farmout agreement

(21A) The term “farmout agreement” means a written agreement in which— (A) the owner of a right to drill, produce, or operate liquid or gaseous hydrocarbons on property agrees or has agreed to transfer or assign all or a part of such right to another entity; and (B) such other entity (either directly or through its agents or its assigns), as consideration, agrees to perform drilling, reworking, recompleting, testing, or similar or related operations, to develop or produce liquid or gaseous hydrocarbons on the property.

Source

11 USC § 101(21A)

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Scoping language

None identified, default scope is assumed to be the parent (chapter 1) of this section.

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