This is a form addressing Preferential Right to Purchase Interest Assigned. In the event assignee receives a bona fide offer from a third party to purchase all or a part of the interest assigned to assignee in this assignment, and assignee desires to accept the offer,assignee shall notify assignor in writing of the existence of the third party offer.
Texas Preferential Right to Purchase Interest Assigned
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US-OG-504
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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.
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.
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.
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.
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.
Preferential right clauses providing that the holder shall have the right to purchase at the same price set in a bona fide third party offer are held to meet this standard.
Oil and gas lessees retain royalties on all production from their lease. The mineral rights owners receive a royalty interest since drilling and production costs are not deducted from it. Most oil and gas royalty interests are expressed as fractions or percentages.
