Nebraska Farmout - Horizontal Wells

State:
Multi-State
Control #:
US-OG-704
Format:
Word; 
Rich Text
Instant download

Description

Should any Party elect not to participate in any Horizontal Exploratory Well, other than the Initial Well proposed under the terms of the Agreement, the non-participating Party agrees to farmout to the participating Parties its interest.

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FAQ

The assignor of the interest usually reserves a specified overriding royalty interest, with the option to convert the overriding royalty interest to a specified working interest upon payout of drilling and production expenses, otherwise 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.

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).

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Nebraska Farmout - Horizontal Wells