XXXXXXX & COMPANY, INC.
October 29, 1998
VIA FEDERAL EXPRESS
Xxxxx Xxxxxx, President
Amber Resources Company
3310 Anaconda Tower
000 Xxxxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
Dear Xxxxx,
As we discussed, Anadarko Minerals, Inc. ("Buyer") hereby offers to
purchase from Amber Resources Company and Delta Petroleum Corporation,
("Sellers"), all of Sellers' right, title and interest in the Anadarko
Basin Properties set forth in Exhibit A, (the "Properties"), for a price
of $1,384,000, subject to the following terms and conditions:
1. Buyer must verify to its satisfaction Sellers' title to the
Properties. Sellers will make available to Buyer all title
opinions, abstracts, title documents, and other related data
in their files concerning title to the Properties. As used
herein, the term "Properties" includes all rights and
interests in the properties set forth in Exhibit A, together
with all associated leasehold, all equipment, inventory and
other property located thereon, and all contracts, easements,
right and interests owned by Seller and related thereto.
2. The purchase price will be adjusted up or down at the rate of
85 cents per mcf to the extent that the well's gas balancing,
position, as of the effective date, is determined to be less
than or more than the amount set forth on Exhibit A. This price
adjustment will be made at a post closing, settlement to be
made on March 15, 1999.
3. Buyer will be entitled to all revenues attributable to
production from the Properties on or after October 1, 1998
(the "Effective Date"). Sellers will be responsible for all
lease operating, drilling, royalty and other expenses
attributable to the Properties and incurred prior to the
Effective Date, and Buyer will be responsible for all such
expenses incurred after that date.
4. The parties will use their best efforts to close this transaction
oil or before November 13, 1998.
5. Buyer and Sellers will not enter into a formal Purchase and
Sale Agreement, but the form of assignment must be acceptable
to all parties.
6. This offer is open for acceptance by Sellers until 5:00 p.m., CST,
November 4, 1998.
If the foregoing meets with your approval, please sign and return
one copy of this Letter Agreement. Thank you for considering this
offer.
Sincerely,
ANADARKO MINERALS, INC.
c/Xxxxxxx X. Xxxxxxx
Xxxxxxx X. Xxxxxxx
President
Agreed to and accepted this 3rd day of November, 1998
Amber Resources Company
s/Xxxxx X. Xxxxxx
Name: Xxxxx X. Xxxxxx
Title: President
Delta Petroleum Corporation
s/Xxxxx X. Xxxxxx
Name: Xxxxx X. Xxxxxx
Title: President
