Mississippi Area of Mutual Interest Agreement

State:
Multi-State
Control #:
US-OG-682
Format:
Word; 
Rich Text
Instant download

Description

This form is an agreement between parties that own leasehold interests created by oil and gas leases. To facilitate the coordinated acquisition of additional Leases and exploration for and development of oil, gas, and other minerals from lands located in the general area of the Parties Leases, the Parties desire to enter into this Agreement to create an Area of Mutual Interest (the AMI).
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FAQ

Area Median Income (AMI) ? HUD estimates the median family income for an area in the current year adjusts that amount for different family sizes so that family incomes may be expressed as a percentage of the area median income.

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.

Area of Mutual Interest (AMI): a geographic area generally defined by a contract (e.g., Farmout, JOA, JDA or similar agreement) within which two or more persons hold an interest.

Total operated basis: The total reserves or production associated with the wells operated by an individual operator. This is also commonly known as the "gross operated" or "8/8ths" basis.

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.

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Mississippi Area of Mutual Interest Agreement