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The young man knows the rules, but the old man knows the exceptions.
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Legal Definitions - farmee
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Definition of farmee
Definition: Farmee is a term used in the oil and gas industry to refer to a sublessee who is assigned a lease for the purpose of drilling a well. It is also known as farmoutee or farminee.
Example: ABC Oil Company leases a piece of land for oil and gas exploration. They then assign the lease to XYZ Oil Company, who becomes the farmee and drills a well on the land.
This example illustrates how a farmee is a sublessee who takes over the lease from the original lessee for the purpose of drilling a well.
You win some, you lose some, and some you just bill by the hour.
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Simple Definition
Term: FARMEE
Definition: A farmee is a person or company that is given a lease to drill for oil and gas on a piece of land. They are responsible for drilling a well and extracting the resources from the land.
It's like when you borrow a toy from a friend to play with it for a while. The friend is the owner of the toy, but they let you use it for a specific purpose. In the same way, the landowner is the owner of the land, but they let the farmee use it to extract oil and gas.
The difference between ordinary and extraordinary is practice.
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