Alberta Offer to Sell Interest in Crown Leases
Sell your interest in certain crown leases with this template form for Alberta oil and gas assets.
- Allocation of Purchase Price. The offer sets out how the purchase price will be allocated between petroleum and natural gas rights, tangibles, and miscellaneous interests.
- Calculation of Interest. The template contains two interest clauses - one if interest is being calculated, and one if no interest is payable.
- Acceptance. If accepted, the offeror will prepare a formal purchase and sale agreement.
- Conditions Precedent:
- The offer is subject to the purchaser performing a satisfactory due diligence review of all books, files, records, and contracts.
- The transaction is subject to the purchaser receiving all necessary regulatory approvals for the sale.
- The offer is also conditional upon the purchaser conducting a satisfactory environmental audit.
- The transaction is subject to the vendor being satisfied that Alberta Energy will approve the transfer.
- Environmental Liability. The purchaser will assume all environmental liabilities.
- Jurisdiction. The offer is written with the intention of being used within the Province of Alberta. However, it can be modified for use in other provinces of Canada.
Last Updated: 05-July-2021