AGREEMENT
THIS AGREEMENT is made and entered into this 23rd day of February, 1998, by and
among Mountaineer Gas Transmission, Inc., whose address is 000 00xx Xxxxxx,
Xxxxxxxxxxx, Xxxx Xxxxxxxx 00000, hereinafter referred to as ("MGT"), and
Wasatch Pharmaceutical, Inc., whose address is 000 Xxxx 0000 Xxxxx, Xxxxxxx,
Xxxx 00000, hereinafter referred to as ("WASP").
W I T N E S S E T H
WHEREAS, WASP is the owner of a twenty-five percent interest in certain gas
properties located in West Virginia, as shown in Exhibit A of this agreement;
and,
WHEREAS, MGT wishes to purchase the afore mentioned gas properties with common
stock of WASP.
NOW THEREFORE the parties agree as follows.
1. MGT will provide WASP with the Assignments for the assignment of interest
of twenty-five percent of the working interest of the gas properties.
2. WASP will execute the Assignments (sign and notarize each Assignment) and
return the assignments to MGT via overnight courier.
3. Upon receipt of the executed assignments, MGT will forward to WASP one
million eight hundred thousand shares of Wasatch Pharmaceutical, Inc. issued to
International Casualty and Surety Co., Ltd. As shown in Exhibit B of this
agreement. MGT will deliver the shares same day via overnight courier upon
receipt of the executed Assignments.
By the execution and completion of this Agreement, Mountaineer Gas Transmission,
Inc. will forgive any costs associated with the operation of the afore mentioned
gas xxxxx from the original purchase of the properties, plus any past or future
liabilities, to the current date.
This is the entire agreement, any changes, modifications, or amendments must be
made in writing, agree by both parties.
This Agreement will be deemed to have been construed and delivered in the State
of West Virginia and governed by the laws of the State of West Virginia.
MOUNTAINEER GAS TRANSMISSION, INC. WASATCH PHARMACEUTICAL, INC.
/s/ Xxxxx Xxxxxxxx /s/ Xxxx X. Xxxxxx
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BY: XXXXX XXXXXXXX, PRESIDENT BY: XXXX X. XXXXXX, CHAIRMAN