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.
Michigan Farmout Agreement Providing For A Single Well Producer to Earn An Assignment
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In the late Middle Ages, it was a common practice to rent or lease land suitable for agricultural purposes for a fixed monetary payment rather than a percentage of the crop. The sum of money to be paid was called ferme?or, in Modern English, farm.
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
Today, there are two divisions of agriculture, subsistence and commercial, which roughly correspond to the less developed and more developed regions. One of the most significant divisions between more and less developed regions is the way people obtain the food they need to survive.
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).
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
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.
Farming is the act or process of working the ground, planting seeds, and growing edible plants. You can also describe raising animals for milk or meat as farming. Farming is a great way to describe the lifestyle and work of people whose jobs are in the agriculture industry.
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.
While the first is the entry of companies into O&G exploration, the farm-out takes place when a business with the current concession is willing to give up part or all of its available area. Making a simpler analogy about the process, the farm-in is the buyer and the farm-out is the seller.