EXHIBIT 10.30
ASSIGNMENT
OF
JOINT EXPLORATION
AND
DEVELOPMENT AGREEMENT
This Assignment is entered into among Camwest Limited Partnership, an
Arkansas limited partnership ("Camwest"), CamWest Exploration LLC, an Arkansas
limited liability company ("Exploration"), Pinnacle Oil International, Inc. a
Nevada corporation ("POII), Pinnacle Oil, Inc., a Nevada corporation ("POI"),
and Pinnacle Oil Canada, Inc., a corporation formed under the laws of Canada
("POC"). POII, POI, and POC are referred to herein collectively as "Pinnacle".
RECITALS:
A. Camwest and Pinnacle entered into a Joint Exploration and Development
Agreement dated as of April 3, 1998 (the "Development Agreement").
B. Exploration has been formed by the members of Camwest to fund the
capital requirements of and pursue the opportunities under the
Development Agreement.
C. In accordance with the terms hereof, Camwest wishes to assign its
rights under the Development Agreement to Exploration.
NOW THEREFORE in consideration of the above premises and the mutual
promises stated below, the parties agree as follows:
1. Assignment. In exchange for the considerations set forth below and the
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mutual promises stated herein, Camwest hereby assigns to Exploration,
and Exploration hereby accepts the assignment of, all of Camwest's
right, title, and interest in, to, and under the Development Agreement.
In consideration for the assignment set forth above, Exploration hereby
agrees to reimburse Camwest for all cost and expenses heretofore
incurred by Camwest with respect to the Development Agreement. The
foregoing assignment shall be subject to the condition that Chase Bank
of Texas, a secured creditor of Camwest, consents to such assignment.
2. Assumption. Exploration hereby assumes and agrees to perform, satisfy,
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and otherwise discharge all obligations of Camwest under the
Development Agreement and to indemnify and hold Camwest harmless with
respect to the same. Exploration further covenants with Pinnacle to
carry out all obligations of Camwest under the Development Agreement
and to be bound unequivocally by all terms and provisions of the
Development Agreement.
3. Consent. Pinnacle by its signature below does hereby consent to the
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assignment hereunder by Camwest of its interest in the Development
Agreement to Exploration.
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4. Counterparts. This Assignment may be executed in any number of
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counterparts, and each of such counterpart shall for all purposes be
deemed an original and all such counterparts shall together constitute
one document.
IN WITNESS WHEREOF, the parties have caused this Assignment of Joint
Exploration and Development Agreement to be executed as of the ____ day of
March, 2000.
Camwest Limited Partnership
By: Camwest, Inc., General Partner
By: /s/ Xxxxxxx Xxxxxx Jr
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Title: Vice President
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CamWest Exploration LLC
By: Camwest, Inc., Manager
By: /s/ Xxxxxxx Xxxxxx Jr
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Title: Vice President
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Pinnacle Oil International, Inc.
By: Xxxxxx Xxxxxxxxx
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Title: CEO
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Pinnacle Oil, Inc.
By: Xxxxxx Xxxxxxxxx
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Title: CEO
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Pinnacle Oil Canada, Inc.
By: Xxxxxx Xxxxxxxxx
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Title: CEO
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