PURCHASE AND SALE AGREEMENT
EXHIBIT 10.13
This Purchase and Sale Agreement (the “Agreement”) is entered into on January 5, 2024 (the “Execution Date”), but to be effective as of 12:01 a.m. on November 1, 2023 (the “Effective Date”), by and among Coriolis Energy Partners I, LLC, a Delaware limited liability company (“Seller”), and Evolution Petroleum Corporation, a Nevada corporation (“Buyer”). Each of the Seller or Buyer is sometimes individually referred to herein as a “Party” and collectively as the “Parties”.
WHEREAS, Seller owns certain oil, gas and mineral leases and other assets located in Canadian, Garvin, Grady, Kingfisher, XxXxxxx and Xxxxxxxx Counties, Oklahoma; and
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DOCUMENT REVIEW
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CONDITION AND FITNESS OF THE PROPERTIES
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SELLER’S REPRESENTATIONS AND WARRANTIES
Seller makes the following representations and warranties to Buyer as of the Effective Date and as of the Execution Date. As used in this Article VI, “to Seller’s knowledge”, or similar terms, means the actual knowledge (with such reasonable investigation as might be expected from a prudent non-operator in the areas where the Properties are located, it being understood that a prudent non-operator would not be required to inquire with any third-party operator about the accuracy or completeness of the representations and warranties set forth in this Article VI) of Xxxxx X. Xxxxxxx.
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BUYER’S REPRESENTATIONS AND WARRANTIES
Xxxxx makes the following representations and warranties to Seller as of the Execution Date:
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CONDITIONS PRECEDENT TO CLOSING
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POST-CLOSING RIGHTS AND OBLIGATIONS
ASSUMPTION OF OBLIGATIONS AND INDEMNIFICATION
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(ii)cure the alleged Environmental Defect by the Final Settlement Date.
If Seller fails to elect in writing one of the remedies set forth in this Section 14.1(c) above prior to Closing with respect to any Environmental Defect, then Seller shall be deemed to have elected the remedy in Section 4.1(c)(i).
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SPECIAL WARRANTY OF DEFENSIBLE TITLE
CONSENTS TO ASSIGN; PREFERENTIAL PURCHASE RIGHTS
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CASUALTY LOSSES
EXPENSES AND TAXES; ASSET TAX ALLOCATION
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If to Seller:
Coriolis Energy Partners I, LLC
0000 X Xxxxxx Xx.
Centennial, CO 80112
Telephone: (000) 000-0000
Attention: Xxxxx X. Xxxxxxx
Email: xxxxx@xxxxxxx.xxx
With a copy to (which shall not constitute notice to Buyer):
Xxxxxxx Xxxxxx Xxxxx LLP
000 Xxxxxx X. Xxxx Xxx., Xxxxx 0000
Oklahoma City, Oklahoma 73102
Attention: Xxx X. Xxxxxxx
Tel.: (000) 000-0000
Email: xxxxxxxx@xxxxxxxxxx.xxx
If to Buyer:
Evolution Petroleum Corporation
000 Xxxxx Xxxxxxx Xx., Xxxxx 000
Houston, Texas 77079
Telephone: (000) 000-0000
Attention: Xxxx Xxxxx
Email: xxxxxx@xxxxxxxxxxxxxxxxxx.xxx
With a copy to (which shall not constitute notice to Buyer):
Xxxxxxxxxx Xxxxxxxx XxXxxxxx Xxxxxxxxxxxx PLLC
0000 Xxxxxxxx Xxxx, Xxx. 000
Houston, Texas 77006
Attention: Xxxxx X. XxXxxxxx
Tel.: (000) 000-0000
Email: xxxxx@xxxxxxxx.xxx
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(Signature page follows this page.)
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SELLER:
CORIOLIS ENERGY PARTNERS I, LLC By: Tributary Energy Management, LLC, its Manager | |
By: | /s/ XXXXX X. XXXXXXX |
Name: | Xxxxx X. Xxxxxxx |
Title: | Manager |
BUYER:
EVOLUTION PETROLEUM CORPORATION | |
By: | /s/ XXXXX XXXX |
Name: | Xxxxx Xxxx |
Title: | President & Chief Executive Officer |
Signature Page to Purchase and Sale Agreement