ASSIGNMENT AGREEMENT
WHEREAS:
A. CMMG Finance Inc., ("CMMG") of 0000 Xxxxxxxx Xxxxx, Xxxxxxxxx X.X., X0X 0X0
has, pursuant to an agreement (the "Model Form Operating Agreement") dated
December 29, 2000 with Production Specialties Co., ("PSC"), of 000 X. Xxxxx
Xxxxxx, Xxxxx 000, Xxxxxxxx, XX 00000 acquired a 20% overall interest in the
Liberty Valance Oil and Gas Prospect in Xxxx County, California.
B. CMMG has agreed to assign 8.9% interest in the Model Form Operating
Agreement being a 8.9% overall interest in the Liberty Valance Oil & Gas
Prospect to Delta Oil & Gas, Inc.
.
C. Production Specialties has consented to the assignment.
NOW THEREFORE in consideration of the covenants and agreements set out in this
Agreement and for other good and valuable consideration (the receipt and
sufficiency of which is hereby acknowledged by the parties), Delta and CMMG
hereby covenant and agree to the other as follows:
1. CMMG hereby absolutely transfers, assigns and sets over to Delta Oil & Gas ,
Inc. 8.9% in, to and under the Model Form Operating Agreement, being a 8.9%
overall interest in the Liberty Valance Oil and Gas Prospect.
2. Delta hereby assumes and agrees to be bound by all obligations of CMMG to
the extent of 8.9% under the Model Form Operating Agreement as it pertains to
the Liberty Valance Oil& Gas Project.
3. Delta agrees to pay the sum of US $90,000.00 to CMMG as consideration for
this assignment upon execution of this agreement.
DATED the 7th day of February, 2001
Per: /s/ Xxxxxxxx Xxxxxx Per: /s/ Xxxxxx Xxxxxx
___________________________ ___________________________
CMMG Finance Inc. Delta Oil & Gas, Inc.
DATED the 7th day of February, 2001
