Purchase And Sale Agreement Oil And Gas for the United States

Purchase And Sale Agreement Oil And Gas Template for United States

A Purchase and Sale Agreement for Oil and Gas Assets is a legally binding contract used in the United States for the transfer of ownership of oil and gas properties, including mineral rights, wells, equipment, and related assets. This agreement governs the terms and conditions of the sale, including purchase price, representations and warranties, conditions to closing, and post-closing obligations. It typically includes provisions for environmental liability, title defects, and operational transition, complying with both federal and state-specific regulations.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Generate a Bespoke Document

1. Select your governing law:

2. Enter your key requirements:

3. Create your document to edit, review or download

Download a Standard Template

Get our United States-compliant Purchase And Sale Agreement Oil And Gas

4.6 / 5

4.8 / 5

Alternatively: Run an advanced review of an existing
Purchase And Sale Agreement Oil And Gas

Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.

Upload your Doc

What is a Purchase And Sale Agreement Oil And Gas?

The Purchase And Sale Agreement Oil And Gas is a crucial document used when transferring ownership of oil and gas assets in the United States. It's particularly important in transactions involving mineral rights, operating wells, and associated equipment. The agreement must comply with both federal regulations (such as EPA and BLM requirements) and state-specific oil and gas laws. This document typically includes detailed provisions for asset description, purchase price, representations and warranties, environmental matters, and title requirements. It's commonly used in both private transactions and public company acquisitions within the energy sector.

What sections should be included in a Purchase And Sale Agreement Oil And Gas?

1. Parties: Identifies the buyer and seller, including full legal names and addresses

2. Background/Recitals: Sets forth the context and purpose of the transaction

3. Definitions: Defines key terms used throughout the agreement

4. Purchase and Sale: Details the assets being sold and purchased

5. Purchase Price: Specifies the consideration and payment terms

6. Closing: Defines closing date, location, and deliverables

7. Representations and Warranties: Statements of fact and assurances from both parties

8. Covenants: Ongoing obligations of the parties

9. Conditions Precedent: Conditions that must be met before closing

10. Indemnification: Rights and obligations regarding losses and claims

What sections are optional to include in a Purchase And Sale Agreement Oil And Gas?

1. Environmental Matters: Specific provisions addressing environmental compliance and liabilities when environmental risks are significant

2. Transition Services: Provisions for post-closing operational support when ongoing support is needed after closing

3. Employee Matters: Provisions addressing the treatment of employees post-closing when employees are being transferred

4. Tax Matters: Specific provisions addressing allocation of tax liabilities when complex tax implications exist

What schedules should be included in a Purchase And Sale Agreement Oil And Gas?

1. Asset Schedule: Detailed list of oil and gas properties being transferred

2. Excluded Assets Schedule: List of assets specifically excluded from the transaction

3. Assumed Liabilities Schedule: List of liabilities being assumed by buyer

4. Contracts Schedule: List of material contracts being assigned

5. Permits Schedule: List of permits and licenses being transferred

6. Title Defects Schedule: Known title issues and defects

7. Environmental Matters Schedule: Known environmental issues and compliance status

8. Form of Assignment: Form document for transferring title to assets

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Oil and Gas
Energy
Natural Resources
Infrastructure

Relevant Teams

Legal
Finance
Operations
Environmental
Land Administration
Corporate Development

Relevant Roles

Chief Executive Officer
General Counsel
Land Manager
Operations Director
Chief Financial Officer
Environmental Compliance Manager

Industries

Mineral Leasing Act 1920: Federal law governing mineral rights leasing on public lands, establishing framework for oil and gas exploration and production on federal lands

National Environmental Policy Act (NEPA): Requires federal agencies to assess environmental impacts of their actions, including oil and gas operations

Clean Air Act: Federal law regulating air emissions from stationary and mobile sources, affecting oil and gas operations

Clean Water Act: Federal law governing water pollution and quality standards, crucial for oil and gas operations' water management

