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purchase and sale agreement (A Purchase and Sale Agreement (typically referred to in the shorthand "PSA"), is the primary legal contract by which two or more oil and gas companies exchange (1) oil and gas assets or stock in an oil and gas business entity, for (2) cash, debt, stock, or other assets. The company acquiring, receiving and purchasing the stock or assets is referred to as the "Buyer" and the company disposing, conveying and selling the stock or assets is referred to as "Seller." The PSA will set out the various rights and obligations of both the Buyer and Seller, and will typically require other documents be executed and recorded in the public records, such as an Assignment, Farmout Agreement, or Deed of Trust. WK Alexander Demidov) |
