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.