EXHIBIT 10.14
AGREEMENT
for sale and purchase of the share of
ZAURALNEFTEGAZ LTD. authorized capital stock
The city of Kurgan May 29, 2003
Alexander Efimovich Rochev, the Director, on behalf of REGION LTD.
registered by the Administration of Petukhovsky District of Kurgan Region by the
Decree 392 dated December 04, 1997, the new wording of the Regulations is
registered by the Administration of Petukhovsky District of Kurgan Region with
the Decree 133 dated June 03, 2002, the place of location: Russian Federation,
Kurgan Region, the city of Kurgan, Polovinskay street, 8, hereinafter referred
to as the Seller, acting according to the Regulations on one part, and Xxxxx
Xxxxxxxxxx, the president, on behalf of TRANS ENERGY GROUP INC., 0000 Xxxxx Xx.,
Xxxxx #00, Xxxxxxx, Xxxxxxx, Xxxxxx M3J 3J7 (Toronto, Ontario, Canada),
hereinafter referred to as the Buyer on the other part have concluded the
present Agreement as follows:
1. SUBJECT OF THE AGREEMENT
1.1. Under the present Agreement the Seller shall transfer his share, which is
in the Seller's possession, accounting 51 % (fifty one per cent) of the
authorized capital of the stock of ZAURALNEFTEGAZ LTD., general state
registration number 0000000000000, the record dated October 28, 2002 in the
Single State Register of the Juridical Persons hereinafter referred to as
the share to the possession of the Buyer, and the Buyer shall accept and
repay the share.
1.2. The total sum of the Agreement is 50000 rubles (fifty thousand rubles
only).
2. OBLIGATIONS OF THE PARTIES
2.1. The Seller is obliged:
2.1.1. to register the changes in ZAURALNEFTEGAZ'S Regulations about the selling
of the Seller's share in the authorized capital stock of ZAURALNEFTEGAZ
LTD. to the Buyer with the body performing state registration of juridical
persons according to its rules and within 10 days from the moment of
signing up the present Agreement.
2.2. The Buyer is obliged:
2.2.1. to repay the share in the authorized capital stock of ZAURALNEFTEGAZ LTD.
according to the point 1.2 of the present Agreement.
3. ARBITRATION
3.1. The parties shall take all measures to settle by negotiations any disputes
which may arise under or in connection with this Agreement.
3.2. In case of the parties being unable to arrive at an amicable settlement,
the dispute is to be submitted for the settlement of Arbitration Court of
Kurgan Region.
4. TIME OF OPERATION OF THE AGREEMENT
4.1. The Agreement is operative from the day of its signing by both parties and
will be valid for the moment of conclusion of payments of the parties.
4.2. The Agreement may be terminated according to the mutual desire of the
parties within the period of its operation. The termination of the
Agreement is to be performed in writing by both parties.
4.3. No termination of the present Agreement is permitted if only one party
makes it.
5. OTHER TERMS
5.1. The Agreement is made in three originals, having equal validity, one
original for each party, and the third original is to be submitted to the
body registering changes in the Regulations of ZAURALNEFTEGAZ LTD.
5.2. Any amendments and supplements to this Agreement shall be valid and treated
as part of this Agreement if they are made in writing and signed by both
parties.
5.3. The parties shall consult the present law of Russian Federation in anything
that is not stipulated in the present Agreement.
THE BUYER: TRANS ENERGY GROUP INC.
0000 Xxxxx Xx., Xxxxx # 00
Xxxxxxx, Xxxxxxx, Xxxxxx X0X 0X0
/s/ Xxxxx Xxxxxx, Chairman
Xxxxx Xxxxxx
THE SELLER:
REGION LTD.
xx. Xxxxxxxxxxxx, 0
Xxxxxx,
Xxxxxx Xxxxxx
000000, Xxxxxx
/s/ Alexander Efimovich Rochev
Alexander Efimovich Rochev: Director
THE BUYER: STAMP
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THE SELLER: STAMP
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THE TRANSLATION IS PERFORMED BY V. V. BYVALTSEV, PASSPORT 60 04 780287 ISSUED
DECEMBER 22, 2003 BY THE DOMESTIC DEPARTMENT OF THE CITY OF KURGAN
