Alberta Pooling and Participation Agreement
Prepare a Pooling and Participation Agreement with this contract form covering Alberta oil and gas properties.
- Parties. The Agreement is between several parties who want to pool their interests and appoint an operator over the properties.
- Pooling. Operations on the pooled lands will be conducted without regard to boundaries of the title documents, and as if the pooled lands were covered by a single petroleum and natural gas lease.
- Title Held in Trust. Each party holds its title documents in trust for the other parties, insofar as they relate to the pooled lands.
- Allocation of Revenues and Costs. Production revenue and expenses are allocated among the parties according to their respective pooled interest.
- Joint Well. The operator, on behalf of the parties, will spud a joint well and will continuously drill, log and test, and either complete, cap or abandon the joint well in accordance with the agreement.
- Term of Agreement. The agreement will stay in effect as long as one or more wells is capable of producing.
- Governing Laws. This Pooling and Participation Agreement template is intended for use within the Province of Alberta, Canada.
Last Updated: 23-October-2017