RE: Letter Agreement Election to Purchase Bacaroo Project Baca County, Colorado
Exhibit 10.15
Xxxxxxxxx Partner Associates, Inc.
April 14, 2004
Mr. Xxxxxx Xxxxx
0000 Xxxxxxxx Xxxx
Xxxxxxx, XX 00000
| RE: | Letter Agreement |
| Election to Purchase |
| Bacaroo Project |
| Xxxx County, Colorado |
Dear Xxxxxx:
Pursuant to our Exploration Services Funding Agreement dated January 26, 2004 (“EFSA”), this letter shall serve as Fellows Energy Ltd.’s (“Fellows”) election and agreement to purchase the Bacaroo Project. Xxxxxxxxx Partners Associates, Inc. (“Xxxxxxxxx”) and Fellows shall herein be collectively referred to as the “Parties.” The Parties hereby agree as follows:
| 1. | Subject to the terms and conditions of the EFSA, the Bacaroo Project was shown to Fellows as a formal presentation on March 9, 2004. |
| 2. | Pursuant to Xxxxxxxxx’x Exploration Service Funding Agreement with The Houston Exploration Company (“Houston”) dated January 13, 2003, the Circus Project was also shown to Houston. Houston has elected not to participate in this Project. |
| 3. | Subject to the terms and conditions of the EFSA, Fellows hereby elects and agrees to purchase one hundred percent (100.00%) of the Bacaroo Project. |
| 4. | Subject to the terms and conditions of the EFSA That the geographical definition of the Area of Mutual Interest for the Bacaroo Project, shall be as follows: |
*
(all township are located in Xxxx County, Colorado)
| 5. | That Fellows’ election date to purchase the Bacaroo Project shall be April 14, 2004 and that fifty percent (50%) of Xxxxxxxxx’x Project Fee, as defined in the EFSA, shall be paid to Xxxxxxxxx by Fellows no later that April 26, 2004. |
| 6. | That all of the terms and conditions contained in the EFSA shall govern Fellows’ operations on and in the Bacaroo Project. |
Please signify your acceptance and agreement to the foregoing by signing and returning one (1) copy of this letter to the undersigned.
| * | Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Commission. |
Very truly yours,
Xxxxx X. Xxxxxxxx, as attorney-in-fact for
Xxxxxxxxx Partner Associates, Inc.
AGREED TO AND ACCEPTED this day of , 2004:
| FELLOWS ENERGY LTD. | ||
| By | ||
| * | Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Commission. |
