Farmout. The common petroleum industry transaction by which an oil and gas lease owner contracts to assign a lease or some portion of it to another who undertakes drilling obligations. The assignor usually retains an interest such as an overriding royalty, production payment or working interest.
Appears in 3 contracts
Samples: Wexpro Ii Agreement, Wexpro Ii Agreement, Wexpro Ii Agreement (Questar Pipeline Co)
Farmout. The common petroleum industry transaction by which an oil and gas lease owner contracts to assign a lease or some portion of it to another who undertakes drilling obligations. The assignor usually retains an interest such as an overriding royalty, production payment or working interest.. ACCOUNTING AND RATEMAKING
Appears in 3 contracts
Samples: Settlement Agreement, Stipulation and Agreement (Questar Pipeline Co), Settlement Agreement
Farmout. The common comm on petroleum industry transaction by which an oil and gas lease owner contracts to assign a lease or some portion of it to another who undertakes drilling obligations. The assignor usually n sually retains an interest such as an overriding royalty, production payment or working interest.
Appears in 1 contract
Samples: Wexpro Ii Agreement