Products tagged with 'alberta participation agreement'

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Alberta Farmout and Participation Agreement

Encumbrances. If the interest of any party to the Agreement becomes encumbered, such encumbrance will be charged to and paid by that party.
No Warranty. The farmor makes no warranty of title to the farmout lands or the title documents.
Test Well. The farmee will spud the test well and drill to at least contract depth, lot and test, and either complete, cap or abandon it in accordance with the agreement and the Regulations.
Substitute Well. The agreement contains provisions for drilling a substitute well.
Insurance. The farmee is responsible for obtaining and maintaining control of well insurance.
Earned Interest Calculation. The farmee's earned interest in the farmout lands is calculated as 100% of the farmor's interest down to earning depth in the lands and title documents that comprise the test well spacing unit, subject to encumbrances, and a specified percentage of the remainder.
Option Well. The template also includes clauses for option well election.
Percentage Interest. Provisions for calculating each party's share of expenses and percentage of interest.
Jurisdiction. This Farmout and Participation Agreement is governed by the laws of the Province of Alberta.
Available as a downloadable MS Word template.

$29.99

Parties and Purpose. The agreement is between a private land owner and an operator to fulfill work commitments and perform exploration with respect to various oil and gas properties.
Participation. The operator will pay 100% of the costs of the work commitments. The title holder will hold a 50% interest in trust for the operator and will transfer this interest to the operator upon its fulfillment of its duties under the agreement.
Payment of Costs. Each party will be responsible for paying all taxes, royalties and charges levied or assessed against its participating interest.
Format. This legal contract template is available in MS Word format and is fully editable to fit your needs.

$17.99