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Simple English definitions for legal terms

support agreement

Read a random definition: marescallus

A quick definition of support agreement:

A support agreement is a contract between two parties in the oil-and-gas industry. One party agrees to provide money or property to the other party to promote exploratory operations. The receiving party will drill a well on leases that it holds and provide the contributing party with information from tests conducted. The contribution lessens the cost or the risk of drilling operations for the receiving party. The contributing party benefits from the purchase of geological or technological information. This agreement is also known as a contribution agreement and is different from dry-hole agreement, bottom-hole agreement, and acreage-contribution agreement.

A more thorough explanation:

A support agreement is a contract between individuals or entities in the oil and gas industry. The purpose of this agreement is to promote exploratory operations. In this agreement, one party agrees to contribute money or property to another party if the other party will drill a well on leases that it holds and provide the contributing party with information from tests conducted.

For example, if Company A holds leases for oil and gas exploration but lacks the funds to drill a well, it may enter into a support agreement with Company B. Company B agrees to provide the necessary funds for drilling the well, and in return, Company A provides Company B with information from tests conducted on the well.

Support agreements are beneficial for both parties. For the contributing party, it is a purchase of geological or technological information. For the party receiving the support, the contribution lessens the cost or the risk of drilling operations.

Other terms used for support agreement include contribution agreement, dry-hole agreement, bottom-hole agreement, and acreage-contribution agreement.

support | support deed

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[] 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
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
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