Use this template to prepare an Asset Exchange Agreement for the Province of Alberta, between two parties wishing to transfer petroleum and natural gas rights and leases to each other. Provisions of the contract include:

• agreement of the parties as to value of assets, and allocation of value among rights, tangibles and miscellaneous interests;
  
• in each case, the transferee will pay all costs to register and convey the assets;
  
• in each case, the transferor will bear all costs of work performed or goods or services provided with respect to the assets prior to the effective date;
  
• adjustments and an interim accounting will be done, and the benefits and obligations with respect to the assets apportioned accordingly, as of the effective date;
  
• each party will maintain its assets in accordance with good oil field practice until closing;
  
• each party shall conduct a review of title to the assets being transferred;
  
• the transfers are subject to certain conditions precedent including substantial damage and material compliance;
  
• the parties agree to arbitration pursuant to The Arbitration Act, in the event of dispute;
  
• General Conveyance form included;
  
• Certificate of Officer form included.

This is a Canadian oil & gas document, in MS Word format.