CONFIRMATION OF TERMS OF ACQUISITION. XTREME had agreed to acquire certain additional xxxxx referenced in the EDP Agreement as additional AMI acreage and XTREME and Assignors now agree and confirm that the well and leases described as the property in the NE/4 of Xxxxxxx 00, Xxxxxxxx 00 Xxxxx, Xxxxx 0 Xxxx (xxx also known as the Xxxxxxx'x Xxxxxxx 25-0-2 well), and referred to herein as the "Winston Well" is to be included and therefore assigned and accepted. Assignors, do agree, and by execution and delivery of the "Assignment of Oil and Gas Leases," attached hereto as Schedule A (the "Assignment"), do assign and sell the leases representing approximately 100 acres out of 160 acres, all of which are based on current spacing and all of which are currently valid in their primary term through June 2009 and thereafter renewable and each Assignor hereby does quit claim and release and remise unto XTREME, the balance of the working interest in the Winston Well. Assignors shall execute and deliver the Assignment and cause same to be recorded in the Xxxxx County Court Clerk's office, such that all leases described therein shall be assigned to XOLC so as to permit XTREME to convey clear title to 100% (all) of the working interest in the Winston Well into such joint ventures or other entities as XTREME deems appropriate). Those Assignors not named on the Assignment agree that, in the event required by XTREME or its auditor or legal counsel, they shall execute and deliver for recording an assignment in the same form as the Assignment evidencing such quit-claim and release of their interests as agreed to herein.
CONFIRMATION OF TERMS OF ACQUISITION. XTREME had agreed to acquire the well referenced in the EDP Agreement as the "Cookie" well and described as the property in the SE/4 of Section 25, Township 16 North, Range 1 East and also known as the Cookie's Xxxxxxx 25-0-2 well (referred to herein as the "Cookie Well"). The assignment provided under the EDP Agreement but not yet made by Assignors was for an 80% working interest in the Cookie Well for stock and cash to be paid of which the Assignors acknowledge, prior to the date hereof, the receipt of One Hundred Fifty Thousand (150,000) shares of common stock of XTOG by Assignors and $30,000 previously paid by XTREME to GEC : therefore, it is agreed and acknowledged by all of the Assignors that all payments of stock and cash due for the Cookie Well as referenced in the EDP Agreement has been paid in full.
CONFIRMATION OF TERMS OF ACQUISITION. XTREME had previously agreed to acquire the Lionheart Well. Assignors have agreed to sell, assign and transfer and release all interest in the Lionheart Well including any interests acquired under any agreement with Valentine or Concha and, in order to accomplish same, will execute and deliver the assignment in the form attached hereto as Schedule A (the "Assignment") and cause same to be recorded in the Xxxxx County Court Clerk's office, such that all leases shall be assigned to XTREME to permit XTREME to convey clear title to the working interest in the Lionheart Well into such joint ventures or other entities as XTREME deems appropriate.
