This ia a provision that states that any Party receiving a notice proposing to drill a well as provided in Operating Agreement elects not to participate in the proposed operation, then in order to be entitled to the benefits of this Article, the Party or Parties electing not to participate must give notice. Drilling by the parties who choose to participate must begin within 90 days of the notice.
Utah Farmout by Non-Consenting Party
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US-OG-703
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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] The farmout agreement often stipulates that the other party must drill a well to a certain depth, at a specified location, within a certain time frame; furthermore, the well typically must be completed as a commercial producer to earn an assignment.
An example of a farmout agreement would be if a farmor, we'll call him Frank, works for Smith Oil Co. but has a working interest in the land. This means that it is up to Frank and the professional landmen he has hired to work the land, as Frank pays all the expenses and receives all the net revenue.
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 transaction can be structured as either an ?option farmout? or an ?obligation farmout.? Option farmouts give the farmee an option to drill, but no obligation to drill. Obligation farmouts, on the other hand, remove the choice: the farmee is required to drill a well or will be in breach of contract.
Before Payout (BPO): the period before Payout occurs. In the context of a JOA or similar agreement, BPO is often used to describe the period before the Consenting Parties have recovered the costs of Production, plus the Non-Consent Penalty.
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 ...