EXHIBIT 10.6
AGREEMENT
This contract dated April 15, 1998, is by and between REDBANK PETROLEUM,
INC.. ("REDBANK") and NORTH AMERICAN GEOPHYSICAL ("NAG"). For and in
consideration of mutual promises and covenants contained within this agreement
the receipt and sufficiency of which is hereby acknowledged the parties agree
as follows:
1. NAG agrees to commence and complete a 3-D seismic survey on the lands and
to the extent identified in the Appendices attached to this Agreement,
within a reasonable period of time from the date this agreement is
executed, and submit a report or reports concerning such survey to
REDBANK.
2. REDBANK agrees to pay additional consideration to NAG as shown on the
Appendices to this Agreement on or before completion of the work required
in each such Appendix, but in no event no later than the date REDBANK
requests reports concerning such surveys from NAG.
3. If REDBANK fails to pay the additional consideration required by this
Agreement or as specifically provided in any Appendix to this Agreement,
such failure to pay will result in the survey and all data relating to the
survey becoming the property of NAG; and REDBANK agrees that in such
circumstance title to the. survey and the data associated with such survey
will remain with NAG until full payment of the amount required by this
Agreement and the applicable Appendix is made.
4. Should the work required by any Appendix to this Agreement not be commenced
or completed for any reason, REDBANK shall not be obligated to pay the
additional consideration required by this Agreement and the applicable
Appendix, but in no event will NAG ever be required to refund the payments
already received, if any, by NAG in conjunction with this Agreement.
5. REDBANK agrees to provide NAG access to the lands described in the
Appendices to this Agreement, so that NAG may conduct activities relating
to the seismic survey, and REDBANK represents it has the authority, or will
have the authority, to grant NAG access to the lands described in the
Appendices to conduct such activities.
6. NAG may subcontract any and all work required to be performed by NAG under
this Agreement, as it deems necessary or appropriate, but in so doing will
remain solely liable to REDBANK to comply with the terms of this Agreement,
and REDBANK agrees to look solely to NAG for compliance with the terms of
this Agreement.
7. This instrument constitutes the entire agreement of the parties, except as
additional Appendices may be added to this Agreement and this Agreement
supercedes any prior oral or written agreements or understandings
concerning the subject matter of this Agreement. This Agreement may not be
amended except by written instrument referring specifically to this
Agreement. It is, however, contemplated that the parties will, from time
to time, prepare and execute Appendices to this Agreement, which the
parties specifically agree will, to the extent stated in such Appendices,
amend this Agreement.
8. This Agreement will be construed under the laws of thc State of Texas, and
venue for any action in conjunction with this Agreement will be in Dallas
County, Texas.
9. This Agreement inures to the benefit of the parties, their assigns,
successors, and representatives.
REDBANK PETROLEUM, INC.
/s/ Xxxxx Xxxxxx, President
By: _____________________
Xxxxx Xxxxxx, President
NORTH AMERICAN GEOPHYSICAL
/s/ X.X. Xxxxxx
By:______________________
X.X. Xxxxxx
