Maryland Area of Mutual Interest Agreement
Description
How to fill out Area Of Mutual Interest Agreement?
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FAQ
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.
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.
Meanings of mutual and interest (of two or more people or groups) feeling the same emotion, or doing the same thing to or for ... See more at mutual. interest. noun.
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.
Ami is a legal term that means "friend". It is often used in traditional legal phrases like "prochein ami" which means "next friend". In legal cases, a next friend is someone who appears in court to act on behalf of a minor or incompetent plaintiff.
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.
