ROYALE ENERGY, INC.
ROYALE ENERGY, INC.
Exhibit 10.1
September 6, 2019
JVA Operating Company
3300 North “A” Street, Xxxx. 0, Xxxxx 000
Xxxxxxx, Xxxxx 00000
RE: Letter Agreement
Sale of Matrix Permian Investments Interests
Vanco PSA & Assignment
Various Areas, Texas
Dear Xxxxx:
This Letter Agreement (Agreement) is to memorialize the understanding and agreement by and between JVA Operating Company (JVA) and Matrix Permian
Investments, LP (Matrix) regarding the sale of oil and gas properties to Vanco Oil and Gas Corporation (Vanco) as follows:
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1.
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JVA is contemplating a sale to Vanco for various Texas properties of which Matrix has an interest in a certain number of the
properties.
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2.
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In anticipation of the closing of the sale, Matrix will execute, notarize and deliver to JVA an Assignment and Xxxx of Sale
(Assignment) covering Matrix’s right, title and interest in the properties. Upon receipt of the Assignment, JVA will hold said Assignment in trust until JVA is authorized by Matrix for JVA to deliver said Assignment to Vanco, as provided
for hereinbelow.
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3.
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Simultaneous with the JVA and Vanco closing, JVA will wire transfer or cause to be wire transferred to Matrix funds in the amount of
One Million Nine Hundred Eighty One Thousand Nine Hundred Sixty Eight and 90/100 Dollars ($1,981,968.90) (or such other amount that is mutually agreed to by JVA and Matrix) for the Matrix properties.
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4.
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Upon JVA’s confirmation, from Matrix, the funds have been received by Matrix, JVA is then authorized to deliver to Vanco the Matrix
executed and notarized Assignment covering Matrix’s right, title and interest in the properties.
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If JVA is in agreement with the above terms and provisions, please so signify by signing in the space provided below and returning a fully
executed Agreement to Matrix. Upon receipt, Matrix will provide JVA with the executed Assignment to be held by JVA per the provisions hereinabove.
Yours truly,
/s/ Xxxxxx Xxxxxx
Xxxxxx Xxxxxx
CEO
Accepted and Agreed to This 10th Day of September 2019
JVA Operating Company
/s/ Xxxxx Xxxxxxxx
Xxxxx Xxxxxxxx
President
0000 Xxxxxxx Xxxxx, Xxxxx 000 Xx Xxxxx, XX 00000 Tel 619 / 000-0000
