ASSIGNMENT AGREEMENT
WHEREAS:
A. Xxxxxx Stinghi ("Stinghi"), of Xxx Xxxxxx X'Xxxxxxx, #00 Xxxxxxx, Xxxxx has,
pursuant to an agreement (the "Participation Agreement") dated July 4, 2001 with
Olympic Resources (Arizona) Ltd. ("Olympic"), of 1599 - 000 Xxxx Xxxxxxxx
Xxxxxx, Xxxxxxxxx, X.X. X0X 0X0, acquired a 12.5 overall interest in the
Coalinga Nose Oil and Gas Prospect in Fresno County, State of California,
U.S.A.;
B. Stinghi has agreed to assign 20% interest in the Participation Agreement
being a 2.5 overall interest in the Coalinga Nose Oil and Gas Prospect to Delta
Oil & Gas, Inc.
C. Olympic 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), Stinghi and Delta
Oil & Gas, Inc. hereby covenant and agree to the other as follows:
1. Stinghi hereby absolutely transfers, assigns and sets over to Delta Oil &
Gas, Inc. 20% of her right, title and interest in, to and under the
Participation Agreement, being a 2.5 overall interest in the Coaling Nose Oil
and Gas Prospect.
2. Delta Oil & Gas Inc. hereby assumes and agrees to be bound by all the
obligations of Stinghi under the Participation Agreement.
3. Delta Oil & Gas Inc. agrees to pay the sum of US$50,000.00 to Stinghi as
consideration for this assignment upon execution of this agreement.
DATED the 27th day of June, 2001
Delta Oil & Gas Inc.
/s/ Xxxxxx Stinghi Per: /s/ Xxxxxx Xxxxxx
_____________________________ ___________________________
XXXXXX STINGHI
Olympic Resources (Arizona) Ltd. hereby consents to and acknowledges the
assignment of a 20% interest (being a 2.5 overall interest), in the
Participation Agreement of Xxxxxx Stinghi to Delta Oil & Gas Inc.
DATED the 5th day of July, 2001
OLYMPIC RESOURCES (ARIZONA) LTD.
Per: /s/ Xxxxx Xxxxxxx
____________________________
