August 1, 2013Sale of Properties Agreement • August 19th, 2013 • West Texas Resources, Inc. • Crude petroleum & natural gas • Texas
GULFEX PETROLEUM, LLC (“GULFEX”) has agreed to participate with WEST TEXAS RESOURCES, INC. (“WTR”) in order to facilitate the acquisition by WTR of certain oil and gas properties and interests in Louisiana. Specifically, GULFEX has agreed to acquire an undivided 45% of the interests to be acquired by WTR through its acquisition of PORT HUDSON VENTURES, LLC, a Texas limited liability company (“PHV”). PHV owns certain undivided interests in producing oil and gas leases, wells and production assets, and related contract and other rights in the Port Hudson Field in East Baton Rouge Parish, Louisiana (which assets are collectively referred herein to as the “Properties” and are more particularly described on Exhibit A hereto). By execution of this letter agreement (the “Agreement”), the parties are formalizing their agreement to the above described transaction, upon the following terms and conditions:
