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Forfeiture of Rockies Oil to its Interests in the Farmout Agreement - Term Paper Example

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The reporter states that Rockies Oil and Palm Oil as aFarmere entered into a Farmout agreement with Aussie Oil for exploration of oil in Molvania, where Aussie Oil dug three Wells, two with the consent of Rockies Oil and the third one without their consent as they disagreed to pay the expenditures involved…
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Forfeiture of Rockies Oil to its Interests in the Farmout Agreement
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Download file to see previous pages Rockies Oil should not forfeit its interest in the Farmout Agreement, as it is quite clear from current situation that Aussie Oil has succeeded in producing results and there are better chances in future, as the involved parties anticipate that Bigger Field will produce twice as much oil as expected. Previously Rockies Oil regarded that all their money got wasted because of failure of first two oil wells but with the recent success, the company has some hope in the newly drilled well and also the coming explorations. Therefore, the joint venture should be retained.
As for now, Rockies Oil has not paid for the third well. Aussie Oil asked the company to pay $ 400,000 for the third well but it refused to pay because of previous failures. However, now, there can be some arbitration process hiring three arbitrators, one from Aussie Oil, one from Rockies Oil and one neutral to resolve the dispute so that Rockies Oil can get its share in the production of oil from the third well along with Bigger Field. Nevertheless, in this situation, the company has to bear the costs involved in digging the well and the coming costs for new tests. The fact should not be looked over that risks are involved in every business.
MSOC (Molvanian State Oil Company) has refused to consent the assignment of Farmout interests to Rockies Oil because the company has not paid the costs for the third well and also refused to buy a new SUV to the Financial Officer of MSOC for inspecting Bigg and Bigger Fields. MSOC should be made to allow Rockies Oil to continue with the Farmout Agreement and for that, there should be some dealing with the company. A representative should be sent to sort out the issue with MSOC and the objections of the company should be notified and resolved accordingly.
Rockies Oil after its merger with Scots Oil Co. can share the information about the third well because, after the merger, the new company will be its part then. Rockies Oil should wait till the merger is finally done.  ...Download file to see next pagesRead More
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