O... PDF
Business process outsourcing Business process outsourcing (BPO) alleviates the burden of back-office accounting work in upstream oil and gas, allowing you and your team to focus on what matters most ? promoting company growth and profitability. Business Process Outsourcing - Oil and Gas - IFS ifs.com ? customer-success ? upstream-oil-gas ifs.com ? customer-success ? upstream-oil-gas
1. n. [Oil and Gas Business] When the election to convert the overriding royalty to working interest takes place, it is known as a back-in after payout (BIAPO).
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.
Sometimes called at payout, the point after all the costs of exploring, drilling, producing, equipping, completing, and operating have been recouped from the sale of production from an oil or gas well. After Payout (US) - Westlaw Westlaw ? PracticalLaw Westlaw ? PracticalLaw
In the oil and gas context, a carried interest is a fractional oil and gas interest that is not required to pay for drilling or operational expenses for a limited time (carry period). These expenses are paid by the other working interest owners (called co-tenants) of the property. Carried Interest (Oil and Gas) (US) - Westlaw westlaw.com ? Glossary ? PracticalLaw westlaw.com ? Glossary ? PracticalLaw
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.