AGREEMENT
AREA OF MUTUAL INTEREST
TIGRE POINT AND ROB-L PROSPECTS
VERMILION PARISH, LOUISIANA
Special Note: Tigre Enery Corporation must receive a signed copy of this
Agreement by Fax @ (000) 000-0000 no later than 5:00 p.m.,
Monday, March 6, 2000
(Tigre and its partner will not bid at the Sale
unless these requirements are met)
When executed by all parties hereto and a faxed copy has been received by
Tigre Energy Corporation on or before 5:00 p.m., Monday, March 6, 2000, this
Agreement (the "Agreement") between Tigre Energy Corporation ("TEC"), Xxxxxxx
Oil & Gas, L.P. ("BOG"), Resource Investors Management Company ("RIMCO") will be
deemed to be in effect at 5:00 p.m., Monday, March 6, 2000 and will modify the
original agreement executed by the parties on or about January 24, 1997, with
respect to their exploration efforts in the RIMCO/Tigre Project (being ownership
interest in all leasehold and other property of every kind located within the
lands described on Exhibit A hereto).
NOW, THEREFORE, in consideration of good and valuable considerations, the
receipt and sufficiency of which is hereby acknowledged, and the premises,
mutual covenants and agreements contained herein TEC, BOG, and RIMCO agree as
follows:
1. Distribution of Interests - If the requirement for prompt response from
BOG and RIMCO is met (as set oiut in the "Special Note" above), TEC and its
partner, acting through Cypress Energy, the lease broker, will provide funds to
bid in an attempt to acquire all or part of the nominated acreage located within
the above defined AMI at the State Lease Sale scheduled for 9:00 AM, Wednesday,
March 8, 2000. TEC, the TEC Partner, Huerfano Corporation, BOG and RIMCO will
each hold the following estimated interests, and no other, in the RIMCO/Tigre
Project:
Before Project Payout After Project Payout
-----------------------------------------------------------------------
W.I% R.I% W.I% R.I%
---- ---- ---- ----
Drilling Participant(s) 100.00 75.00 80.00 60.000
TEC 0.00 0.50 7.50 6.125
TEC Partner 0.00 0.50 7.50 6.125
BOG 0.00 0.50 2.50 2.375
RIMCO 0.00 0.50 2.50 2.375
Huerfano 0.00 3.00 0.00 3.000
State of Louisiana 0.00 20.00 0.00 20.000
-----------------------------------------------------------------------
TOTAL(%) 100.00 100.00 100.00 100.00
2. Availability of 3-D Seismic data - Subject to the terms and the
applicable license agreements, BOG will make available all seismic data, along
with interpretations which BOG has within its possession or control related to
the RIMCO/Tigre Project (the "3-D Data"). Further, for a period of two years
from the date hereof, subject to the terms of the applicable seismic license
agreements, BOG will provide prospective drilling participants the opportunity
to review the 3-D Data and TEC, or its designee, will be responsible for
marketing the RIMCO/Tigre Project. BOG will also make available all computer
equipment necessary to review and analyze the 3-D Data to prospective drilling
participants.
3. UNOCAL/AMOCO Farmout. BOG will provide limited assistance to TEC, or its
designee, in obtaining a farm-out agreement with UNOCAL/AMOCO for leasehold
rights in Xxxxxxxxxx Block 14, which is contained within the AMI.
4. Terms of the Trade - TEC will provide the Terms of the Trade in
marketing the project to prospective Drilling Participants. Distribution of
interests will be similar to those set out in Paragraph 1 above and
reimbursement of sunk costs will be limited to actual lease acquisition cost,
brokerage fees and miscellaneous expenses to TEC and its partner for lease(s)
acquired after March 6, 2000. Terms of the Trade could vary depending on the
market for prospects during the coming year(s). The final terms of trade shall
remain within the sole discretion of TEC and the parties acknowledge that (i)
before-payout revenue-interests and (ii) after-payout revenue-interests and
working-interests may have to be adjusted in order to successfully market the
Project. Any such adjustments will be made proportionately to all those
interests described in the table set forth in Paragraph 1 above, with the
exception of the State of Louisiana and the Drilling Participants.
5. Drilling Obligations. This Agreement eliminates any and all obligations
of BOG to perform any drilling within the AMI.
Time is the essence of this Agreement.
IN WITNESS HEREOF, the parties hereto have executed this Agreement as of and
effective on the 6th DAY of MARCH, 2000
RIMCO PRODUCTION CO. TIGRE ENERGY CORPORATION
/s/ X.X. Xxxxxx /s/ Xxxxxxx X. Xxxxxxxx
_________________________________ _________________________________
By: X.X. Xxxxxx Xxxxxxx X. Xxxxxxxx, President
Title: President
XXXXXXX OIL & GAS, L.P.
/s/ Xxx X. Xxxxxxx
_________________________________
By: Xxx X. Xxxxxxx
Title: President
