August 31, 1995
Mr. Xxxxx Xxxxxx
Delta Petroleum Corporation
000 00xx Xxxxxx
Xxxxx 0000
Xxxxxx, Xxxxxxxx 00000
RE: Coalmont prospect Xxxxxxx County, Colorado
Dear Xxxxx:
Reference is made to our Letter Agreement dated May 15, 1995
concerning your acquisition from Sunnyside Production Company of
our interest in the Coalmont Prospect.
Pursuant to our conversation, Paragraph 1. of said agreement
shall be changed to read:
1. Delta will exchange 26,627 shares if its restricted common
stock as consideration for the fee leases listed on Exhibit
"A" attached hereto and made a part hereof, containing 3600
net mineral acres.
All other terms of said Letter Agreement shall remain unchanged.
If the above properly sets forth our agreement, please so
indicate by signing in the space below and return one copy of
this letter to this office.
Yours very truly,
Sunnyside Production Company
by: /s/Xxxxxxx X. Shear
Xxxxxxx X. Shear, Manager
Xxxxxx to and accepted this 5th day of September, 1995
Delta Petroleum Corporation
By: /s/Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx, President
May 15, 1995
Mr. Xxxxx Xxxxxx
Delta Petroleum Corporation
000 00xx Xxxxxx
Xxxxx 0000
Xxxxxx, Xxxxxxxx 00000
RE: Coalmont Prospect
Xxxxxxx County, Colorado
Dear Xxxxx:
This letter agreement is written to confirm the verbal agreement
reached during our meeting of May 10, 1995 whereby Delta
Petroleum Corporation (Delta) agreed to acquire the interest of
Sunnyside Production Company (Sunnyside) in the Coalmont
Prospect.
The terms and conditions agreed to are as follows:
1. Delta will exchange 18,947 shares of its restricted common
stock as consideration for the fee leases listed on Exhibit "A"
attached hereto and made a part hereof, containing 3600 net
mineral acres.
2. Delta agrees to renew the above fee leases in June, 1995 on
the basis of $6.00 per net mineral acre for 5 year paid-up leases
for a total out of pocket cash of $21,600.00. (Sunnyside has the
right to renew these leases.)
3. Sunnyside owns 3,016.64 acres of federal leases that expire
2/l/96 which Sunnyside is contributing at no cost to Delta, but
we would retain the 5% of 8/8 overriding Royalty Interest. If
these leases are reacquired they would fall under the terms of
the Area Of Mutual Interest as to the Overriding Royalty
Interest.
4. Sunnyside to reserve a 5% of 8/8ths Overriding Royalty
Interest on all leases except State of Colorado lease #72/2296-S
in which Sunnyside will retain the existing 1% of 8/8ths
overriding royalty interest. In addition, Sunnyside will be
entitled to a 5% of 8/8 Overriding Royalty Interest on any leases
acquired by Delta within the Area of Mutual Interest as described
in Exhibit "B" attached hereto and made a part hereof. Said Area
of Mutual Interest and the overriding Royalty Interest obligation
to expire 5 (Five) years from the date of this agreement.
5. At the request of Delta, Sunnyside would be willing to assist
on a consulting basis in the future development and marketing of
the prospect.
If the above properly sets forth our agreement, please so
indicate by signing in the space below and return one copy of
this letter to our office.
Yours very truly
Sunnyside Production Company
by /s/Xxxxxxx X. Shear
Xxxxxxx X. Shear, Manager
Agreed to and accepted this 30th day of May, 1995
by /s/Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx, President
EXHIBIT "A"
Attached to and made a part of that certain Coalmont Prospect
Letter Agreement dated May 15, 1995 between Sunnyside Production
Company, LLC and Delta Petroleum Corporation, Xxxxxxx County,
Colorado.
