PARTIAL ASSIGNMENT OF OIL, GAS AND MINERAL LEASESPartial Assignment of Oil, Gas and Mineral Leases • November 9th, 2005 • Exploration Co of Delaware Inc • Crude petroleum & natural gas
WHEREAS, The Exploration Company of Delaware, Inc. (“Seller”), whose address is 500 N. Loop 1604 East, Suite 250, San Antonio, Texas 78232 and EnCana Oil & Gas (USA) Inc. (“Buyer”), whose mailing address is 14001 North Dallas Parkway, Suite 1000, Dallas, Texas 75240 have entered into a Purchase and Sale Agreement dated September 1, 2005 (the “PSA”), under which Seller agrees to assign to Buyer fifty percent of its interest in the so-called ‘Northern Lands’ limited to certain depths as described below (the “Deep Rights”), with Seller retaining rights to all other depths (the “Shallow Rights”). As a result, both Seller and Buyer will have ownership of the Deep Rights under these certain leases and have entered into a joint operating agreement governing same (the “Northern Lands JOA). In addition to the conveyance thereof, the parties set forth below their agreement as to the maintenance and obligations attributable to those leases.
