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Alberta Seismic Option Agreement
Prepare a Seismic Operation Agreement for oil and gas properties in Alberta with this easy-to-use template.
- 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.
Download: Alberta Seismic Option Agreement
Related Forms:
- Alberta Confidentiality and Exclusion Agreement re Oil & Gas Properties
- Alberta Inclusion Agreement for Oil & Gas Leases
- Alberta Option for Salt Water Disposal Agreement
- Alberta Quit Claim Agreement re Oil & Gas Rights
- Alberta Quit Claim, Assignment and Conveyance of Interest
- Alberta Salt Water Disposal Agreement
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