Exhibit 10.5
Purchase and Sale Agreement
(Superior Oil and Gas - Xxxxxxx Xxxxxx)
This agreement ("the Agreement") is entered into on December 13, 2005 by
and between Superior Oil and Gas Co., a Nevada corporation ("Superior") and
Xxxxxxx X. Xxxxxx ("Xxxxxx") of Dallas, Texas.
In consideration of the following representations, promises and
undertakings, the parties agree as follows:
1. Representations by Xxxxxx. Xxxxxx represents to Superior as follows:
1.1. Xxxxxx does business as "Xxxxxx Oil and Gas" and as "Conquest
Energy Resources, Inc." and either he or such alter egos is the
direct or indirect owner of the oil and gas leases, xxxxx and
other properties, including surface and below-surface well
equipment and pipes, described on Exhibit 1.1 attached to this
Agreement ("the Properties").
1.2. There are no liens of any nature attached to the Properties.
1.3. Xxxxxx has the full and perfected right to convey the Properties
to Superior in accordance with the terms of this Agreement. In
this regard, he has obtained all necessary consents, assignments
and approvals of third persons or entities to convey the
Properties to Superior.
1.4. With reference to each of the ten Properties described on Exhibit
1.1 as identified by the name of a well on the Property, the
status of xxxxx on each Property is as follows:
-------------- ----------- ---------------------------------- --------------------------
No. of Xxxxx Drilled, Tested and
Completed and Awaiting Only No. of Formerly
No. of Installation of Certain Surface Producing Xxxxx Awaiting
Name of Well Producing Equipment to Become Producing Workover to Become
Xxxxx Xxxxx Producing Xxxxx Again
-------------- ----------- ---------------------------------- --------------------------
Dye 1 1
-------------- ----------- ---------------------------------- --------------------------
Xxxxxx 1 2
-------------- ----------- ---------------------------------- --------------------------
Xxxxxxx 1 2
-------------- ----------- ---------------------------------- --------------------------
Alta 1
-------------- ----------- ---------------------------------- --------------------------
Xxxxxxx 1 3
-------------- ----------- ---------------------------------- --------------------------
Xxxxxx 1 2
-------------- ----------- ---------------------------------- --------------------------
Monroe 1
-------------- ----------- ---------------------------------- --------------------------
Corn 3 3
-------------- ----------- ---------------------------------- --------------------------
Xxxxxxxx 1
-------------- ----------- ---------------------------------- --------------------------
Ball 1 3
-------------- ----------- ---------------------------------- --------------------------
Totals 9 3 16
-------------- ----------- ---------------------------------- --------------------------
2. Representations by Superior. Superior has the full and perfected
right to issue to Xxxxxx the shares of common stock of Superior
described in this Agreement. In this regard, it has obtained the
approval of its board of directors.
3. Purchase and Sale of the Properties. Superior agrees to purchase
from Xxxxxx, and Xxxxxx agrees to sell to Superior, the
Properties in consideration of the issuance to Xxxxxx of 300,000
newly-issued shares of common stock of Superior ("the Shares").
4. Warranty of Title to the Properties. Xxxxxx warrants that the
title to the Properties is good and marketable and agrees to
defend such title at his own expense should it be challenged.
5. Closing. The parties shall close the Purchase and Sale
transaction described herein at a mutually agreeable time within
one week from the date of this Agreement or as otherwise agreed
to between the parties. Prior to the Closing, Xxxxxx shall
deliver to Superior copies of executed, acknowledged and recorded
oil and gas leases or assignments of leases that evidence the
title of Xxxxxx or his alter egos to the Properties and the right
to transfer to Superior the Properties.
6. Applicable Law, Arbitration and Sole Agreement. The laws of the
state of Kansas shall apply to all issues regarding title to the
Properties. The laws of Oklahoma shall apply to all issues
regarding the legal effect and meaning of the provisions of this
Agreement. Disputes between the parties shall be resolved by
binding arbitration employing rules of the American Arbitration
Association or other rules agreed to by the parties. This is the
sole agreement between the parties relating to the Properties.
