AGREEMENT
This Agreement is entered into effective as of December 30,
1999, by and between Delta Petroleum Corporation, a Colorado
corporation, 000 00xx Xxxxxx, Xxxxx 0000, Xxxxxx, Xxxxxxxx 00000
and Xxxxxxxx X. Xxxx, 0000 Xxxxx Xxxxxxx Xxxxxx, Xxxxx 00, Xxxxx
Xxxxxxx, Xxxxxxxxxx 00000.
RECITALS
A. The parties hereto are also parties to that certain
A Purchase and Sale Agreement dated January 3, 1995 (the
A Purchase and Sale Agreement), those several instruments of
conveyance of even date therewith and related thereto each of
which is entitled AAssignment, Conveyance and Xxxx of Sale of
Federal Oil and Gas Leases Reserving a Production Payment
(collectively, the Assignments), and to that certain Agreement
dated December 17, 1998 amending the Assignments (the First
Amendment).
B. The parties desire to further amend the Assignments.
AGREEMENT
FOR VALUABLE CONSIDERATION, the receipt and adequacy of
which are acknowledged, the parties agree as follows:
1. Each of the Assignments is hereby amended to add a new
Section II-11 which shall read as follows:
11. In the event Assignee receives any
compensation in any form as consideration for any
agreement, settlement, regulatory action or other
arrangement, whether voluntary or involuntary,
with or by any governmental unit (whether federal,
state or local) or other party precluding the
further development of the Interests, Assignee
shall pay Assignor the lesser of: (x) three
percent (3%) of the stated value of such
compensation; or, (y) the remaining balance of the
Production Payment. To the extent that such
agreement, settlement, regulatory action or other
arrangement precludes development of less than all
of the Interests, the amount paid to Assignor
pursuant to this Section 11 shall be deducted from
and reduce amounts due under the Production
Payment upon actual production of Substances, but
the Production Payment shall otherwise remain in
effect with respect to any Interest, the
development of which is not so precluded.
2. The parties hereby ratify the Purchase and Sale
Agreement and the Assignments, as amended by the First Amendment
and this Agreement.
3. This Agreement may be executed in one or more
counterparts, which shall together constitute one document. This
Agreement may be executed by means of facsimile signatures
without the necessity of further proof of execution.
Executed effective as of the date first above written.
DELTA PETROLEUM CORPORATION
s/Xxxxxxxx X. Xxxx By:s/Xxxxxx X. Xxxxxx, Xx.
XXXXXXXX X. XXXX Authorized Officer
