EXHIBIT 10.8
LETTER AGREEMENT
TEREX ENERGY CORPORATION
000 Xxxx Xx. #0000
Xxxxxxxxxx, Xxxxxxxx 00000
Tel: (000) 000-0000
LETTER AGREEMENT
----------------
July 2, 2014
The Parties to this agreement are:
1) XX Xxxxxxxx Turst (Xxxxxxxx) - Oil Producer XX Xxx 000, Xxxxxx, XX
00000-0000, and
2) Terex Energy Corporation (Terex) - 000 Xxxx Xx., #000, Xxxxxxxxxx, XX
00000
The parties hereto agree to the following:
1) Xxxxxxxx will take oil and gas leases covering Sec. 15 (A11) -
T12N-R56W Xxxxxxx, County Nebraska.
2) Xxxxxxxx agrees to assign Terex 100% of all rights specific to the
Xxxxxx 1-155 well, in the XXXX Xxx 00, X00X-X00X (40 acres), with a
1/8th royalty lease (No additional burdens attached).
3) Xxxxxxxx will be allowed to drill any 40 acre location in section 15
other than the SWNW 40; each well drilled will hold the 40 acre
drillsite spacing unit associated with that well.
4) When Xxxxxxxx is finished with its' drilling program being intial test
and development offsets immediately adjacent to the initial test well
40 acres, Terex will be allowed to drill any remaining undrilled 40
acre locations in section 15.
5) Xxxxxxxx and Terex will mutually share all geologic information
obtained during operations by either party.
6) Both parties agree that each has the opportunity to participate in each
others projects in an amount determined by mutual consent.
/s/ Xxxxx Xxxx /s/ X.X. Xxxxxxxx Trust
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Terex Energy Corporation X.X. Xxxxxxxx Trust
Xxxxx Xxxx - VP Operations X.X. Xxxxxxxx
