Farmout Agreement definition

Farmout Agreement means any farmout agreement, participation agreement, exploration agreement, development agreement or any similar agreement.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Farmout Agreement means a contractual agreement between parties whereby the holder of an interest in an oil and gas concession agrees to assign all or part of that interest to another entity in exchange for fulfilling contractually specified conditions.

Farmout Agreement means the farmout agreement dated February 25, 2005 (as amended) between Surge U.S., the Corporation, Deep Well and Northern, whereby the Corporation has a right to earn a 40% working interest in the Farmout Lands;

Examples of Farmout Agreement in a sentence

• Pursuant to the terms of a farmout and joint operating agreement dated May 1, 2002 (the "Farmout Agreement") between Patch, True Energy Inc.

• In connection with Assignor entering into any Farmout Agreement as a farmor, Assignee shall, upon request of Assignor, execute, acknowledge and deliver to Assignor a recordable instrument (reasonably acceptable to Assignor) that releases the Royalty Interest and this Conveyance with respect to the Subject Interests being transferred pursuant to such Farmout Agreement; provided, the Royalty Interest shall still burden the Subject Interest retained by Assignor.

• In connection with Assignor entering into any Farmout Agreement, Assignee shall, upon request of Assignor, execute, acknowledge and deliver to Assignor a recordable instrument (reasonably acceptable to Assignor) that releases the Royalty Interest and this Conveyance with respect to the Subject Interests being transferred pursuant to such Farmout Agreement; provided, the Royalty Interest shall still burden the Subject Interest retained by Assignor.

• In the event that Assignor enters into any Farmout Agreement with a Third Person (a “Farmee”), (i) the Royalty Interest and this Conveyance shall only burden Assignor’s retained interest in the Subject Interests after giving effect to any interest in the Subject Interests that the Farmee may earn under such Farmout Agreement, and (ii) only Assignor’s retained interest in the Subject Interest will count towards ▇▇▇▇▇▇▇▇▇’▇ obligation to drill Development ▇▇▇▇▇ under the Development Agreement.

• In connection with any drilling and/or production operations on the Contract Area, the Operator shall carry the type and amount of insurance required by the Farmout Agreement and the Operating Agreement.

More Definitions of Farmout Agreement

Farmout Agreement means that certain letter agreement, dated September 19, 1997, among JEDI, JEDI I Partnership and GGP.

Farmout Agreement means the agreement between EnerMad Corp. and Niko Resources (Overseas VIII) Limited to assign and transfer rights and obligations under the PSC for the Madagascar Block effective October 20, 2008;

Farmout Agreement means that certain letter agreement re: ▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇▇ Field Caddo and DeSoto Parishes Louisiana, dated June 10, 2003, among ▇▇▇▇▇▇▇▇▇ Energy Corporation, ▇▇▇▇▇▇▇▇▇ Energy Limited Partnership, and Borrower, as the same may from time to time be amended, modified, supplemented or restated.

Farmout Agreement means that certain Farmout Agreement by Inland Production Company and Inland Resources Inc. as Farmor, Smit▇ ▇▇▇agement LLC as Farmee, and Inland Production Company as Operator dated as of June 1, 1998.

Farmout Agreement means that certain Farmout Agreement dated July 31, 2010 by and between SK Energy Co, Ltd. and BVI Sub.

Farmout Agreement means a mutually acceptable form of agreement to be entered into by the Parties for each Exhibit "A" Prospect as to the Available Acreage in the event Chevron elects not to participate in a Substitute Well as to operations conducted in non jointly owned depths, and for each Exhibit "B" Prospect in the event Chevron elects not to participate in the Initial Test Well, or an Exhibit "B" Prospect where Chevron elects to participate in the Initial Test Well but elects not to participate in a Substitute Well as to operations conducted in non jointly owned depths.

Farmout Agreement means a mutually acceptable form of agreement to be entered into by the Parties for a Prospect in the event Chevron elects not to participate in the Initial Test Well, and Company agrees to assume and bear, either solely or with any Third Parties, one hundred percent (100%) of the costs and risks of said operation.