7. Restricted Nature of the Shares. In accordance with the
regulations of the U.S. Securities and Exchange Commission ("the
Commission"), the Shares will be "restricted securities" within
the meaning of the Commission's Rule 144. As such, absent
registration or the availability of an exemption from
registration, they cannot be transferred for value by Xxxxxx
during the first full year after the Closing. During the second
year after the Closing they can be transferred for value without
registration pursuant to the provisions of Rule 144. Thereafter,
provided Xxxxxx is not an affiliate of Superior and has not been
as affiliate of Superior during the 90 days before a proposed
transfer for value, Xxxxxx can transfer the Shares without
registration and without complying with the provisions of Rule
144.
Superior Oil and Gas Co.
By: /s/ Xxx Xxxxx /s/ Xxxxxxx X. Xxxxxx
--------------------- ----------------------
Xxx Xxxxx, President Xxxxxxx X. Xxxxxx
Acknowledgements
State of Oklahoma )
)
County of Canadian )
Before me, a Notary Public in and for the State and County set forth above,
on December 13, 2005 personally appeared Xxx Xxxxx, known to me to be the
President of Superior Oil and Gas Co., and executed the above Purchase and Sale
Agreement in such corporate capacity.
/s/ Xxxxx XxXxx
--------------------
Notary Public
[SEAL]
My commission expires: 9/24/08
My commission #: 15241
* * * * * * * * * *
State of Oklahoma )
)
County of Canadian )
Before me, a Notary Public in and for the State and County set forth above,
on December 13, 2005 personally appeared Xxxxxxx X. Xxxxxx, known to me, and
executed the above Purchase and Sale Agreement.
/s/ Xxxxx XxXxx
--------------------
Notary Public
[SEAL]
My commission expires: 9/24/08
My commission #: 15241
Exhibit 1.1 to
Purchase and Sale Agreement
(Superior Oil and Gas - Xxxxxxx Xxxxxx)
------------ -------------------------------------- ------------ ---------- ----------
Name of
Well on Working Net
County in the Interest Revenue
Kansas Legal Description of Property Property Amount Amount
------------ -------------------------------------- ------------ ---------- ----------
Chautauqua Bore holes only: XX/0 xx Xxxxxxx 00,
X00X, X00X Dye 1.00 .83125
------------ -------------------------------------- ------------ ---------- ----------
Chautauqua W/2 SE/4 and SW/4 XX/0 xx Xxxxxxx
00, X00X, X00X Xxxxxx 1.00 .83125
------------ -------------------------------------- ------------ ---------- ----------
Chautauqua S/2 S/2 and SE/4 SE/4 XX/0 xx Xxxxxxx
00, X00X, X00X Xxxxxxx 1.00 .8375
------------ -------------------------------------- ------------ ---------- ----------
Chautauqua Bore hole only: XX/0 xx Xxxxxxx 00,
X00X, X00X Alta 1.00 .8750
------------ -------------------------------------- ------------ ---------- ----------
Chautauqua Bore holes only: X/0 xx Xxxxxxx 00,
X00X, X00X Xxxxxxx 1.00 .83125
------------ -------------------------------------- ------------ ---------- ----------
Chautauqua S/2 XX/0 xx Xxxxxxx 00, X00X, X00X Xxxxxx 1.00 .83125
------------ -------------------------------------- ------------ ---------- ----------
Chautauqua NE/4 less XX/0 XX/0 xx Xxxxxxx 00,
X00X, X00X Monroe 1.00 .83125
------------ -------------------------------------- ------------ ---------- ----------
Xxxxxxxxxx XX/4 and S/2 XX/0 xx Xxxxxxx 00,
X00X, X00X Corn 1.00 .771875
------------ -------------------------------------- ------------ ---------- ----------
Elk That part of the NW/4 XX/0 xx
Xxxxxxx 00, X00X, X00X lying West
of the road Xxxxxxxx 1.00 .8750
------------ -------------------------------------- ------------ ---------- ----------
Chautauqua XX/0 xx Xxxxxxx 0, X00X, X00X Ball 1.00 .8750
------------ -------------------------------------- ------------ ---------- ----------
