RE: Participation AgreementParticipation Agreement • January 5th, 2017 • Houston American Energy Corp • Crude petroleum & natural gas • Texas
This Letter Agreement (“Agreement”) dated January 3rd, 2017, but effective as of the date executed by all parties (the “Effective Date”), is made by and between Founders Oil & Gas III, LLC, a Delaware limited liability corporation, whose address is 113 Corporate Drive, Midland, TX 79705, (“Founders”) and Houston American Energy Corp., a Delaware corporation, whose address is 801 Travis, Suite 1425, Houston, TX 77002, (“Houston American”). Founders and Houston American are referred to herein individually as a “Party” or collectively as “Parties”. This Agreement shall evidence the agreement between the Parties concerning the acquisition of interests in certain oil and gas leases in and to the captioned land, the drilling of the initial test well (the “ITW”) and any subsequent well or wells (“Well”) on said lands and the operating and development as more particularly set forth herein.