Safe Drinking Water Act: Protects public drinking water supplies, particularly relevant for hydraulic fracturing operations

Resource Conservation and Recovery Act (RCRA): Governs proper management and disposal of hazardous and non-hazardous waste from oil and gas operations

Securities Exchange Act: Relevant for public company transactions, governing securities trading and financial disclosure requirements

Hart-Scott-Rodino Antitrust Improvements Act: Requires companies to file pre-merger notifications for large transactions to prevent anticompetitive practices

State Oil and Gas Conservation Laws: State-specific regulations governing oil and gas production, well spacing, and conservation measures

State Environmental Protection Laws: State-level environmental regulations that may impose additional requirements beyond federal standards

State Property Laws: Govern real property rights, mineral rights, and transfer of property within specific states

State Securities Laws: State-specific requirements for securities transactions, often called 'Blue Sky Laws'

Bureau of Land Management Regulations: Federal agency rules governing oil and gas operations on public lands

EPA Regulations: Federal environmental protection standards and requirements affecting oil and gas operations

Uniform Commercial Code (UCC): Standardized state laws governing commercial transactions, including sale of goods and secured transactions

Local Zoning Ordinances: Municipal and county regulations affecting location and operation of oil and gas facilities

Surface Rights Regulations: Laws governing surface access and use rights for mineral extraction operations

Tribal Laws: Specific regulations applying to oil and gas operations on Native American tribal lands

Find the exact document you need

No matches found.

Private Party Boat Purchase Agreement

A legal agreement for the private sale of watercraft in the United States, outlining terms of sale and transfer of ownership.

How Cambridge United Uses Genie AI to Speed Up Player Signings and Slash Legal Costs

Generate a Bespoke Document

Download a Standard Template

What is a Purchase And Sale Agreement Oil And Gas?

What sections should be included in a Purchase And Sale Agreement Oil And Gas?

What sections are optional to include in a Purchase And Sale Agreement Oil And Gas?

What schedules should be included in a Purchase And Sale Agreement Oil And Gas?

Authors

Alex Denne

Jurisdiction

Publisher

Document Type

Sector

Cost

Find the exact document you need

Private Party Boat Purchase Agreement

Standard Residential Purchase Agreement

Simple Aircraft Purchase Agreement

Residential Buy Sell Agreement

Vacant Land Real Estate Contract

Used Motor Vehicle Purchase Contract

Standard Buyer Seller Agreement

Single Family Purchase And Sales Agreement

Residential Lot Purchase Agreement

Real Estate Contract To Sell A House

Property Sales Contract Between Seller And Buyer Form

Buy Sell Purchase Agreement

As Is Sales Agreement Car

Agreement For Selling Property

For Sale By Owner Buy Sell Agreement

Generic Purchase And Sale Agreement

Contract To Buy And Sell Real Estate Residential

Agreement To Buy And Sell Real Estate Residential

Home Purchase Sales Contract

Bill Of Sale Asset Purchase

Standard House Purchase Contract

Short Form Purchase And Sale Agreement

New Construction Purchase And Sale Agreement

Condo Purchase And Sale Agreement

Commercial Buy Sell Agreement

Agreement To Sell Shares

Standard Land Purchase And Sale Agreement

Modular Home Purchase Agreement

Simple Home Purchase Contract

Contract For Selling A Car In Payments

Contract For Selling A House By Owner

Vacant Land Lot Purchase Contract

Contract To Sell Lot

Agreement Of Purchase And Sale Form

Residential Contract For Sale And Purchase

Buy Sell Agreement Business

Offer To Sell Real Estate Form

House Buying Agreement

Real Estate Intent To Purchase Form

Business Purchase Term Sheet

Genie’s Security Promise

Your documents are private:

Your documents are protected:

Organizational security:

Templates

Contract Templates

Letter Templates

Policy Templates

Industries

Legal Services

Manufacturing

Construction

Solutions

Use Cases

Company Types

Comparisons

Business Categories

Teams

Information

Generate Legal Docs Free