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.
North Dakota Farmout Agreement Providing For Single Well, with Dry Hole Earning An Assignment
Category:
State:
Multi-State
Control #:
US-OG-221
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Farmout Agreement Providing For Single Well, With Dry Hole Earning An Assignment?
Discovering the right legal record design can be a have difficulties. Naturally, there are tons of themes accessible on the Internet, but how do you discover the legal develop you will need? Take advantage of the US Legal Forms internet site. The support offers thousands of themes, including the North Dakota Farmout Agreement Providing For Single Well, with Dry Hole Earning An Assignment, that can be used for enterprise and private demands. All of the forms are checked by pros and meet state and federal needs.
Should you be currently authorized, log in for your accounts and click the Down load switch to find the North Dakota Farmout Agreement Providing For Single Well, with Dry Hole Earning An Assignment. Use your accounts to check through the legal forms you possess bought in the past. Proceed to the My Forms tab of your accounts and have yet another copy from the record you will need.
Should you be a new consumer of US Legal Forms, listed here are straightforward instructions that you can stick to:
- Initially, make certain you have selected the correct develop to your town/area. You may examine the form while using Preview switch and browse the form outline to make certain this is the right one for you.
- In case the develop does not meet your requirements, take advantage of the Seach field to get the proper develop.
- Once you are certain the form is proper, select the Acquire now switch to find the develop.
- Select the costs strategy you would like and enter in the required info. Build your accounts and pay for the order utilizing your PayPal accounts or bank card.
- Pick the submit formatting and down load the legal record design for your gadget.
- Full, modify and print out and indicator the acquired North Dakota Farmout Agreement Providing For Single Well, with Dry Hole Earning An Assignment.
US Legal Forms will be the biggest local library of legal forms in which you can find different record themes. Take advantage of the company to down load appropriately-made paperwork that stick to status needs.
Form popularity
FAQ
out agreement, the key agreement documenting a transaction whereby a third party agrees to acquire an interest in an upstream oil and gas asset (licence or other form of concession) from one or more of the current owners in return for performing certain work obligations, such as the acquisition of seismic, the ...
A farm out is a type of agreement where a party that has a working interest to a gas and oil lease will grant that interest to another party. The other party will then be contractually obligated to meet specific conditions, such as setting up a drill in a specific location, drilling to an agreed upon depth, etc.
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.
What Is a Farmout? A farmout is the assignment of part or all of an oil, natural gas, or mineral interest to a third party for development. The interest may be in any agreed-upon form, such as exploration blocks or drilling acreage.
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.
out agreement, the key agreement documenting a transaction whereby a third party agrees to acquire an interest in an upstream oil and gas asset (licence or other form of concession) from one or more of the current owners in return for performing certain work obligations, such as the acquisition of seismic, the ...
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).