ASSIGNMENT
OF
FARMOUT INTEREST
THIS ASSIGNMENT is made and
entered into, by and between, West Canyon Energy Corp., also known as PetroSouth
Energy Corp. hereinafter collectively referred to as “Assignor”, and Cobra Oil
& Gas Company, hereinafter referred to as “Assignee”.
WHEREAS, this Assignment concerns
and effects a change in ownership of a 25% interest in and to that certain
Farmout Agreement dated February 1, 2008 (FOA copy attached) by and between
Transco Oil & Gas, Inc. (TOG) as Farmor and the Assignor (set out above) to
this Assignment. Assignor is the owner and holder of a 25% interest in and to
the FOA to the “North Semitropic Prospect” (Prospect) more fully described in
the FOA and located in Xxxx County, California. Assignor hereby agrees to
transfer Assignor’s 25% interest in the FOA to Assignee along with all rights,
benefits and obligations therein stated. Assignee hereby agrees to accept said
25% interest in the FOA herein assigned along with all rights, benefits and
obligations therein stated. Assignee acknowledges that the drilling and testing
of the Prospect is eminent, and failure to meet cash calls as per the FOA will
result in a loss of interest in the FOA and Prospect. Assignee states that it
has read and fully understands the FOA and hereby accepts same and agrees to
abide by all the terms and conditions therein stated.
WHEREAS, this Assignment is made
in accordance with and expressly subject to the terms and provisions of the FOA
and shall become immediately affective upon execution by both Assignor and
Assignee and approval of TOG as Farmor to the FOA stated above.
NOW, THEREFORE, in consideration
of the sum of $34,000.00 and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Assignor does hereby convey,
transfer and assign to Assignee all of Assignor’s right, title and interest in
and to the said FOA and Prospect described above.
This Assignment shall inure to
and be binding upon the respective successors and assigns of the parties hereto.
IN WITNESS
WHEREOF, this Assignment is executed the day and year as set out below.
| ASSIGNOR: |
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ASSIGNEE: |
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| Dated:____16 June 2008_____________ |
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Dated:_______________________ |
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| West Canyon Energy Corp. |
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Cobra Oil & Gas Company |
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| (aka PetroSouth Energy Corp.) |
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| By:___________________________________ |
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By:___________________________________ |
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Xxxx X. Xxxxxxx - Chairman |
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Xxx Xxxxxxx - President |
| 00000
Xxxxx Xxx. 000 |
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Xxxxxx Xxxxxx |
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Xxxxx 000 – 113 |
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0000 Xxxx Xxxx Xxxxx |
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Xxxxxxx, XX 00000 |
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Xxxxx 000 |
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Xxxxxxx, XX 00000 |
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| APPROVED by TOG as Farmor: |
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| Dated:_______________________ |
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| Transco Oil & Gas, Inc. |
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| By:___________________________________ |
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| Xxxxx X. Xxxxxxx –
President |
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| 00000 Xxxxxxxx
Xxxxxx View |
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| Xxxx 000, # 000
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| Xxxxxx, XX 00000
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