Acergy Co. was drilling a well near a property of Cheron Oil Inc. Cheron Oil Inc. agreed to pay Acergy Co. a bottom-hole contribution $30,000 if the well reached the depth of 4,500 feet. Two months later, the designated depth was reached but no proved reserve was found.

1. Cheron Oil Co. does not have to pay Acergy Co. since it's a dry hole.
2. Cheron Oil Co. has to pay Acergy Co. $30,000.
3. Acergy Co. does not have to share the G&G information to Cheron Oil Co.
4. Cheron Oil Co. has to share its working interest with Acergy Co.