THE BEARD COMPANY Harvey Parkway Oklahoma City, OK 73116 May 28, 2010Letter Agreement • June 4th, 2010 • Beard Co /Ok • Industrial inorganic chemicals • Oklahoma
This letter agreement (the “Agreement”) shall memorialize the agreement between Royal Energy, LLC, an Oklahoma limited liability company (“Seller”) and The Beard Company, an Oklahoma corporation (“Buyer”) concerning the purchase by Buyer of all of Seller’s right, title and interest in, to and under, the oil and gas leases and any other working interests and associated rights or entitlements covering the lands located in Kay County, Oklahoma, described in Exhibit “A” attached hereto (the “Dilworth Field”) and made a part hereof (the “Assets”), which includes an undivided 7.5357142860% working interest in the Dilworth Field; provided, however, the Assets shall not include the membership interest of Seller or Robert R. Cantrell in RIG Enterprises, LLC, an Oklahoma limited liability company (“RIG”), or True Energy Exploration, LLC, an Oklahoma limited liability company (“True Energy”), or any overriding royalty interest, working interest, or other economic interest in the Dilworth Field ow
