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.
Maryland Area of Mutual Interest
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Multi-State
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US-OG-695
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Word;
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FAQ
Total operated basis: The total reserves or production associated with the wells operated by an individual operator. This is also commonly known as the "gross operated" or "8/8ths" basis.
Area Median Income (AMI) The AMI for all cities across the country is defined each year by U.S. Department of Housing and Urban Development (HUD). The 2023 AMI for the New York City region is $127,100 for a three-person family (100% AMI).
Any flow through of interest on obligations and securities of the State of Maryland and its political subdivisions is not taxable and, therefore, does not have to be added to federal adjusted gross income on the Maryland return.
AFE: abbreviation of Authority for Expenditure. After Payout (APO): the period after Payout has occurred. In the context of a JOA or similar agreement, APO is often used to describe the period after the Consenting Parties have recovered the costs of Production plus the Non-Consent Penalty.
Area of Mutual Interest (AMI): a geographic area generally defined by a contract (e.g., Farmout, JOA, JDA or similar agreement) within which two or more persons hold an interest.
Each owner has an equal, undivided interest in the real property. Joint tenancy includes rights of survivorship. When one joint tenant dies, that joint tenant's undivided interest in the real property automatically passes to the surviving joint tenant or tenants.
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.