1. Lease Number: C0024-F-0002-00
Lessor: Xxxxx X. Xxxxxxx, a single man
Lessee: Xxxxxxxx X. Xxxx
Lease Date: July 6, 1990
Recording: Book 166; Page 919
Description: Township 6 North, Range 80 West
Section 7: SW1/4 SE1/4, SE1/4SW1/4
Section 18: Lots 1,2,3,4, E1/2NW1/4,
NW1/4NE1/4, SE1/4SW1/4, SE1/4
Section 19: NW1/4NE1/4
Township 6 North, Range 81 West
Section8: SW1/4SW1/4
Section 10: S1/2SE1/4, SE1/4SW1/4
Section 12: NW1/4SE1/4, NE1/4SW1/4, S1/4SW1/4
Section 13:W1/2W1/2, SE1/4NW1/4, NE1/4SW1/4,
E1/2NE1/4, SW1/4NE1/4, SE1/4
Section 14:E1/2, N1/2NW1/4, SE1/4SW1/4
Section 15:N1/2NE1/4, E1/2NW1/4
Section 17: NW14NW1/4, S1/2NW1/4, NW1/4SW1/4
Section 18: E1/2NE1/4, NE1/4SE1/4
Gross Acres: 2314.30
2. Lease Number: C0024-F-0003-00
Lessor: Xxxxxxx X. Xxxxxxxxx, a widow
Lessee: Xxxxxxx X. Xxxxx
Lease Date: July 31, 1990
Recording: Book 167; Page 173
Description: Township 6 North, Range 81 West
Section 12: NW1/4SE1/4
Section 13: SW1/4NE1/4
Township 7 North, Range 80 West
Section 8: NW1/4NW1/4
Gross Acres: 120.00
3. Lease Number: C0024-F-0004-00
Lessor: Pole Mountain Partnership
Lessee: Xxxxxxxx X. Xxxx
Lease Date: July 5, 1990
Recording: Book 166; Page 913
Description: Township 7 North, Range 81 West
Section 21: SE1/4, S1/2NE1/4
Section 22: W1/2SW1/4, SE1/4, E1/2SW1/4
Section 27: NE1/4NW1/4, NW1/4NE1/4,
S1/2NE1/4, N1/2SE1/4
Gross Acres: 800.00
4. Lease Number: C0024-F-0005-00
Lessor: Xxxxxxx X. Xxxxxx & Xxxxxxx X. Xxxxxx,
husband & wife
Lessee: Xxxxxxxx X. Xxxx
Lease Date: July 5, 1990
Recording: Book 166; Page 916
Description: Township 6 North, Range 80 West
Section 6: Lot 7
Township 7 North, Range 80 West
Section 31: Lot 4, SE1/4SW1/4
Township 6 North, Range 81 West
Section 1: SE1/4SE1/4
Section 2: Lots 1,2,SW1/4NE1/4, W1/2SE1/4
Section 12: N1/2NE1/4, SW1/4NE1/4,
E1/2NW1/4, SW1/4NW1/4, NW1/4SW1/4
Township 7 North, Range 81 West
Section 26: SW1/4SW1/4
Section 27: SE1/4SE1/4
Section 34: NE1/4NE1/4
Section 35: NW1/4NW1/4
Gross Acres: 794.01
5. Lease Number: C0024-F-0005-01
Lessor: Xxxxx X. Xxxxxx, Xx.
