EXPLORATION AND DEVELOPMENT AGREEMENTExploration and Development Agreement • March 23rd, 2005 • Harken Energy Corp • Crude petroleum & natural gas • Indiana
This Exploration and Development Agreement (“Agreement”), dated and effective the 1st day of March, 2005 (the “Effective Date”), is entered into by and between Indiana Posey, L.P., a Texas limited partnership (“Indiana Posey”) and GEM-CBM Company f/k/a Harken Gulf Exploration Company, a Delaware corporation (“GEM”). Indiana Posey and GEM are sometimes referred to individually as a “Party”, and collectively as “Parties.” Ute Oil Company, d/b/a. A.C.T. Operating Company, a Texas corporation (“Ute Oil”) is a party to this Agreement because it is to be designated as Operator under the applicable operating agreement and, therefore, will be bound by this Agreement.
