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.
Collin Texas Farmout Agreement Providing For Multiple Wells with Dry Hole Earning An Assignment
Category:
State:
Multi-State
County:
Collin
Control #:
US-OG-222
Format:
Word;
Rich Text
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How to fill out Farmout Agreement Providing For Multiple Wells With Dry Hole Earning An Assignment?
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FAQ
A farmout agreement is most commonly used in the oil, natural gas, and mineral industries. This legal agreement is executed when a farmor, or owner of property, leases their resource-producing property to another party called a farmee, for the purposes of development.
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.
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.