A farmout agreement is used when the "farmor" agrees to assign acreage to the "farmee" in return for the "farmee" performing specified drilling and testing obligations, with the "farmor" also reserving an interest in the acreage assigned and in the production from the wells drilled by the second company.
A Suffolk New York Farm out Agreement Providing For Multiple Wells with Dry Hole Earning An Assignment is a contractual arrangement between an oil and gas company that owns a lease or working interest in a specific geographical area in Suffolk County, New York and another company, typically referred to as the "farmer." This agreement outlines the terms and conditions under which the farmer can earn an assignment (a portion of the ownership interest) in the leased area by drilling multiple wells, even if one or more of them turn out to be dry holes (unproductive). Keywords: Suffolk New York, Farm out Agreement, Multiple Wells, Dry Hole, Earning, Assignment, Oil and Gas Company, Lease, Working Interest, Geographical Area. There are no different types of Suffolk New York Farm out Agreement Providing For Multiple Wells with Dry Hole Earning An Assignment, as it generally follows a standard structure and provisions. However, certain variations may exist depending on specific details negotiated between the parties involved.A Suffolk New York Farm out Agreement Providing For Multiple Wells with Dry Hole Earning An Assignment is a contractual arrangement between an oil and gas company that owns a lease or working interest in a specific geographical area in Suffolk County, New York and another company, typically referred to as the "farmer." This agreement outlines the terms and conditions under which the farmer can earn an assignment (a portion of the ownership interest) in the leased area by drilling multiple wells, even if one or more of them turn out to be dry holes (unproductive). Keywords: Suffolk New York, Farm out Agreement, Multiple Wells, Dry Hole, Earning, Assignment, Oil and Gas Company, Lease, Working Interest, Geographical Area. There are no different types of Suffolk New York Farm out Agreement Providing For Multiple Wells with Dry Hole Earning An Assignment, as it generally follows a standard structure and provisions. However, certain variations may exist depending on specific details negotiated between the parties involved.
