April 14, 2004 Mr. George Young Fellows Energy Ltd. Boulder, CO 80303 RE: Letter Agreement Election to Purchase
Exhibit
10.17
April
14,
2004
Mr.
Xxxxxx Xxxxx
0000
Xxxxxxxx Xxxx
Xxxxxxx,
XX 00000
RE: Letter
Agreement
Election
to Purchase
Bacaroo
Project
Xxxx
County, Colorado
Dear
Xxxxxx:
Pursuant
to our Exploration Services Funding Agreement dated January 26, 2004 (“EFSA”),
this letter shall serve as Fellows Energy Ltd.’s (“Fellows”) election and
agreement to purchase the Bacaroo Project. Xxxxxxxxx Partners Associates, Inc.
(“Xxxxxxxxx”) and Fellows shall herein be collectively referred to as the
“Parties.” The Parties hereby agree as follows:
|
1.
|
Subject
to the terms and conditions of the EFSA, the Bacaroo Project was
shown to
Fellows as a formal presentation on March 9,
2004.
|
|
2.
|
Pursuant
to Xxxxxxxxx’x Exploration Service Funding Agreement with The Houston
Exploration Company (“Houston”) dated January 13, 2003, the Circus Project
was also shown to Houston. Houston has elected not to participate
in this
Project.
|
|
3.
|
Subject
to the terms and conditions of the EFSA, Fellows hereby elects and
agrees
to purchase one hundred percent (100.00%) of the Bacaroo
Project.
|
|
4.
|
Subject
to the terms and conditions of the EFSA That the geographical definition
of the Area of Mutual Interest for the Bacaroo Project, shall be
as
follows:
|
All
of
Townships 32 South, Ranges 41 through 46 West, 6th
PM.
All
of
Townships 33 South, Ranges 41 through 46 West, 6th
PM.
All
of
Townships 34 South, Ranges 41 through 46 West, 6th
PM.
All
of
Townships 35 South, Ranges 41 through 46 West, 6th
PM.,
(all
township are located in Xxxx County, Colorado)
|
5.
|
That
Fellows’ election date to purchase the Bacaroo Project shall be April 14,
2004 and that fifty percent (50%) of Xxxxxxxxx’x Project Fee, as defined
in the EFSA, shall be paid to Xxxxxxxxx by Fellows no later that
April 26,
2004.
|
|
6.
|
That
all of the terms and conditions contained in the EFSA shall govern
Fellows’ operations on and in the Bacaroo
Project.
|
Please
signify your acceptance and agreement to the foregoing by signing and returning
one (1) copy of this letter to the undersigned.
Very
truly yours,
/s/
XXXXX X. XXXXXXXX
Xxxxx
X.
Xxxxxxxx, as attorney-in-fact for
Xxxxxxxxx
Partner Associates, Inc.
AGREED
TO
AND ACCEPTED this _____ day of ____________, 2004:
January
23, 2004
Letter
of
Intent Agreement
2
