Tag: joint operating agreements

22Dec

Misconception: Farmouts vs. JOA’s

I think we can all agree that one challenge facing every oil and gas attorney and landman is navigating the high degree of complexity involved in almost everything we do.   However, I truly believe that everything can be broken down into much simpler concepts.  We can and must be able to see the forest for the trees.  But why aren’t more people doing this?  The days of lawyers impressing people with overdone legalese and selling their services by convincing people the law is too complex to understand is gone!  As Allison Shields over at Legal Ease said “if you can’t express what you do for your clients in simple terms – without legalese or other jargon – maybe you’re not so sure yourself how you can help them.”

That being said, I wanted to briefly touch on a serious misconception I have heard a few times recently and was recently discussed with a friend at NAPE Rockies. One thing I strive to do is break down the complexities of the theories and frameworks into no-nonsense explanations.  The misconception pertains to Farmout Agreements and Joint Operating Agreements.  When do you find each?  What scenarios?  What are the cost, risk, and profit sharing mechanisms found under each?

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We keep clients and subscribers updated on case law alerts and insightful articles. Join more than 2,000+ in-house attorneys and landmen who receive our occasional alerts and summaries. All for free!
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We keep clients and subscribers updated on case law alerts and insightful articles. Join more than 2,000+ in-house attorneys and landmen who receive our occasional alerts and summaries. All for free!