PURCHASE AND SALE AGREEMENT BY AND BETWEEN DIAMOND “M” PRODUCTION COMPANY AS SELLER AND PARALLEL PETROLEUM CORPORATION AND TED COLLINS, JR. AS BUYERPurchase and Sale Agreement • July 2nd, 2008 • Parallel Petroleum Corp • Crude petroleum & natural gas • Texas
THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is dated effective May 1, 2008, by and between DIAMOND “M” PRODUCTION COMPANY, a Delaware corporation, with an office at 2350 N. Sam Houston Parkway East, Suite 125, Houston, Texas 77032 (hereinafter referred to as “Seller”) and PARALLEL PETROLEUM CORPORATION, a Delaware corporation, whose address is 1004 North Big Spring, Suite 400, Midland, Texas 79701, and TED COLLINS, JR., an individual, whose address is 508 W. Wall Street, Suite 1200, Midland, Texas 79701 (hereinafter referred to as “Buyer”), and is based on the following premises:
