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EXHIBIT 2.2
[LOGO]
FORTUNE PETROLEUM CORPORATION
December 7, 1995
VIA FACSIMILE TRANSMISSION
(000) 000-0000
Xxxx Xxxxx, President
Northport Production Company
0000 X.X. Expressway Street, Suite 000-X
Xxxxxxxx Xxxx, Xxxxxxxx 00000
Re: Fortune Petroleum Corporation/PetroFina Acquisition: Our file
no. 552.18
Dear Xxxx:
This letter will serve to confirm the agreement between Fortune and
Northport whereby Fortune will acquire that undivided 16-2/3% working interest
(12-1/2% net revenue interest) in South Timbalier Block 76, offshore Louisiana,
currently owned by PetroFina but to be acquired by Northport. The purchase
price is to be $2,900,000, subject to offsets attributable to production
revenue and expenses subsequent to the effective date of July 1, 1995. This
transaction is also subject to the retention by Northport of an overriding
royalty interest which shall not reduce the net revenue interest to Fortune
below that specified above.
If the foregoing is consistent with your understanding of the terms of
this transaction, please confirm that fact by signing and dating in the space
below and return a copy of this letter to the undersigned by facsimile
transmission at (000) 000-0000.
Very truly yours,
XXXX X. XXXXXXX
XXXX X. XXXXXXX
Secretary
ACCEPTED AND AGREED TO THIS
7TH day of December, 1995.
NORTHPORT PRODUCTION COMPANY
By: XXXX XXXXX
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XXXX XXXXX
