Documents Expert

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.