EXHIBIT 10.1
LETTER AGREEMENT
"Xxxxxxx Northeast Unit #3"
Panola County, Texas
This Letter Agreement is entered into between TBX Resources, Inc.,
Dallas, Texas, and Quad Resources, LLC, Bossier City, Louisiana, in conjunction
with Quad Resources, LLC, purchasing interests in oil and gas leases located in
Panola County, Texas and known as the "Xxxxxxx Northeast Unit #3". Reference is
made in this Letter Agreement to that certain sale and purchase and the
subsequent discussions between the parties thereto.
Quad Resources, LCC is desirous of obtaining drilling, development and
production rights to the other and remaining geological zones contained within
the boundaries of, and as set forth in, the surface legal description of the
"Xxxxxxx Northeast Unit #3". TBX Resources, Inc. agrees, on a best efforts
basis, to help, aid, assist and act on behalf of Quad Resources, LLC as their
agent in obtaining the drilling, development and production rights to the other
geological zones of the surface legal description of the "Xxxxxxx Northeast Unit
#3", as referred to above, to the best of their ability.
Any records, contacts, letters, information or data that is in the
possession of TBX Resources, Inc. or can or could be reasonably be obtained by
TBX Resources, Inc. will be turned over and/or shared with Quad Resources, LLC.
It will be Quad Resources, LLC responsibility to negotiate and obtain those
rights to other geological zones from the current owner(s).
This Letter Agreement is signed, entered and agreed to on the day and
date last written below.
TBX RESOURCES, INC. QUAD RESOURCES, LLC
00000 Xxxx Xxxx, Xxxxx 000 0000 Xxxxxxxxx Xxxx.
Xxxxxx, Xxxxx 00000 Xxxxxxx Xxxx, XX 00000
By: /s/ XXX XXXXXXXXX By: /s/ XXXX X. XXXXXXXX
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Xxx Xxxxxxxxx, President Xxxx X. Xxxxxxxx, Manager
Date: 2002 Date: 2002
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