PLEDGE OF COLLATERAL
Exhibit 10.24
Reference is made to a certain Deed of Novation and Assignment dated January 18, 2020, by and between Berwin Trading Limited (“Berwin”), Profit Well Limited (“Profit Well”), Foothills Exploration, Inc. (“Foothills”) and Beijing Gas Blue Sky Holdings Limited (“BGBS”) (the “Novation”).
Pursuant to the Novation, a new promissory note between BGBS and Foothills for the combined amount of $5,476,505, shall be hereby secured and collateralized by Foothills’ Ute Tribal North properties, as described in the attached Exhibit A.
[Signature Pages Follow]
IN WITNESS WHEREOF this DEED has been executed and delivered as a DEED by the Parties on the date first above written.
| SEALED with the COMMON SEAL of | ) | |
| BERWIN TRADING LIMITED | ) | |
| and SIGNED by | ) | |
| ) | ||
| for and on its behalf | ) | |
| in the presence of: | ) |
| SEALED with the COMMON SEAL of | ) | |
| PROFIT WELL LIMITED | ) | |
| and SIGNED by | ) | |
| ) | ||
| for and on its behalf | ) | |
| in the presence of: | ) |
| SEALED with the COMMON SEAL of | ) | |
| FOOTHILLS EXPLORATION, INC. | ) | |
| and SIGNED by X.X. Xxxxxxx, CEO | ) | |
| for and on its behalf | ) | |
| in the presence of: | ) |
| SEALED with the COMMON SEAL of | ) | |
| BEIJING GAS BLUE SKY HOLDINGS | ) | |
| LIMITED | ) | |
| and SIGNED by | ) | |
| ) | ||
| for and on its behalf | ) | |
| in the presence of: | ) |
EXHIBIT A
SPECIFIED LANDS
Township 1 North, Range 1 West, USB&M
| Ute Tribal 1-32 Z1 4301330324 | |
| Sec. 32 | Tribal Lease: 14-20-H62-1934 (40.00 acres) |
| NW/4NW/4 Duchesne County, Utah | |
| Sec. 32 | Tribal Lease: 14-20-H62-2457 (10.00 acres) |
| XX/0XX/0XX/0 | |
| Xxxxxxxx Xxxxxx, Xxxx |
Xxxxxxxx 0 Xxxxx, Xxxxx 2 West, USB&M
| Ute Tribal 1-26B 4301330168 | |
| Sec. 26 | Tribal Lease: 14-20-H62-4952 (640.00 acres) |
| All | |
| Duchesne County, Utah |
| L.E. Font 3-27 43013331052 | |
| Sec. 27 | Tribal Lease: 14-20-H62-4733 (640.00 acres) |
| All | |
| Duchesne County, Utah |
| Xxxxxx Xxx H.E. Xxxx 2-28Z2 43013331053 | |
| Sec. 28 | Tribal BIA Lease: 14-20-H62-1709 (640.00 acres) |
| All | |
| Duchesne County, Utah |
Township 1 South, Range 4 West, USB&M
| A Rust 2 4301330290, Rust 3-22A4 4301331266 | |
| Sec. 22 | Tribal Lease: 14-20-H62-1764 (40.00 acres) |
| XX/0XX/0 | |
| Xxxxxxxx Xxxxxx, Xxxx |
Xxxxxxxx 0 Xxxxx, Xxxxx 4 West, USB&M
| Ute Tribe 1-13 0000000000, Ute Tribe 13-15X 0000000000 | |
| Sec. 13 | Tribal Lease: 14-20-H62-4894 (480.00 acres) |
| NE/4,SE/4,E/2NW,W/2SW/4 | |
| Duchesne County, Utah |
| Ute Tribal 24-12 4301330830 | |
| Sec. 24 | Tribal Lease: 14-20-H62-4716 (160.00 acres) |
| XX/0 | |
| Xxxxxxxx Xxxxxx, Xxxx |
