ASSIGNMENT AGREEMENT
This Agreement is made as of February 14, 2001.
BETWEEN:
LIONS GATE INVESTMENT LIMITED,
of Suite 2901, 0000 Xxxxxxxxxx Xxxxxxxx,
Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0
(the "Assignee")
AND:
N.D.G. XXXXX,
of 0000, Xxxxxxxx Xxxxxx, X.X.,
Xxxxxxx, Xxxxxxx, X0X 0X0
(the "Assignor")
WHEREAS:
A. The Assignor owns a 2% overriding royalty (the "Royalty") over certain petroleum producing lands
in the Province of Alberta, Canada known as Edgerton "27", XXX 00, XXX 0, X0X, Xxxxxxx 27 granted by Harbour
Petroleum Company Limited;
B. The Assignor wishes to assign the Royalty to the Assignee in consideration for common shares of
the Assignee;
IN CONSIDERATION OF THE sum of Ten Dollars ($10.00) paid by each party to the other (the receipt and
sufficiency of which is hereby acknowledged) the parties hereto agree as follows:
1. The Assignor hereby sells, assigns and transfers to the Assignee all of his right, title and interest in and to the
Royalty and the royalty agreement as it pertains to the Royalty dated August 4, 1981 between Harbour
Petroleum Company Limited and N.D.G. Xxxxx (the "Royalty Agreement").
2. In consideration for assigning the Royalty to the Assignee, the Assignee agrees to issue the Assignor
100,000 common shares at a deemed value of $0.50 per share.
3. Commencing March 1, 2001, all royalty payments due under the Royalty Agreement shall accrue to the
Assignee and shall be deposited to the credit of the Assignee.
4. The summary of royalty payments received by the Assignor for 1999 and 2000 attached as Schedule "A" to
this agreement are true and accurate in all respects and representative of historical royalties paid under the
Royalty Agreement.
5. The Royalty Agreement attached as Schedule "B" to this agreement is a true copy of the Royalty Agreement
under which the Assignor acquired the Royalty.
6. This Agreement shall be governed by and construed in accordance with the laws of Alberta.
7. This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective
heirs, successors and permitted assigns.
8. This Agreement may be executed in several counterparts each of which when executed by any party hereto
will be deemed to be an original and such counterparts will together constitute one and the same instrument.
IN WITNESS WHEREOF this Agreement has been executed by the parties hereto the day and year first above
written.
LIONS GATE INVESTMENT LIMITED
Per: /s/ Xxxxx Xxxxx
Xxxxx Xxxxx, President and Director
SIGNED, SEALED AND DELIVERED )
by N. XXXXXXX XXXXX in the )
presence of: )
)
)
________________________________ )
Witness )
)
________________________________ ) /s/ N. Xxxxxxx Xxxxx
Address ) N. XXXXXXX XXXXX
)
________________________________ )
)
)
________________________________ )
Occupation )
c:\data\wp\lions gate\agreements\assignment.doc
SCHEDULE "A"
TO ASSIGNMENT AGREEMENT DATED FEBRUARY 14, 2001
|
Production Month |
1999
Amount |
2000
Amount |
| January | $398.27 | $635.59 |
| February | $310.86 | $939.00 |
| March | $430.13 | $979.61 |
| April | $572.05 | $969.94 |
| May | $775.56 | $1,088.83 |
| June | $617.09 | $974.81 |
| July | $744.62 | $862.73 |
| August | $776.34 | $822.54 |
| September | $828.60 | $827.40 |
| October | $887.40 | $670.06 |
| November | $789.13 | Not yet paid |
| December | $760.30 | Not yet paid |
| Total | $7,890.35 | $8,770.51 |
| Avg/Mo. | $657.53 | $877.05 |
