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A farmout is when a resource-producing property is outsourced for development to a third party or farmee. The farmee pays the owner (farmor) royalties on income generated from the outsourced activities. Farmouts are most common in natural resources exploration and extraction, such as with oil, gas, or minerals mining.

in is an agreement between two operators, one of which owns the interest in a piece of land where oil or gas has been discovered. The current owner of the interest makes the agreement in order to offset the costs associated with drilling, developing, or otherwise removing the resources from the land.

Before Payout (BPO): The period before a well has paid out the costs to drill, complete and operate.

Noun. farmor (plural farmors) (mining) An owner of oil or gas leases that exchanges part of them to a farmee for services.

A farmout is the assignment of part or all of an oil, natural gas, or mineral interest to a third party for development. The interest may be in any agreed-upon form, such as exploration blocks or drilling acreage.

It is willing to drill the well(s) for you and pay the drilling costs (what is known as a drilling carry), in exchange for you assigning them a percentage of your working interest. Another way to think of it is obtaining drilling services where the consideration is an assignment of working interest rather than cash.

The Earning Barrier On the other hand, a farmee under a drill-to-earn contract earns an interest in the property once he drills to a specified formation and conducts the specified testing. Again, the farmor's motivations in seeking a farmee will dictate which earning barrier is most appropriate.

out agreement, the key agreement documenting a transaction whereby a third party agrees to acquire an interest in an upstream oil and gas asset (licence or other form of concession) from one or more of the current owners in return for performing certain work obligations, such as the acquisition of seismic, the

Broward Florida Release of Farmout Agreement

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