ASSIGNMENT OF OIL & GAS LEASE
THE STATE OF TEXAS )
)KNOW BY ALL MEN BY THESE PRESENTS
COUNTY OF XXXXXX )
WHEREAS, Southwin Financial, Ltd., whose address is 0000
Xxxxx 0xx Xxxxxx, Xxxxxxx, Xxxxx 00000, and hereinafter referred
to as "Assignor", is the owner and holder of two (2) oil & gas
leases; and
WHEREAS, it is intention that the Assignor assign to Texas
International Petroleum, Inc., whose address is 000 Xxxx Xxxxxx,
Xxxxx 000, Xxxxxxx. Texas 79601, and hereinafter referred to as
"Assignee", the oil and gas interests that are on the described
property:
Tract One:
960 acres, more or less out of the following described lands: 640
acres being all of H.E. & W.T. Survey 109, Abstract 320, Block "E
1/2"; 214 acres being the East One-Third (E 1/3rd) of the H.E. &
W.T. Survey 42, Abstract 1218, Block "E"; and 106 acres being the
North 106 acres out of the East One Third (E. l/3rd) of the H.E.&
W.T Survey 63, Abstract 349, Block "E", all in Xxxxxxx County,
Texas.
Tract Two:
979 acres of land, more or less. Sections 23, T.C.R.R. Co Lands,
Block 170, Pecos County, Texas and the East One-Half (E.1/2) of
SF 14162 X.X. Xxxxxxxxxx Survey, Abstract 9333 (West). Pecos
County, Texas.
WHEREAS. Tracts One and Tract Two will be hereinafter referred to
as the "Assigned Premises".
NOW, THEREFORE, for and in consideration of 10,102,696 shares of
common stock of Texas Intematioaa1 Petroleum, Inc., and other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Assignor hereby bargains, sell,
transfers, conveys and assigns unto Assignee the Oil & Gas leases
on the Assigned Premises. This assignment is made with warranty
of title all of assignor's right title and interest in and to the
Assigned Premises.
NOW, FURTHER, it is expressly understood and agreed that the
terms conditions as set out in the Agreement entered into on
February 24, 1999, by and between Southwin Financial Ltd. and
WolfStone Corporation are incorporated into this Assignment of
Oil & Gas and Lease and made a part hereof for all purposes: In
the event that Wolfstone Corporation fails to fully perform the
aforesaid Agreement, this Assignment of Oil & Gas Lease shall
have no effect and be null and void. Upon full performance of the
aforesaid Agreement, this Assignment of Oil & Gas Lease shall
have full effect pursuant to the terms described herein.
NOW, FURTHER, it is expressly understood that Assignee assumes
all of Assignor's duties, rights and obligations in connection
with the Assigned Premises and described we1ls including. but not
limited to, the plugging and abandoning of said xxxxx, and
Assignee further agrees to file or cause to be filed, all
necessary documents to affect said assumption.
TO HAVE AND TO HOLD the Assigned Premises and well together
with all rights and appurtenances, unto Assignee, its successors
and/or assigns according to the terms hereof and of the said
leases
EXECUTED this 3rd day of March, 1999.
ASSIGNOR:
Southwin Financial Ltd.
By: /s/ Xxxxx Xxxxxxxxxx
Xxxxx Xxxxxxxxxx,
Attorney in Fact
STATE OF TEXAS )
)
COUNTY OF XXXXXX )
This instrument was acknowledged before me on this the 3rd
day of March, 1999, by Xxxxx Xxxxxxxxxx, Attorney in Fact for
Southwin Financial Ltd., on its behalf.
/s/
Notary Public, State of Texas
