Alberta Petroleum Asset Exchange Agreement

Transfer petroleum and natural gas rights and leases in Alberta between two parties with this Petroleum Asset Exchange Agreement.

• The Agreement sets out the value of assets, and allocation of value among rights, tangibles and miscellaneous interests.
• In each case, the transferee will pay all costs to register and convey the assets.
• In each case, the transferor will bear all costs of work performed or goods or services provided with respect to the assets prior to the effective date.
• Adjustments and an interim accounting will be done, and the benefits and obligations with respect to the assets apportioned accordingly, as of the effective date.
• Each party will maintain its assets in accordance with good oil field practice until closing.
• Each party shall conduct a review of title to the assets being transferred.
• The transfers are subject to certain conditions precedent including substantial damage and material compliance.
• The parties agree to arbitration pursuant to The Arbitration Act, in the event of dispute.
• The Agreement includes a form of General Conveyance and a Certificate of Officer.

This Alberta Petroleum Asset Exchange Agreement template is available as a MS Word document, and is fully editable to fit your business needs.