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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.
This Alberta Seismic Option Agreement is available as a downloadable and fully editable MS Word document template.

Download: Alberta Seismic Option Agreement

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Canadian Law Resources: (14-Apr-2018) E.&O.E.

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