June 16, 2015Federal Express • August 4th, 2015 • Warren Resources Inc • Crude petroleum & natural gas
This letter, when fully executed as provided below, will serve as an agreement (the “Letter Agreement”) between Warren Resources, Inc., a Maryland corporation, and Warren E&P, Inc., a New Mexico corporation (collectively, “Seller” or “Warren”) and Escalera Resources Co., a Maryland corporation (“Purchaser” or “Escalera”), concerning a purchase and sale transaction (the “Transaction”) covering certain oil and gas leases and lands more particularly described herein, limited to only those depths below the stratigraphic equivalents of the base of the Mesaverde Group and the top of the Trout Creek Sandstone (Hatfield Sandstone), as more particularly described below (the “Deep Rights”), in the unit areas referred to in the caption hereof. Warren and Escalera may be referred to herein individually as a “Party” and collectively as the “Parties”. Capitalized terms used but not defined herein shall have the meanings ascribed and given to them in the purchase and sale agreements referred to and d
