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.
Louisiana Area of Mutual Interest
Category:
State:
Multi-State
Control #:
US-OG-695
Format:
Word;
Rich Text
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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.