Xxxxxxxx 0 Xxxxx, Xxxxx 6 West, USB&M
| Ute 1-12B6 4301330268 | |
| Sec. 12 | Tribal Lease: 14-20-H62-4951 (320.00 acres) |
| X/0 | |
| Xxxxxxxx Xxxxxx, Xxxx |
Xxxxxxxx 0 Xxxxx, Xxxxx 6 West, USB&M
| Ute Tribal 1-14D-6 4301330480 | |
| Sec. 14 | Tribal Lease: 14-20-H62-4893 (588.52 acres) |
| Xxx 0 (00.00 xxxxx), Xxx 0 (00.00 xxxxx), | |
| Xxx 0 (39.00 acres), Lot 6 (37.90 acres), | |
| Lot 7 (32.19 acres), Xxx 0 (00.00 xxxxx) | |
| XX/0, X/0XX/0, XX/0 | |
| Xxxxxxxx Xxxxxx, Xxxx |
Township 1 South, Range 1 East, USB&M
| Ute Tribal 1-16A1E 0000000000 | |
| Sec. 16 | Tribal Lease: 14-20-H62-4888 (480.00 acres) |
| E/2, E/2W/2 | |
| Uintah County, Utah |
| Sec. 21 | Tribal Lease: 14-20-H62-4888 (120.00 acres) |
| X/0XX/0, XX/0XX/0 | |
| Xxxxxx Xxxxxx, Xxxx |
| XX Xxxxxxxx 1-23 4304730279 | |
| Sec. 23 | Tribal Lease: 14-20-H62-2718 (480.00 acres) |
| X/0XX/0, X/0X/0XX/0, | |
| XX/0XX/0, X/0 | |
| Xxxxxx Xxxxxx, Xxxx |
| Xxxxxxx 1-26A1E 0000000000 | |
| Sec. 26 | Tribal Lease: 14-20-H62-4889 (160.00 acres) |
| W/2W/2 | |
| Uintah County, Utah |
Township 0 Xxxxx, Xxxxx 0 Xxxx, XXX&X
| Xxx Xxxxxx 0-0X0X 4304730931 | |
| Sec. 2 | Tribal Lease: 14-20-H62-4710 (20.00 acres) |
| XX/0XX/0XX/0, X/0XX/0XX/0XX/0, | |
| X/0XX/0XX/0XX/0 | |
| Xxxxxx Xxxxxx, Xxxx |
| Sec. 2 | Tribal Lease: 14-20-H62-4711 (405.30 acres) |
| Xxxx 0, 0, 0, 00, XX/0XX/0XX/0, | |
| X/0XX/XX/0, X/0XX/0XX/0XX/0, | |
| XX/0XX/0XX/0, X/0XX/0, X/0XX/0, | |
| XX/0XX/0, X/0XX/0XX/0, XX/0XX/0XX/0, | |
| X/0XX/0XX/0XX/0 | |
| Xxxxxx Xxxxxx, Xxxx |
| Ute Tribal 1-14B1E 4304730774 | |
| Sec. 14 | Tribal Lease: 14-20-H62-5022 (270.00 acres) |
| NENE, E/2NWNE, E/2W/2NWNE, W/2NENENW, W/2NENW, | |
| X/0X/0XXXX, XXXXXX, X/0XXXX, X/0XXXXXX, NENESW, | |
| E/2W/2NESW, SENWSW, W/2NWSW, SW/4SW/4, E/2W/2SESW | |
| W/2W/2/E/2SESW, N/2N/2SENESW, W/2W/2E/2SW, W/2E/2W/2E/2SESW | |
| Uintah County, Utah |
ADDITIONAL LANDS
Township 1 North, Range 2 West, USB&M
| Ute Tribal 1-34B 0000000000 | |
| Sec. 34 | Tribal Lease: 14-20-H62-1704 (40.00 acres) |
| Wellbore Only | |
| Duchesne County, Utah |
| Ute Tribal 2-35B 4301330106 | |
| Sec. 35 | Tribal Lease: 14-20-H62-1614 (640.00 acres) |
| All | |
| Duchesne County, Utah |
Township 4 South, Range 4 West, USB&M
| Coyote Ute Tribal 10-9 4301330861 | |
| Sec. 9 | Tribal Lease: I109-IND-5351 (320.00 acres) |
| X/0 | |
| Xxxxxxxx Xxxxxx, Xxxx |
Xxxxxxxx 0 Xxxxx, Xxxxx 4 West, USB&M
| Ute Tribal 16-2 4301330756 | |
| Sec. 2 | Tribal Lease: 14-20-H62-3404 (560.00 acres) |
| NW,NE,SW,E/2SE | |
| Duchesne County, Utah |
| Ute Tribal 25-2, 25-5, 25-6 | |
| Sec. 25 | Tribal Lease: 14-20-H62-3440 (320.00 acres) |
| XX/0,X/0XX/0,X0XX/0 | |
| Xxxxxxxx Xxxxxx, Xxxx |
