Picture of Section 85 Rollover Agreement (Oil and Gas Assets) | Canada Picture of Section 85 Rollover Agreement (Oil and Gas Assets) | Canada

Section 85 Rollover Agreement (Oil and Gas Assets) | Canada

Transfer oil and gas assets from an individual to a corporation with this Section 85 Rollover / Transfer of Assets Agreement for Canadians.

  • The assets are being transferred as a rollover under section 85(l) of the Income Tax Act (Canada).
  • The vendor and purchaser will jointly file an election with respect to the transaction.
  • In the event of an uncontested re-assessment by Canada Revenue Agency, the aggregate cost amount set out in the reassessment notice will constitute the cost amount of the assets.
  • This is a Canadian legal form. Downloadable and fully editable in MS Word format.
Document Type: Microsoft Word
Last Updated: 14-November-2024
SKU: 630
$17.99
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Assign an interest in Alberta oil and gas assets with this easy-to-use Assignment of Interest Agreement.

  • The current interest holder (the assignor) assigns all of its interest under a governing agreement in certain oil and gas properties to another party (the assignee).
  • The assignee covenants to perform all of the assignor's obligations under the agreement.
  • The assignee ratifies all acts of the assignor after the effective date of the agreement and prior to the assignment.
  • This Assignment of Interest Agreement is for Alberta oil and gas interests, but can be modified for other provinces and territories. Download immediately after purchase.
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Transfer certain oil and gas assets to another party with this Conveyance and Transfer form for Alberta.

  • The transferor conveys and transfers title to the assets (petroleum leases, production rights, etc) to the transferee pursuant to an Asset Exchange Agreement between the parties.
  • The form can be re-used as often as required. Download, save it as a template, use it as often as you like.
  • This Conveyance and Transfer form is intended to be used in connection with oil and gas assets located in the Province of Alberta, Canada.
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Alberta Purchase and Sale Agreement for Oil and Gas Leases

Sell your interest in oil and gas leases with this Purchase and Sale Agreement for the Province of Alberta.

  • The Vendor will prepare and pay the cost of the conveyances.
  • The Vendor will remit the GST payable on the transaction.
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  • The Agreement contains standard representations and warranties given by each party.
  • Each party indemnifies the other.
  • Operating costs and proceeds will be adjusted as of the adjustment date, and the purchase price will be adjusted accordingly.
  • The Vendor will maintain the assets in accordance with good oil field practice until the closing and will not make any commitments or expenditures in excess of a specified amount without the consent of the Purchaser.
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Exchange shares for shares with this Ontario Section 85 Share Rollover Agreement for Common Shares.

  • The vendor shareholder sells the subject shares to a holding company in exchange for common shares in the capital stock of the holding company, pursuant to Section 85 of the Income Tax Act (Canada).
  • The parties agree to file joint elections under Section 85(1) under the ITA and as required under the Ontario Corporations Tax Act.
  • The file includes a Section 116 Affidavit to be sworn by a corporate officer of the vendor, if applicable.
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Download this template Directors' Resolution form which authorizes a corporation to convert a shareholder's common shares into another class.

  • The Board of Directors of the corporation pass the resolution to convert common shares held by a shareholder into shares of another class, on a one-for-one basis.
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