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Simple English definitions for legal terms

farmoutee

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A quick definition of farmoutee:

Term: FARMOUTEE

Definition: A farmoutee is a person or company that is given permission to drill for oil or gas on a leased property. They are like a tenant who rents the land to drill for resources. They are also called farmees or farminees.

A more thorough explanation:

Definition: A farmoutee is a person or company that is assigned a lease for the purpose of drilling a well in the oil and gas industry. They are also known as farmees or farminees.

Example 1: XYZ Oil Company leases a piece of land for oil and gas exploration. They do not have the resources to drill a well, so they assign the lease to ABC Drilling Company. ABC Drilling Company becomes the farmoutee and is responsible for drilling the well.

Example 2: John owns a small oil and gas company and wants to expand his operations. He finds a lease that has already been assigned to a farmoutee. John negotiates with the farmoutee to become a partner in the drilling project.

These examples illustrate how a farmoutee is assigned a lease for the purpose of drilling a well. In both cases, the original lessee did not have the resources or desire to drill a well, so they assigned the lease to a farmoutee. The farmoutee then becomes responsible for drilling the well and may partner with other companies to complete the project.

farmout agreement | farmoutor

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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