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.
Virgin Islands Farmout Agreement Providing For Single Well, with Dry Hole Earning An Assignment
Category:
State:
Multi-State
Control #:
US-OG-221
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Farmout Agreement Providing For Single Well, With Dry Hole Earning An Assignment?
Have you been in a situation the place you need paperwork for either company or individual purposes nearly every day time? There are a variety of lawful record web templates available online, but getting types you can rely is not straightforward. US Legal Forms gives 1000s of kind web templates, much like the Virgin Islands Farmout Agreement Providing For Single Well, with Dry Hole Earning An Assignment, which are published to satisfy federal and state requirements.
If you are presently familiar with US Legal Forms web site and possess an account, basically log in. Following that, you are able to obtain the Virgin Islands Farmout Agreement Providing For Single Well, with Dry Hole Earning An Assignment template.
If you do not offer an profile and need to begin to use US Legal Forms, follow these steps:
- Get the kind you will need and ensure it is for your correct town/area.
- Utilize the Review option to review the form.
- Browse the description to actually have selected the correct kind.
- In case the kind is not what you are searching for, utilize the Search industry to get the kind that meets your requirements and requirements.
- When you discover the correct kind, just click Buy now.
- Select the prices prepare you would like, fill in the specified information and facts to create your account, and buy the transaction with your PayPal or bank card.
- Pick a hassle-free data file formatting and obtain your backup.
Find each of the record web templates you may have purchased in the My Forms menus. You can aquire a extra backup of Virgin Islands Farmout Agreement Providing For Single Well, with Dry Hole Earning An Assignment any time, if required. Just go through the required kind to obtain or produce the record template.
Use US Legal Forms, probably the most substantial variety of lawful kinds, to conserve efforts and stay away from blunders. The assistance gives professionally made lawful record web templates which you can use for an array of purposes. Make an account on US Legal Forms and initiate generating your way of life a little easier.
Form popularity
FAQ
Sometimes called at payout, the point after all the costs of exploring, drilling, producing, equipping, completing, and operating have been recouped from the sale of production from an oil or gas well.
In the oil and gas context, a carried interest is a fractional oil and gas interest that is not required to pay for drilling or operational expenses for a limited time (carry period). These expenses are paid by the other working interest owners (called co-tenants) of the property.
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.
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.
Business process outsourcing (BPO) alleviates the burden of back-office accounting work in upstream oil and gas, allowing you and your team to focus on what matters most ? promoting company growth and profitability.
What Is a Farmout? A farmout is the assignment of part or all of an oil, natural gas, or mineral interest to a third party for development. The interest may be in any agreed-upon form, such as exploration blocks or drilling acreage.
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.
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).