June 2, 2005 PORT ASSETS LLCPurchase Offer • June 17th, 2005 • Texen Oil & Gas Inc • Metal mining
This letter of intent sets forth the basic terms and conditions under which Texen Oil & Gas, Inc. or its nominee (the "Purchaser") will enter into a definitive purchase agreement (the "Purchase Agreement") with the owners (the “Vendors”) of the membership interests of Port Assets LLC (the "Company") for the Purchase of the Port Assets Houston Texas gasification plant (the “Plant”) and the purchase of the membership interests of Port Assets LLC (collectively the "Property"). It is anticipated that the consummation of the Purchase will occur on or before July 31, 2005, or on such other date to which the parties may agree.
