Purchase Agreement
March 25, 2010
Superior Oil and Gas Co.
000 Xxxx Xxxx, Xxxxx 000
Xxxxxx, XX 00000
Bonanza Oil & Gas, Inc.
0000 Xxxxxx, Xxxxx X
Xxxxxxx, XX 00000
RE: Xxxxx #1-12 Well, Xxxxx County, Oklahoma
This Purchase Agreement is between Superior Oil & Gas Co. of Oklahoma and Bonanza Oil & Gas, Inc. regarding the Xxxxx #1-12 Well, located in the NW/4 of Section 12, T18N, R3W consisting of 160 acres located in Xxxxx County, Oklahoma.
Superior Oil and Gas Co., (hereinafter called “Assignor”) has agreed to sell an interest in the Xxxxx #1-12 Well, located in the NW/4 of Section 12, T18N, R3W consisting of 160 acres located in Xxxxx County, Oklahoma. In exchange for Fifteen Thousand Dollars ($15,000) to be paid by Assignee and five Million (5,000,000) shares of restricted stock of Bonanza Oil & Gas, Inc. (BGOI), Assignors will assign to Assignee certain interests.
Bonanza Oil & Gas, Inc., (hereinafter called “Assignee”) has agreed to purchase an interest in the Xxxxx #1-12 Well, located in the NW/4 of Section 12, T18N, R3W consisting of 160 acres located in Xxxxx County, Oklahoma.
Assignor will collectively assign to Assignee, a Ten Percent (10%) carried working interest (CWI) in the Xxxxx Well, unit, and the associated oil and gas leases. This assignment is not proportionately reduced against the proportionate interest of the Assignor and is a full 10% working interest. Assignor intends to pay Assignee its proportionate share of the total net revenue interest from the well and unit after deducting standard operating charges, taxes, and all royalty burdens.
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This “Purchase Agreement” is executed on the date first stated above.
ASSIGNORS:
| Signature: | /s/ Xxx Xxxxx, Jr. | |
| Name: | Xxx Xxxxx, Jr. | |
| For: | Superior Oil and Gas Co. |
ASSIGNEE:
| Signature: | /s/ Xxxx Xxxxxxx | |
| Name: | Xxxx Xxxxxxx | |
| For: | Bonanza Oil & Gas, Inc. |
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