Farmout Letter Agreement (Alberta)
Use this template to create a Farmout Agreement specifically for oil and gas properties in the Province of Alberta. Key provisions of this agreement include:
This is a Canadian oil and gas document in MS Word format.
- Farmee will commence drilling of the earning well at its sole cost and risk. Farmee will then continue drilling to the contract depth, log and test, and either complete, equip or abandon the well in accordance with the agreement.
- Provisions for drilling a substitute well if serious difficulties are encountered and the first well is abandoned.
- Farmees earned interest in the farmout lands is calculated as undivided 100% of Farmors interest in the producing zones, undivided 50% of the remainder of the lands.
- Methods of calculating Farmors royalty on Farmees interest in crude oil and crude naphtha, natural gas, and all other hydrocarbons.
- Farmor is responsible for all charges payable with respect to the farmout lands.
- CAPL PASC Accounting Procedure and specified clauses of Operating Procedure apply.
This is a Canadian oil and gas document in MS Word format.
File Details
| Price: | $25.00(CAD) |
| Document ID: | 704 |
| Downloads: | 2 |
| Date Added: | 2002-01-01 |
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