ASSIGNMENT OF FARMOUT INTEREST
EXHIBIT
10.1
ASSIGNMENT
OF
FARMOUT
INTEREST
THIS
ASSIGNMENT is made and entered into, by and between, Cobra Oil & Gas Company
hereinafter collectively referred to as “Assignor”, and West Canyon Energy
Corp., also known as PetroSouth Energy Corp., 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 Ten Dollars ($10.00) 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.
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ASSIGNOR:
|
ASSIGNEE: | |||
| Dated: November 28, 2008 | Dated: November 28, 2008 | |||
| Cobra Oil & Gas Company | West Canyon Energy Corp | |||
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| By: | /s/ Xxx Xxxxxxx |
By:
|
/s/ Xxxxx Xxxxxx | |
|
Xxx Xxxxxxx - President |
Xxxxx Xxxxxx - Chairman |
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Uptown
Center
0000
Xxxx Xxxx Xxxxx
Xxxxx
000
Xxxxxxx,
XX
00000
|
00000
Xxxxx Xxx 000
Xxxxx
000 - 000
Xxxxxxx,
XX,
00000
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APPROVED
by TOG as Farmor:
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| Dated: November 28, 2008 | ||||
|
Transco
Oil & Gas, Inc.
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| By: | /s/ Xxxxx X. Xxxxxxx | |||
|
Xxxxx X. Xxxxxxx - President |
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11605
Meridian Market View
Xxxx
000, # 000
Xxxxxx,
XX 00000
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