March 21, 2012 John P. Barton, Chairman Rockdale Resources, Inc. 11044 Research Blvd. Suite A-200 Austin, Texas 78759 RE: Letter of Agreement for Farmout of Milam County “Airport Lease” Dear John,Farmout Agreement • December 17th, 2012 • Rockdale Resources Corp • Wholesale-furniture & home furnishings • Texas
As we have discussed, this letter outlines the agreement between Rockdale Resources, Inc., (“Rockdale”) and Kingman Operating Company, Inc., (“Kingman”) whereby (a) Kingman will farmout its leasehold rights in 200 acres under that certain Paid Up Oil and Gas Lease described below, (b) Rockdale will have an exclusive option to farmout an additional 300 acres of Kingman’s leasehold rights under that Paid Up Oil and Gas Lease, (c) Kingman will serve as the operator for the wells drilled on the aforementioned 200-acres and 300-acres and will drill all such wells on a turn-key basis, (d) Rockdale will assign to Kingman a 10% working interest in each such well after “Payout” (defined herein), (e) Rockdale will convey to Kingman 1.6 million shares of Rockdale’s capital stock, (f) Rockdale will pay the expense of office space for Kingman in Austin, Texas for a period of time, and (g) Rockdale and Michael Smith will enter into an employment agreement whereby Mr. Smith will serve as CEO of Rockd
SINGLE OWNER TURNKEY DRILLING & OPERATING AGREEMENTSingle Owner Turnkey Drilling & Operating Agreement • December 17th, 2012 • Rockdale Resources Corp • Wholesale-furniture & home furnishings • Texas
This agreement is made and entered into as of the 31st day of March, 2012 (“Effective Date”) by and between ROCKDALE RESOURCES, INC., (“Owner”), a Colorado corporation, and KINGMAN OPERATING COMPANY, INC., (“Operator”), a Texas corporation.
AMENDMENTLetter Agreement • December 17th, 2012 • Rockdale Resources Corp • Wholesale-furniture & home furnishings
Effective November 7, 2012 Rockdale will issue Kingman 400,000 shares of its restricted common stock to acquire the lease at any time on or before January 31, 2012 for $920,000.
CHIEF EXECUTIVE EMPLOYMENT AGREEMENTChief Executive Employment Agreement • December 17th, 2012 • Rockdale Resources Corp • Wholesale-furniture & home furnishings • Texas
THIS AGREEMENT is made the 31st day of March 2012 (the “Effective Date”) by and between Rockdale Resources, Inc., a Colorado corporation, (the “Company”), and Michael D. Smith (“Smith”).
EMPLOYMENT AGREEMENTEmployment Agreement • December 17th, 2012 • Rockdale Resources Corp • Wholesale-furniture & home furnishings
This Agreement is entered into as of March 15, 2012, between MARC SPEZIALY (“Employee”), and ROCKDALE RESOURCES CORPORATION (“Company”).
