This form of agreement only gives the Optionee the right to conduct seismic exploration activities. It does not provide the Optionee the right to acquire a lease. It includes, as exhibits, the activities the Optionee may conduct ( Scope of Permitted Operations ), a schedule of the data to be furnished to the Optionor, and the use that the Optionor can make of the data.
North Dakota Seismic Permit Option Agreement is a legal document that outlines the terms and conditions pertaining to seismic testing and permits in the state of North Dakota. This agreement grants permission to conduct seismic surveys on a property, specifically for oil and gas exploration purposes. The agreement details the responsibilities and rights of the seismic testing company, often referred to as the "Lessee," and the property owner, known as the "Lessor." It outlines the scope and purpose of the seismic survey, the duration of the agreement, and the compensation arrangements. In North Dakota, there are primarily two types of Seismic Permit Option Agreements: 1. Exclusive Seismic Permit Option Agreement: This type of agreement grants exclusive rights to the Lessee to conduct seismic testing on the Lessor's property. It means that during the specified time frame, no other parties can perform seismic surveys on the property without the permission of the Lessee. In return for this exclusivity, the Lessee typically pays a higher compensation to the Lessor. 2. Non-Exclusive Seismic Permit Option Agreement: This agreement allows multiple parties to conduct seismic testing on the Lessor's property simultaneously or within a specified timeframe. It provides the Lessee with the option to perform the seismic survey but does not grant exclusivity. The compensation offered for a non-exclusive agreement is usually lower than that of an exclusive agreement, reflecting the shared access to the property. Keywords: North Dakota, seismic permit, option agreement, seismic testing, permits, oil and gas exploration, property owner, Lessee, Lessor, exclusive, non-exclusive, compensation, scope, duration, legal document.North Dakota Seismic Permit Option Agreement is a legal document that outlines the terms and conditions pertaining to seismic testing and permits in the state of North Dakota. This agreement grants permission to conduct seismic surveys on a property, specifically for oil and gas exploration purposes. The agreement details the responsibilities and rights of the seismic testing company, often referred to as the "Lessee," and the property owner, known as the "Lessor." It outlines the scope and purpose of the seismic survey, the duration of the agreement, and the compensation arrangements. In North Dakota, there are primarily two types of Seismic Permit Option Agreements: 1. Exclusive Seismic Permit Option Agreement: This type of agreement grants exclusive rights to the Lessee to conduct seismic testing on the Lessor's property. It means that during the specified time frame, no other parties can perform seismic surveys on the property without the permission of the Lessee. In return for this exclusivity, the Lessee typically pays a higher compensation to the Lessor. 2. Non-Exclusive Seismic Permit Option Agreement: This agreement allows multiple parties to conduct seismic testing on the Lessor's property simultaneously or within a specified timeframe. It provides the Lessee with the option to perform the seismic survey but does not grant exclusivity. The compensation offered for a non-exclusive agreement is usually lower than that of an exclusive agreement, reflecting the shared access to the property. Keywords: North Dakota, seismic permit, option agreement, seismic testing, permits, oil and gas exploration, property owner, Lessee, Lessor, exclusive, non-exclusive, compensation, scope, duration, legal document.
