Alabama Area of Mutual Interest

State:
Multi-State
Control #:
US-OG-695
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Word; 
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Description

This form creates an Area of Mutual Interest (AMI) comprising the Contract Area. During the term of this AMI, if any Party acquires all or any interest in any Oil and Gas Leases, any mineral interest, or any farmouts or other contracts which affect lands and minerals lying within the AMI, the Acquiring Party shall promptly advise each of the other Parties of the acquisition, at which time each Offeree shall have the right to acquire its proportionate interest in the Oil and Gas Interest.


Alabama Area of Mutual Interest (AMI) refers to a designated geographical area within the state of Alabama where multiple parties, typically oil and gas companies, collaborate and jointly explore and develop oil and gas resources. The concept of AMI promotes cooperation, reduces redundancy, and maximizes the efficient utilization of resources in the exploration and production process. Keywords: Alabama, Area of Mutual Interest, exploration, development, oil and gas, collaboration, resources, cooperation, redundancy, efficient utilization Different types of Alabama Area of Mutual Interest include: 1. Onshore AMI: This type of AMI focuses on exploring and developing oil and gas resources within the land areas of Alabama. It encompasses various regions, including the Black Warrior Basin, Gulf Coastal Plain, Cumberland Plateau, and Appalachian Plateau. 2. Offshore AMI: Offshore AMI involves the collaborative exploration and development of oil and gas resources in the waters off the Alabama coast. This includes the Gulf of Mexico and its associated federal and state waters. 3. Conventional AMI: Conventional AMIS relate to the exploration and production of oil and gas from conventional reservoirs, such as sandstone, limestone, or shale formations, where resources can be easily extracted using traditional drilling methods. 4. Unconventional AMI: Unconventional AMIS focus on exploring and developing oil and gas resources from unconventional reservoirs, which require advanced extraction techniques like hydraulic fracturing (fracking). These resources are typically trapped in tight shale formations, such as the Tuscaloosa Marine Shale or Hartnell Sandstone. 5. Technical AMI: In a technical AMI, oil and gas companies collaborate and pool their technical expertise, knowledge, and resources to overcome common challenges related to exploration, drilling, and production operations. This type of AMI often involves sharing data, research, and technology to enhance efficiency and success rates. 6. Commercial AMI: Commercial AMIS involve negotiations and agreements between companies to delineate ownership rights, interests, and financial arrangements within the designated area of mutual interest. Companies work together to strike fair deals, share costs, and allocate profits based on participation and investment levels. Overall, Alabama Area of Mutual Interest plays a crucial role in fostering collaboration and optimizing the exploration and development of oil and gas resources. It facilitates the sharing of information, reduces costs, and encourages technological advancements, leading to more efficient and sustainable exploration and production activities within the state.

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FAQ

An area of mutual interest (AMI) contract describes the geographic area contained in the AMI, the rights of each party (such as the percentage interest allocated to each company), the agreement's term, and how contract provisions are to be implemented. Area Of Mutual Interest (AMI): What It is, How It Works Investopedia ? Commodities ? Oil Investopedia ? Commodities ? Oil

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8.1 The Parties shall form an area of mutual interest within the Contract Area covering the lands lying within the heavy dark line and identified as the " ... by GF Slattery Jr · 2009 · Cited by 1 — The primary purpose of an AMI is to afford those parties who are mutually finding the exploration and development of the contract area the ...An area of mutual interest (AMI) agreement is a pact between two or more oil or natural gas companies. An AMI agreement covers a defined geographic location for ... List the mutual fund or brokerage firm's name in Column A "Kind of Property ... You should complete Federal Form 4797 and attach a copy to your Alabama return. If this corporation files as part of a consolidated Alabama group, check the block and enter the name and federal employer identification number of the Alabama ... Interest income taxable for federal purposes, including interest from loans and discounts, obligations of the United States Government, and State, county, ... Jun 21, 2018 — An AMI Agreement usually states that if any of the parties acquires any interest in a defined area (whether minerals, royalties, rights to ... An AMI agreement binds the signatory parties to jointly explore for oil and gas in a defined geographic area for a specified period of time. The AMI agreement ... Apr 10, 2023 — Enter payments on Payments and Penalties > Payments worksheet > State Tax Payments (detail) > State code 'AL', Payment - based on income, ... Apr 10, 2023 — Interest and penalties apply for Alabama EPT returns. To request calculation for penalties and interest, make the necessary entries on.

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Alabama Area of Mutual Interest