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.
Oregon Farmout Agreement Providing For Multiple Wells with Dry Hole Earning An Assignment
Category:
State:
Multi-State
Control #:
US-OG-222
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Farmout Agreement Providing For Multiple Wells With Dry Hole Earning An Assignment?
Have you been in a position that you need to have documents for both business or personal purposes nearly every day time? There are tons of legal papers layouts available on the Internet, but locating ones you can rely on is not straightforward. US Legal Forms gives thousands of develop layouts, like the Oregon Farmout Agreement Providing For Multiple Wells with Dry Hole Earning An Assignment, which can be created in order to meet state and federal demands.
In case you are already acquainted with US Legal Forms website and get your account, simply log in. Afterward, you are able to down load the Oregon Farmout Agreement Providing For Multiple Wells with Dry Hole Earning An Assignment template.
Unless you come with an accounts and need to start using US Legal Forms, adopt these measures:
- Obtain the develop you want and ensure it is for that correct town/county.
- Utilize the Review button to examine the form.
- Browse the outline to ensure that you have chosen the correct develop.
- If the develop is not what you are looking for, utilize the Lookup industry to obtain the develop that meets your requirements and demands.
- If you find the correct develop, simply click Purchase now.
- Pick the pricing plan you want, fill in the necessary info to produce your account, and purchase an order utilizing your PayPal or Visa or Mastercard.
- Choose a convenient document structure and down load your copy.
Get all of the papers layouts you might have purchased in the My Forms food selection. You can aquire a extra copy of Oregon Farmout Agreement Providing For Multiple Wells with Dry Hole Earning An Assignment whenever, if needed. Just select the required develop to down load or printing the papers template.
Use US Legal Forms, one of the most substantial collection of legal forms, to save lots of time as well as prevent blunders. The support gives expertly created legal papers layouts that you can use for a selection of purposes. Create your account on US Legal Forms and commence generating your daily life easier.
Form popularity
FAQ
A farmout is when a resource-producing property is outsourced for development to a third party or farmee. The farmee pays the owner (farmor) royalties on income generated from the outsourced activities. Farmouts are most common in natural resources exploration and extraction, such as with oil, gas, or minerals mining.
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.
A farmout is when a resource-producing property is outsourced for development to a third party or farmee. The farmee pays the owner (farmor) royalties on income generated from the outsourced activities. Farmouts are most common in natural resources exploration and extraction, such as with oil, gas, or minerals mining.
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.
in is an agreement between two operators, one of which owns the interest in a piece of land where oil or gas has been discovered. The current owner of the interest makes the agreement in order to offset the costs associated with drilling, developing, or otherwise removing the resources from the land.
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).
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.
Also known as a farm-in agreement. A type of contract through which an investor (a farmee) may acquire an interest in an upstream project from an existing project participant (a farmor). It is typically used in the exploration or development stage of a project.