Alberta Pooling and Farmout Agreement
Prepare a Pooling and Farmout Agreement
with this template for Alberta, between various parties who want to pool their interests in certain oil and gas properties.
- The arrangement provides for the ownership, operation, development of and production of petroleum substances from the pooled lands.
- Operations on the pooled lands will be conducted without regard to boundaries of the title documents, as if the pooled lands were covered by a single petroleum and natural gas lease.
- Each party holds its title documents in trust for the other parties, insofar as they relate to the pooled lands.
- Production, revenue and expenses are allocated to the parties according to their respective pooled interest.
- If the farmee fails to earn its earned interest, the pooling terminates.
- The farmee will spud the test well at its sole cost and risk, and will then continue drilling to the contract depth, log and test, and either complete, cap or abandon the well in accordance with the agreement and the Regulations.
- Provisions for drilling a substitute well if serious difficulties are encountered and the first well is abandoned.
- CAPL Operating Procedure will govern.
This Alberta Pooling and Farmout Agreement
is provided in MS Word format, and can be easily edited to fit your circumstances.
Download: Alberta Pooling and Farmout Agreement
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