Oklahoma Release and Termination of Area of Mutual Interest (AMI) refer to legal agreements that outline the termination or release of an existing AMI in Oklahoma. An AMI is an agreement between two or more parties to share or pool their resources, expertise, or investments in a specific geographical area for the purpose of exploration and production of oil, gas, or mineral rights. When parties decide to release or terminate an AMI in Oklahoma, it is important to establish clear guidelines and comply with legal requirements to avoid disputes and ensure a smooth transition. The release or termination typically occurs due to various reasons such as the expiration of the initial agreement term, disagreement among parties, exploration reaching an endpoint, change in business objectives, or when one party decides to pursue its own development plans. There are two primary types of Oklahoma Release and Termination of AMI: 1. Termination by Expiration: This type of release occurs when the AMI agreement reaches the end of its initial term, defined within the agreement itself. At this point, all rights, obligations, and commitments under the AMI cease, and parties are free to pursue their interests independently without any restrictions. 2. Voluntary Release: Voluntary release happens when all participating parties mutually agree to terminate the AMI before the expiration of the initial term. This could occur due to changes in business strategies, financial considerations, or parties realizing that the AMI is no longer economically viable or beneficial to their individual interests. The voluntary release requires formal documentation, clearly stating the parties involved, effective termination date, and the relinquishment of all obligations and commitments tied to the AMI. When executing an Oklahoma Release and Termination of AMI, parties must consider certain key aspects. These include determining the effective date of termination, clearly defining the release and termination scope, addressing any remaining financial obligations, such as the settlement of outstanding debts or sharing of costs incurred during the AMI period, and documenting the release or transfer of assets or interests acquired during the agreement. In summary, the Oklahoma Release and Termination of Area of Mutual Interest entail the legal cessation of an AMI agreement in Oklahoma, whether by expiration or voluntary release. These agreements serve to establish clear guidelines, avoid disputes, and enable parties to pursue their individual interests independently. It is crucial to follow the relevant legal procedures and document all aspects appropriately to ensure a smooth and well-defined termination of the AMI.
Oklahoma Release and Termination of Area of Mutual Interest
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How to fill out Oklahoma Release And Termination Of Area Of Mutual Interest?
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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.
Corporations. §18-1140.2. Transfer of trade name. In the event a corporation or other business entity elects to transfer ownership of a trade name to another corporation or business entity, it shall file a report, in duplicate, with the Secretary of State, specifying such transfer.
PLEASE NOTE: Title 18, O.S., Section 552.4 pertains to persons and organizations that are exempt from the requirement to register with the Secretary of State. Be advised that this office CANNOT make the determination as to whether a person or organization conforms to one of the exemptions listed.
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.
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.
Title 18, Section 2049 The following activities of a foreign limited liability company, among others, do not constitute transacting business within the meaning of this act: 1. Maintaining, defending, or settling any proceeding; 2.
An AMI agreement binds the signatory parties to jointly explore for oil and gas in a defined geographic area for a specified period of time.
