EXHIBIT 10.6
November 10, 1997
Xx. X.X. Xxxxxx
Eagle Investment, Inc.
X.X. Xxx 000
Xxxxxxxx Xxxx, XX 00000
Re: Letter Agreement
Property Sale
Dear Xx. Xxxxxx:
This letter will serve as an agreement between Xxxxxx Oil Corporation
("MOC") and Eagle Investments, Inc. ("Eagle") for the sale of non-operated
working interest and overriding royalty interest in certain properties
located in Michigan and Texas. MOC as seller and Eagle as buyer agree to
the following terms and conditions:
1. MOC will sell all of its right, title, and interest to Eagle in the
properties described on Exhibit "A" attached hereto.
2. The effective date of the sale will be January 1, 1998, with closing
to occur as soon as possible in January.
3. The purchase price will be $507,411.00.
4. The assignment to Eagle will include all of MOC's interest in all
xxxxx, facilities, and equipment associated with the properties.
5. MOC does not warrant title to the interest in any of the properties.
Page 2
Eagle Investments
October 29, 1997
Should the foregoing meet with your approval, please indicate by executing
where provided below and return to MOC's Houston, TX office.
Sincerely,
XXXXXX OIL CORPORATION
/s/ X.X. Xxxxxxx, Xx.
X.X. Xxxxxxx, Xx.
Land Manager
Agreed to and accepted this 13 day of November, 1997.
Eagle Investments, Inc.
By: /s/ X.X. Xxxxxx
-------------------------------
X.X. Xxxxxx
WELL NAME OPERATOR ST CTY/PARISH WI NRI
Other
Xxxxxxxxxx 3-7 Xxxxxx Oil MI Xxxxx 25.606930% 24.068427%
Xxxxxx Xxxxxxxx 00-00-00 Xxxxx XX Otsego 0.015574% 0.013410%
Xxxxxxx 0-00 Xxxxxx XX Mecosta 8.230500% 5.990029%
Xxxxx Ranch Project Xxxxx TX Throckmorton 0.000000% 0.312500%
Xxxxx 1-23 W&W MI Manistee 20.000000% 16.871875%
Xxxxxx 1-13A Xxxxx MI Mecosta 0.000000% 1.460388%
Courand #1 Burke TX Atascosa 0.000000% 0.400000%
Xxxxxxxx Xxxx Lake 1-11 Dart MI Osceola 4.575107% 3.330106%
Xxxxx 1-12 H&H MI Otsego 0.000000% 0.081610%
Goose Lake Plant Dart MI Osceola 5.000000% 0.000000%
Xxxxxx Mineral Trust (NCT) DA Hughes TX Starr 14.125000% 11.639844%
Xxx X. Xxxxxxx Trust #2 DA Hughes TX Wharton 4.394792% 3.471093%
Habrecht 0-00 Xxxx Xxx XX Grand Traverse 5.000000% 3.962540%
Xxxxxxx P/L Burke TX Atascosa 0.000000% 0.000000%
Xxxxxx 2-23 Dynamic MI Manistee 0.000000% 0.003910%
Kalner Unit #1 Venus TX Wharton 0.785536% 0.614682%
Kalk Xx. Xxxxxxxx 0-00 Xxxxxx XX Kalkaska 0.000000% 0.020815%
Xxxxx 0-00X Xxxx Xxx XX Grand Traverse 2.376625% 1.857740%
Lakeland Assoc. 1-32 Michigan Prod. MI Manistee 0.800000% 0.581720%
Spider Lake 0-0 XX-0 Xxxx Xxx XX Grand Traverse 4.703900% 3.657265%
St. Vienna 1-34C Shell MI Montmorency 0.937500% 0.668750%
Tecon Lake 1-14 Xxxxxxx MI Otsego 2.500000% 2.118750%
WELL NAME OPERATOR ST CTY/PARISH WI NRI
ANTRIM:
Xxxxxx 000 Xxxxxx Xxxxx XX Otsego 0.000000% 0.009239%
Charlton 00 Xxxxx Xxxxxxxxx MI Otsego 0.000000% 0.069430%
Xxxxxxx 12 (Xxx) Antrim O.I.L. MI Otsego 1.006150% 0.880610%
Xxxxxxx 12 (Fox) Antrim O.I.L. MI Otsego 0.000000% 0.100400%
Xxxxxxx 00 Xxxxxx Xxxxxxxx Inv. MI Otsego 0.000000% 0.312535%
Xxxxxxx Xxxxxx One Enster MI Otsego 0.000000% 0.168800%
Xxxxxxxxx Antrim Wolverine MI Montmorency 0.000000% 0.206350%
Hardwood Antrim Wolverine MI Montmorency 0.000000% 0.029300%
Mid-Charlton Ph.l S.Add-On Terra MI Otsego 0.000000% 0.776138%
Mid-Charlton Phase I Terra MI Otsego 0.000000% 0.021622%
Mid-Charlton Phase II Terra MI Otsego 0.000000% 0.013003%
Otsego Lake Antrim Muskegon MI Otsego 0.000000% 0.032740%
Xx. Xxxxxx 0-00 XXX Xxxxxx MI Otsego 0.000000% 0.775000%
Xx. Xxxxxxxx X0-00 Xxxxxxxxx MI Otsego 0.000000% 0.225000%
Xx. Xxxxxxxx X0-00 Xxxxxxxxx MI Otsego 0.000000% 0.225000%
Terra Pigeon Terra MI Otsego 0.000000% 0.748700%
Vienna 00 Xxx Xxxxx Xxxxxxxxx XX Mont/Otsego 0.000000% 0.059760%