Alberta Seismic Option Agreement
Grant a seismic option over an oil and gas property in Alberta using this downloadable template option agreement.
- 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.
- An Overriding Royalty Agreement is included with the package.
- This Seismic Option Agreement is governed by the laws of the Province of Alberta, Canada.
Last Updated: 23-October-2017