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Farmout agreements are common in the oil and gas industry. A farmout agreement is a contract in which an interest owner ( farmor ) agrees to assign interest to another party ( farmee ) in exchange for certain services. Once these services have been rendered, the farmee has earned what is known as an assignment.
How does a farmout agreement work?
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.
What is a farmout agreement in oil and gas?
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.
What is farmout trade?
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.
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Analyzing Oil and Gas Farmout Agreements by John S. Lowe
by JS Lowe 1987 Cited by 62 Farmout agreements are important tools of a big business, and only the creativity of draftsmen and negotiators limits the options that the parties may consider.
THIS FARMOUT AGREEMENT (this Agreement) is entered into on the 13th day of March, 2009, by and between Far East Energy (Bermuda), Ltd., a company existing
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