North Carolina Area of Mutual Interest Agreement
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How to fill out Area Of Mutual Interest Agreement?
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FAQ
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.
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.
Area Median Income (AMI) The AMI for all cities across the country is defined each year by U.S. Department of Housing and Urban Development (HUD). The 2023 AMI for the New York City region is $127,100 for a three-person family (100% AMI).
The Mutual Aid System is a voluntary agreement among North Carolina local governments to share resources during a disaster. All 100 counties, the Eastern Band of Cherokee Indians and nearly three-fourths of the 650 municipalities have signed the mutual aid agreement.
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.
AFE: abbreviation of Authority for Expenditure. After Payout (APO): the period after Payout has occurred. In the context of a JOA or similar agreement, APO is often used to describe the period after the Consenting Parties have recovered the costs of Production plus the Non-Consent Penalty.
North Carolina General Statutes 47G-1 through 47G-7 govern the rent-to-own, or ?option contract? law. There are minimum contract requirements that must be present before the rent-to-own lease agreement is considered valid.