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Simple English definitions for legal terms

back-in right

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A quick definition of back-in right:

Back-in right: A type of agreement in the oil and gas industry where the original owner of a lease can regain a share of the profits after the new owner recovers their costs from production.

A more thorough explanation:

A back-in right is a type of reversionary interest in an oil-and-gas lease. It entitles the assignor to a share of the working interest after the assignee has recovered specified costs from production.

For example, let's say Company A assigns an oil-and-gas lease to Company B. The lease includes a back-in right for Company A, which means that once Company B recovers its specified costs from production, Company A has the right to regain a share of the working interest in the lease.

Another example could be a landowner who leases their land to an oil company. The lease agreement includes a back-in right for the landowner, which allows them to regain a share of the working interest in the lease after the oil company recovers its specified costs from production.

Overall, a back-in right is a way for the assignor to retain some ownership and control over the oil-and-gas lease, even after assigning it to someone else.

backing | back lands

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babycat
16:37
I'm guessing you don't have a sibling named babycat but I hope I still make you marginally happier than normal despite this
JumpySubsequentDolphin
16:38
maybe he has a babycat
babycat
16:38
I think everyone should have a babycat
JumpySubsequentDolphin
16:39
im allergic to baby cats >:(
JumpySubsequentDolphin
16:40
I used to have a babycat, I only got allergies after he died
JumpySubsequentDolphin
16:40
I think he’s haunting me
babycat
16:40
:(
babycat
16:40
that's too bad
babycat
16:40
you still have me though <3
@babycat: you make my day marginally happier with your scathing wit
16:43
New Father John Misty album out today
16:44
People saying it’s his best yet by far
babycat
16:45
what would I do without you renard99
awww ty wasp :)
i have 4 (baby) cats!
16:46
Damn you know her sarcasm is meant to be scathing when she calls me by my full username and not just Renard
JumpySubsequentDolphin
16:47
@jackfrost11770: FOUR?!??
16:48
I’m only teasing Babycat ily I’ll be seeing you in [REDACTED] very very soon
YES
and they're all rescues from breeders so they're all long haired persians .... w flat faces ....
they're all runts cause breeders just ... dispose of them (:(((() so they're all super tiny
literal babies
babycat
16:49
ily2 renard99
initiallaw
16:49
omg so cute
JumpySubsequentDolphin
16:51
@jackfrost11770: IM SO JEALOUS
2big2fail
16:52
perhaps peggerdine this evening
2big2fail
16:52
but then again, perhaps not
JumpySubsequentDolphin
16:53
damn no ucla wave
16:56
Hey guys! chance me 340/340GRE- 2 years work experience at PIL and wrote compelling statements. but my masters gpa is kinda 3.1 because I was domestically abused. :p
babycat
16:59
schools mostly care about your undergrad GPA
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