Seismic Option Agreement (Alberta)
Use this template to create a Seismic Option Agreement specifically for oil and gas properties in the Province of Alberta. Key provisions include:
This is a Canadian oil and gas document in MS Word format.
- The optionee will shoot a 3-D seismic shot across the option lands sufficient to allow the optionor to evaluate the hydrocarbon-bearing potential of the lands.
- Trading rights for the seismic program would be earned 100% by the optionee.
- In return for shooting the seismic program, the option will have the right to either terminate the agreement or elect to drill a well.
- Provisions for drilling a substitute well if serious difficulties are encountered with the original well.
- The optionee will earn an undivided 100% interest in the optionors interest in the earning well spacing unit, and a specified undivided percentage interest in the remainder of the lands.
- The parties authorize the operator to make GST elections on their behalf.
- CAPL Operating Procedure and PASC Accounting Procedure to apply.
- An Overriding Royalty Agreement is included.
This is a Canadian oil and gas document in MS Word format.
File Details
| Price: | $25.00(CAD) |
| Document ID: | 709 |
| Downloads: | 10 |
| Date Added: | 2002-01-01 |
|
|
