The oil and gas industry uses a number of unique contractual arrangements to explore for, develop, produce, and market oil and gas. This course includes a good overview of key clauses of the oil and gas lease and examines the laws governing farmouts, operating agreements, unit operating agreements, joint venture agreements, area of mutual interest agreements, seismic agreements, pooling and unitization agreements. This interactive course not only takes a detailed look at these contracts but allow the students an opportunity to negotiate and draft several of the contracts that are vital to the industry.
Major Topics Covered:
1. Essence of Contracts
2. Seismic agreements, confidentiality, joint venture, letter agreements, area of mutual interest agreements, farmouts, etc.
3. Oil and gas lease
4. Surface contracts
5. The joint operating agreement
6. Unit agreements and unit operating agreements
