ContractMemorandum of Understanding • March 11th, 2008 • Sentry Petroleum Ltd. • Oil & gas field exploration services
SENTRY PETROLEUM LTD And Medina Group Limited The purpose of this letter is to serve as a Memorandum of Understanding (the "MOU"), by and between Medina Group Limited ("Assignor") and Sentry Petroleum Ltd. (the "Assignee") in connection with the assignment of title and all obligations associated with Authority to Prospect (ATP) 864 owned or under the control of the Assignor to the Assignee pursuant to the terms and conditions set forth herein (the "Transaction"). It is understood that this MOU is preliminary in nature and shall operate solely as an agreement to exercise good faith on the part of the parties to cause the execution of the Transaction, provided, however, that this MOU shall not be binding nor be construed as enforceable by the parties unless and until a definitive agreement is negotiated and executed between the parties in accordance with the following terms and conditions. At Closing of the Transaction to which this MOU relates, the parties shall execute the necessar
