Xxx Resources Corporation
One Houston Center
0000 XxXxxxxx, Xxxxx 0000
Xxxxxxx XX 00000
(000) 000-0000
February 4, 1997
Isramco, Inc.
Shavit House, 0 Xxxxx Xxxxxxxxxx Xx.
Xxx Xxxx, XXXXXX 00000
Attn: Xxxxx Xxxx
Dear Xxxxx:
This letter is written to set forth our agreement to transfer 7.9%
Membership Interest and 13.81% After Payout Percentage in Xxx Petroleum, L.L.C.
("Transferred Interest") to Isramco, Inc. The consideration for said transfer of
interest is the $132,640 additional capital contribution made to Xxx Petroleum
L.L.C. by Isramco, Inc.
Upon the execution of this letter agreement, Xxx Resources Corporation
automatically assigns and transfers the Transferred Interest to Isramco, Inc.
Xxx Resources Corporation represents to Isramco, Inc. that it has the requisite
corporate approval and authority to transfer the Transferred Interest and it
further represents and warrants that the Transferred Interest is free and clear
of any liens.
Isramco, Inc. agrees to become a Member of the LLC and to be bound by and
comply with the First Restated Regulations of the LLC, a copy of which Isramco,
Inc. has reviewed. The effective date of this transaction is February 4, 1997.
If the foregoing represents your understanding and agreement, please sign
in the space provided.
Sincerely,
XXX RESOURCES CORPORATION
By: /S/ XXXXXX XXXXX
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Title:
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Accepted and Agreed to this 4 day of February , 1997.
ISRAMCO, INC.
By: /S/ X. XXXX
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Title:
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