Products tagged with 'surface lease'

Prepare a surface lease agreement for oil and gas assets on rural farm land with this downloadable template lease form for lands located in the Province of Alberta.

• Parties. The agreement is between the landowner and the oil company which will extract the resources.
• Use of Land. The lease allows the oil company to use the land for exploration, development and production of oil, gas, and related hydrocarbons.
• Rent. The agreement breaks down the first year's rent and annual rent to show how compensation is allocated for market value (first year), loss of use, adverse effect, general disturbance (first year), and additional wells.
• Maintenance of the Land. The oil company agrees to apply good soil conservation practices to strip, conserve and restore the topsoil, and will construct proper sludge pits and dispose of the sludge in accordance with the laws.
• Surrender. The drilling company has the right to surrender and terminate all or a portion of the leased lands at any time, on proper notice, but will not receive a refund of any rent paid in advance.
• Governing Laws. The agreement is intended for use in the Province of Alberta.
• The template is available in MS Word format. Fully editable and reusable.