"Legalese Schmegalese." I first started reviewing contracts back in my days working with TIC Wyoming, Inc., a subsidiary of the Kiewitt Corporation, reviewing large scale heavy industrial construction contracts for construction jobs such as oil refineries, natural gas compressor stations, and coal mine facilities. I'll be...
Introduction As I stated in my Part One of my Farmout Agreement Series, farmout agreements can be somewhat less "straight-forward" than other common oil and gas agreements. Contracts, Leases, JOA's, for example, are each highly standardized and have one or more publishers of highly-adopted forms. Farmout...
The Proliferation of Forms: The wide-spread use of forms in the oil and gas industry has created nothing short of a revolution in allowing land professionals to expedite the process of putting complex agreements in place. Additionally, this "forms culture" has dramatically helped to ensure excellent quality legal...
Purpose and Application of Mineral Liens Everyone in the construction industry is intimately familiar with the "Mechanic's Lien," which gives a security interest in the title to real property (and sometimes personal property) to those who have supplied materials or labor to improve the property. In...
High risk, high reward. We in the oil and gas industry have been toughened; have been forced to learn to traverse the risk, and to reap the rewards. Heck, oil and gas exploration and production is practically as synonymous with the "American Dream" as we can get. The...
Farmout Agreements are one of the most widely used agreements in the oil and gas industry.((Special thanks to Professor Lowe for his excellent article on this subject, Analyzing Oil and Gas Farmout Agreements, Sw. L.J. 759 (1987).)) However, there is no largely adopted model form. As such, they...
