Farmout & Option Agreement (Alberta)
Use this template to create a Farmout and Option Agreement 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.
- Farmor will commence drilling of the test 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 test well in accordance with the agreement.
- Provisions for drilling option well if serious difficulties are encountered with the test well.
- If the interest of a party becomes encumbered, such encumbrance will be charged to and paid by that party.
- Farmee will reimburse Farmor on a per diem basis for rentals and penalties payable under the title document.
- Farmees earned interest in the farmout lands is calculated as 100% of Farmors interest in the producing zones, 50% of the remainder of the lands.
- Rights and remedies in the event of default.
- 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: | 701 |
| Downloads: | 8 |
| Date Added: | 2002-01-01 |
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