PARTICIPATION AGREEMENTParticipation Agreement • January 10th, 2003 • Fairchild International Corp • Mining & quarrying of nonmetallic minerals (no fuels)
Pursuant to the terms of a farmout and joint operating agreement dated May 1, 2002 (the "Farmout Agreement") between Patch, True Energy Inc. and Arsenal Capital Inc., Patch has the right to earn a 12.5% interest (the "Interest") in the Farmout Lands (as defined in the Farmout Agreement) by incurring 15.625% of the costs (the "Initial Costs") associated with the Test Wells (as defined in the Farmout Agreement);
