Alberta Petroleum Asset Exchange Agreement
Transfer petroleum and natural gas interests to a purchaser with this Petroleum Asset Exchange Agreement for Alberta, Canada.
- Allocation of Value. The Agreement sets out the value of the assets and allocates the value among rights, tangibles and miscellaneous interests.
- Payment of Costs. In each case, the transferee will pay all costs to register and convey the assets and will bear all costs of work performed or goods or services provided with respect to the assets prior to the effective date.
- Adjustments. An interim adjustment and accounting will be done, and the benefits and obligations with respect to the assets apportioned accordingly, as of the effective date.
- Maintenance of Assets. Each party will maintain its assets in accordance with good oil field practice until closing.
- Review. Each party agrees to conduct a review of title to the assets being transferred.
- Conditions Precedent. The transfers are subject to certain conditions precedent, including substantial damage and material compliance.
- Arbitration. The parties agree to arbitration pursuant to The Arbitration Act of Alberta, in the event of dispute.
- Attachments. The Agreement includes a form of General Conveyance and a Certificate of Officer.
- Governing Laws. This Petroleum Asset Exchange Agreement contains references to provincial laws and regulations of the Province of Alberta, Canada.
Last Updated: 03-July-2021