Lessee: Xxxxxxxx X. Xxxx
Lease Date: July 5, 1990
Recording: Book 166; Page 925
Description: Township 6 North, Range 80 West
Section 6: Lot 7
Township 7 North, Range 80 West
Section 31: Lot 4, SE1/4SW1/4
Township 6 North, Range 81 West
Section 1: SE1/4SE1/4
Section 2: Lots 1,2, SW1/4NE1/4, W1/2SE1/4
Section 12: N1/2NE1/4, SW1/4NE1/4,
E1/2NW1/4, SW1/4NW1/4,
NW1/4SW1/4
Township 7 North, Range 81 West
Section 26: SW1/4SW1/4
Section 27: SE1/4SE1/4
Section 34: NE1/4NE1/4
Section 35: NW1/4NW1/4
Gross Acres: 794.01
6. Lease Number: C0024-F-0007-00
Lessor: Xxxxxx X. Xxxxxx, a married man dealing with his
sole & separate property
Lessee: Xxxxxxx X. Xxxxx
Lease Date: August 24, 1990
Recording: Book 167; Page 251
Description: Township 7 North, Range 81 West
Section 20: SE1/4SW1/4, S1/4SE1/4
Section 21: S1/2NW1/4, N1/2SW1/4, SW1/4SW1/4
Section 29: NE1/4, NE1/4NW1/4,
N1/2SE1/4, SE1/4SW1/4
Section 32: NE1/4NW1/4
Gross Acres: 680.00
7. Lease Number: C0024-F-0014-00
Lessor: Xxxx Xxxxxxxx Xxxxxx & Xxxxxx Xxxxxx, wife husband
Xxxxxx: Xxxxxxx X. Xxxxx
Lease Date: September 21, 1990
Recording: Book 167; Page 265
Description: Township 7 North, Range 81 West
Section 30: Lots 1,2,3, SE1/4NW1/4
Gross Acres: 145.69
8. Lease Number: C0024-F-0014-01
Lessor: Xxxxx Xxxxxx & Xxxxx Xxxxxx, wife & husband
Xxxxxx: Xxxxxxx X. Xxxxx
Lease Date: September 21, 1990
Recording: Book 167; Page 262
Description: Township 7 North, Range 81 West
Section 30: Lots 1,2,3, SE1/4NW1/4
Gross Acres: 145.69
9. Lease Number: C0024-F-0014-02
Lessor: Xxxxxxx Xxxxxx & Xxxxxx Xxxxxx, husband & wife
Xxxxxx: Xxxxxxx X. Xxxxx
Lease Date: September 21, 1990
Recording: Book 167; Page 274
Description: Township 7 North, Range 81 West
Section 30: Lots 1, 2, 3, SE1/4NW1/4
Gross Acres: 145.69
10. Lease Number: C0024-F-0021-00
Lessor: Xxxxx X. Xxxxxx, Xx.
Lessee: Xxxxxxx X. Xxxxx
Lease Date: February 12, 1991
Effective: July 12, 1993
Recording: Book 167; Page 994
Description: Township 6 North, Range 80 West
Section 6: Lots 4,5,6, SE1/4NW1/4, NE1/4SW1/4
Township 6 North, Range 81 West
Section 1: Lots 1, 2, & 3
Gross Acres: 312.38
11. Lease Number: C0024-P-0022-00
Lessor: State of Colorado #72/2296-S
Lessee: Trend Exploration, Ltd.
Lease Date: March 15, 1975
Recording: Book 100; Page 492
Description: Township 7 North, Range 81 West
Section 36: All
Gross Acres: 640.00
12. Lease Number: C0024-P-0015-00
Lessor: COC-51938
Lessee: Xxxxxxx X. Xxxxx
Lease Date: February 1, 1991
Recording:
Description: Township 6 North, Range 81 West
Section 3: SW1/4SE1/4
Section 3: Lot 5, 6
Section 4: SE1/4NE1/4
Section 4: Lot 5
Section 6: S1/2NE1/4, SE1/4
Section 6: Lots 1, 2
Gross Acres: 536.64
13. Lease Number: C0024-P-0016-00
Lessor: COC-51939
Lessee: Xxxxxxx X. Xxxxx
Lease Date: February 1, 1991
Recording:
Description: Township 6 North, Range 81 W
Section 9: N1/2, SE1/4
Section 10: N1/2, N1/2S1/2, SW1/4SW1/4,
Section 11: W1/2, NW1/4SE1/4, S1/2SE1/4
Gross Acres: 1,440.00
14. Lease Number: C0024-P-0017-00
Lessor: COC-51940
Lessee: Xxxxxxx X. Xxxxx
Lease Date: February 1, 1991
Recording:
Description: Township 6 North Range 81 West
Section 14: SW1/2NW1/4
Section 15: S1/2NE1/4, W1/2W1/2,
NE1/4SW1/4, N1/2SE1/4
Gross Acres: 440.00
15. Lease Number: C0024-P-0018-00
Lessor: COC-51944
Lessee: Xxxxxxx X. Xxxxx
Lease Date: February 1, 1991
Recording:
Description: Township 7 North, Range 81 West
Section 3: SW1/4SW1/4
Section 4: SE1/4SE1/4
Section 9: E1/2NE1/4
Section 10: NW1/4NW1/4
Section 31: E1/2
Section 33: N1/2SW1/4, SE1/4
Section 35: SE1/4NE1/4
Gross Acres: 800.00
