Picture of Alberta Seismic Option Agreement Picture of Alberta Seismic Option Agreement Picture of Alberta Seismic Option Agreement Picture of Alberta Seismic Option Agreement

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.
Document Type: Microsoft Word
Last Updated: 25-July-2021
SKU: 709
$34.99
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  • Test Well. The farmor agrees to start drilling the test well at its sole cost and risk. The farmee will then continue drilling to the contract depth, log and test, and either complete, equip or abandon the test well in accordance with the agreement.
  • Encumbrances. If the interest of a party becomes encumbered, such encumbrance will be charged to and paid by that party.
  • Cost Reimbursement. The farmee will reimburse the farmor on a per diem basis for rentals and penalties payable under the title document.
  • Earned Interest Calculation. The farmee's earned interest in the farmout lands is calculated as 100% of the farmor's interest in the producing zones, and 50% of the remainder of the lands.
  • Default. The agreement sets out the rights and remedies of each party in the event of default.
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Prepare a Farmout and Option Agreement with this document template for Alberta oil and gas wells.

  • Test Well. The farmor will start drilling of the test well at its sole cost and risk. The farmee will then continue drilling to the contract depth, log and test, and either complete, equip or abandon the test well in accordance with the agreement.
  • Option Well. The agreement includes provisions for drilling an option well if serious difficulties are encountered with the test well.
  • Reimbursement of Costs. The farmee will reimburse the farmor on a per diem basis for rentals and penalties payable under the title document.
  • Earned Interest Calculation. The farmee's earned interest in the farmout lands will be 100% of the farmor's interest in the producing zones, and 50% of the remainder of the lands.
  • CAPL Procedures to Apply. The CAPL PASC Accounting Procedure and specified clauses of the Operating Procedure will apply to the agreement.
  • This downloadable form is intended for use only in the Province of Alberta, Canada.
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  • 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.
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Prepare a Gross Overriding Royalty Agreement with this downloadable template contract for oil and gas properties in the Province of Alberta.

  • Gross Royalty. The Grantee receives a gross overriding percentage royalty on its interest in petroleum substances on the lands covered by the agreement. The royalty is free and clear of any costs involved in exploration, drilling, operation, production, transportation, etc.
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