Farmout Agreements definition
Examples of Farmout Agreements in a sentence
Assignor may from time to time enter into Farmout Agreements with Third Persons with respect to the Subject Interests.
Assignor may from time to time enter into Farmout Agreements farming out to Third Persons Assignor’s interest in the Subject Interests.
C) Subject to the terms of this Agreement and the Farmout Agreements, each Party shall pay when due, in accordance with the Accounting Procedure, its Participating Interest share of Joint Account expenses, including cash advances and interest, accrued pursuant to this Agreement and the Accounting Procedure shall govern the accrual and satisfaction of the respective obligations, liabilities and credits among the Parties.
This Agreement and the applicable Operating Agreement shall be construed together and both instruments considered together shall govern and control all operations involving the Leases and Farmout Agreements and AMI Interests (“Joint Interests”).
Except as otherwise provided in this Agreement, the following terms and conditions will be applicable to all the Farmout Agreements executed by the Parties hereto pursuant to the provisions of this Agreement.
Except as otherwise provided in this Agreement, the following terms and conditions shall be applicable to all the Farmout Agreements executed by the Parties hereto pursuant to the provisions of this Agreement.
A) Unless otherwise provided in this Agreement or either of the Farmout Agreements, all the rights and interests in and under the Concession, all Joint Property and any Hydrocarbons produced from the Concession Area shall, subject to the terms of the Concession and any laws and regulations which may be applicable, be owned by the Parties in accordance with their respective Participating Interests.
This Agreement shall remain in effect so long as any of the Leases and Farmout Agreement(s) and/or the AMI Interests subject to this Agreement remain or continue in force as to any part of the Program Area, whether by production extension, renewal, or otherwise.
Subject to each of the Farmout Agreements and Article 19.4, Cost Oil shall be allocated in accordance with the Parties' respective Participating Interests.
B) Unless otherwise provided in this Agreement or either of the Farmout Agreements, the obligations of the Parties under the Concession and all liabilities and expenses incurred by Operator in connection with Joint Operations shall be charged to the Joint Account and all credits to the Joint Account shall be shared by the Parties, as among themselves, in accordance with their respective Participating Interests.