EXHIBIT 10.1
ASSIGNMENT AGREEMENT
This Agreement is made as of February 14, 2001.
BETWEEN:
LIONS GATE INVESTMENT LIMITED,
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of Suite 2901, 0000 Xxxxxxxxxx Xxxxxxxx,
Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0
(the "Assignee")
AND:
N.D.G. XXXXX,
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of 0000, Xxxxxxxx Xxxxxx, X.X.,
Xxxxxxx, Xxxxxxx, X0X 0X0
(the "Assignor")
WHEREAS:
A. The Assignor owns a 2% overriding royalty (the "Royalty") over certain
petroleum producing lands in the Province of Alberta, Canada known as Edgerton
"27", XXX 00, XXX 0, X0X, Xxxxxxx 27 granted by Harbour Petroleum Company
Limited;
B. The Assignor wishes to assign the Royalty to the Assignee in consideration
for common shares of the Assignee;
IN CONSIDERATION OF THE sum of Ten Dollars ($10.00) paid by each party to the
other (the receipt and sufficiency of which is hereby acknowledged) the parties
hereto agree as follows:
1. The Assignor hereby sells, assigns and transfers to the Assignee all of his
right, title and interest in and to the Royalty and the royalty agreement
as it pertains to the Royalty dated August 4, 1981 between Harbour
Petroleum Company Limited and N.D.G. Xxxxx (the "Royalty Agreement").
2. In consideration for assigning the Royalty to the Assignee, the Assignee
agrees to issue the Assignor 100,000 common shares at a deemed value of
$0.50 per share.
3. Commencing March 1, 2001, all royalty payments due under the Royalty
Agreement shall accrue to the Assignee and shall be deposited to the credit
of the Assignee.
4. The summary of royalty payments received by the Assignor for 1999 and 2000
attached as Schedule "A" to this agreement are true and accurate in all
respects and representative of historical royalties paid under the Royalty
Agreement.
5. The Royalty Agreement attached as Schedule "B" to this agreement is a true
copy of the Royalty Agreement under which the Assignor acquired the
Royalty.
6. This Agreement shall be governed by and construed in accordance with the
laws of Alberta.
7. This Agreement shall enure to the benefit of and be binding upon the
parties hereto and their respective heirs, successors and permitted
assigns.
8. This Agreement may be executed in several counterparts each of which when
executed by any party hereto will be deemed to be an original and such
counterparts will together constitute one and the same instrument.
IN WITNESS WHEREOF this Agreement has been executed by the parties hereto the
day and year first above written.
LIONS GATE INVESTMENT LIMITED
Per: /s/ Xxxxx Xxxxx
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Xxxxx Xxxxx, President and Director
SIGNED, SEALED AND DELIVERED )
by N. XXXXXXX XXXXX in the )
presence of: )
)
)
-------------------------------- )
Witness )
)
-------------------------------- ) /s/ N. Xxxxxxx Xxxxx
Address ) N. XXXXXXX XXXXX
)
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)
)
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Occupation )
2
SCHEDULE "A"
TO ASSIGNMENT AGREEMENT DATED FEBRUARY 14, 2001
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1999 2000
PRODUCTION MONTH AMOUNT AMOUNT
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January $398.27 $635.59
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February $310.86 $939.00
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March $430.13 $979.61
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April $572.05 $969.94
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May $775.56 $1,088.83
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June $617.09 $974.81
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July $744.62 $862.73
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August $776.34 $822.54
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September $828.60 $827.40
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October $887.40 $670.06
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November $789.13 Not yet paid
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December $760.30 Not yet paid
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Total $7,890.35 $8,770.51
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Avg/Mo. $657.53 $877.05
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