January 14, 2003Participation Agreement • May 15th, 2003 • Reef Global Energy I Lp
When executed by all Parties hereto in the manner provided below, this letter shall evidence the agreement (“the Agreement”) between Samson Offshore Company, hereinafter referred to as “SOC”, Challenger Minerals Inc., hereinafter referred to as “CMI” and Reef Global Energy I, L.P., hereinafter referred to as “Reef” (CMI and Reef shall sometimes be referred to individually as “Participant” and collectively as “Participants” and all of the above parties shall sometimes herein be referred to collectively as “the Parties” and sometimes individually as “Party”) with respect to (1) Participant’s purchase from SOC of an undivided interest in and to the Oil & Gas Lease described on Exhibit “A” attached hereto and made a part hereof (the “Lease”) and (2) Participant’s participation in the drilling of a Test Well, as defined in paragraph 4 hereof, on the Lease in the manner hereinafter described.
