AGREEMENT
THIS AGREEMENT is dated for reference the 18th day of May, 2006.
BETWEEN:
XXXXX RESOURCES CORP.
#1103, 00000 Xxxxxxxxx Xxx
Xxxxxxxx, XX X0X 0X0
(hereinafter referred to as "Xxxxx")
OF THE FIRST PART
AND:
IAS COMMUNICATIONS, INC.
#1103 – 00000 Xxxxxxxxx Xxx
Xxxxxxxx, XX X0X 0X0
(hereinafter referred to as "IASCA")
OF THE SECOND PART
WHEREAS:
IASCA has completed an agreement with Energy Sources, Inc. to drill up to 24 gas xxxxx in the Xxx Xxx lease in Kentucky (see attached agreement dated April 18, 2006);
NOW THEREFORE in consideration of the mutual covenants and conditions set forth herein, the parties hereto agree as follows:
1. |
IASCA agrees to farm out a 40% interest in the Xxx Xxx #1 Well (“the Well”), subject to a 12 ½ percent net revenue interest to the landowner and 27 ½ percent interest to Energy Sources, Inc., in consideration for paying 50% of the total cost of the Well. |
2. |
Xxxxx will have first refusal to drill up to 23 additional xxxxx pursuant to the Energy Sources, Inc. agreement with IASCA dated April 18, 2006. |
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.
XXXXX RESOURCES CORP. | IAS COMMUNICATIONS, INC. | |
/s/ Xxxx Xxxxxxxxx | /s/ Xxxx Xxxxxxxxx | |
Signature | Signature | |
Xxxx Xxxxxxxxx | Xxxx Xxxxxxxxx | |
Print Name | Print Name | |
President | President | |
Title | Title |