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Farmout agreements typically provide that the farmor will assign the defined quantum of interest in the lease(s) to the farmee upon the farmee finishing: (1) the drilling of an oil and/or gas well to the defined depth or formation, or (2) drilling of an oil and/or gas well and the obtaining of commercially viable production levels. [2] Farmout Agreements are the second most commonly negotiated agreements in the oil and gas industry, behind the oil and gas lease. [3] For the farmor, the reasons for entering into a farmout agreement include obtaining production, sharing risk, and obtaining geological information. Farmees often enter into farmout agreements, because they wish to obtain an acreage position, need to utilize underutilized personnel, need to share risks, or because they desire to obtain geological information. [4]

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