Virginia Area of Mutual Interest

State:
Multi-State
Control #:
US-OG-695
Format:
Word; 
Rich Text
Instant download

Description

This form creates an Area of Mutual Interest (AMI) comprising the Contract Area. During the term of this AMI, if any Party acquires all or any interest in any Oil and Gas Leases, any mineral interest, or any farmouts or other contracts which affect lands and minerals lying within the AMI, the Acquiring Party shall promptly advise each of the other Parties of the acquisition, at which time each Offeree shall have the right to acquire its proportionate interest in the Oil and Gas Interest.


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FAQ

Economic Interest means a person's right to income, losses, deductions, credit, or similar benefits from a company, but does not include any other rights of a member, including voting rights or participation in management.

An economic interest is an ownership share of an LLC that only entitles the holder to receive distributions. This is different than a membership share because an economic interest does not entitle the holder to any control or voting rights.

An item that is owned and has monetary value. Assets include, but are not limited to: stocks, bonds, sector mutual funds, sector exchange traded funds, commodity futures, investment real estate, beneficial interests in trusts, business interests, and partnership interests.

The Form 700 provides transparency and ensures accountability in two ways: It provides necessary information to the public about an official's personal financial interests to ensure that officials are making decisions in the best interest of the public and not enhancing their personal finances.

The Form 700 provides transparency and ensures accountability in two ways: It provides necessary information to the public about an official's personal financial interests to ensure that officials are making decisions in the best interest of the public and not enhancing their personal finances.

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Virginia Area of Mutual Interest