Re: Purchase of Overriding Royalty Interest
Exhibit 10.7
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Xxxxx XxxXxxx
XxxXxx Investments Limited
0000 Xxxxxx Xxxxxxxx
Xxxxxx, Xxxxxxx
Xxxxxx X0X 0X0
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March 28, 2011
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Re:
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Purchase of Overriding Royalty Interest
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Dear Xxxxx:
This letter will serve to confirm our understanding and agreement for the purchase by MacKov Investments Limited (“MacKov”) from Xxxxxx Petroleum, Inc. (“HPI”) of certain overriding royalty interests (“ORRI”) in oil & gas leases owned or to be acquired by HPI in Kansas, as follows:
Purchase of ORRI. XxxXxx hereby agrees to purchase, and HPI hereby agrees to sell, assign and convey to XxxXxx, an ORRI in the following percentages and in described leases in Kansas:
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Project
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Lease Name
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%XXXX
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Xxxx
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Xxxx
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1.370 | % | |||
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Xxxxxx
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Xxxxxxxxx
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1.500 | % | |||
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Xxxxxx
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Xxx
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0.250 | % | |||
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Xxxxxxx
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Xxxxxxxx Trust
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2.250 | % | |||
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Xxxxxxx
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Xxxxxxxxxx (Xxxx)
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1.125 | % | |||
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Xxxxxxx
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Xxxxx Trust
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2.250 | % | |||
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Koeslch
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Prescott
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1.000 | % | |||
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South Haven
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Xxxxx Xxxxxxx
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2.250 | % | |||
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South Haven
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Xxxxx Xxxxxxx
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2.250 | % | |||
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South Haven
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Xxxxxx
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2.250 | % | |||
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Xxxxxx
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X. Xxxxxxxxx
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1.000 | % | |||
The purchase price for the ORRI shall be $50,000. The assignment of the interest shall be made and recorded by HPI in the form of all other assignments to its other ORRI owners. The $50,000 shall be used by HPI to acquire, remediate and develop its Kansas oil & gas properties. This agreement shall be governed under the laws of the state of Utah, and the venue for any dispute shall be Salt Lake County, Utah.
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XXXXXX PETROLEUM, INC.
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By:
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/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx, President
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ACCEPTED & AGREED:
MacKov Investments Limited
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By:
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/s/ Xxxxx XxxXxxx
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Dated: March 28, 2011
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Xxxxx XxxXxxx
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00 X. XXXXX XXXXXX, XXXXX 0000, XXXX XXXX XXXX, XXXX 00000 • OFFICE 801.519.8500
