June 17, 2013 Mr. Tom Griffin Santa Fe Petroleum, Inc. Suite 126 Plano, TX 75093 RE: Letz Lease Acquisition Jack County, Texas Dear Tom:
June 17, 2013
Mr. Xxx Xxxxxxx
0000 X. Xxxxx Xxxx
Suite 126
Plano, TX 75093
RE: Xxxx Lease Acquisition
320 Net acres, more or less
Jack County, Texas
Dear Xxx:
Per our recent discussions, NYTEX Petroleum, Inc. ("NYTEX") owns the Oil & Gas leases totaling 320 gross/net mineral acres located in Jack County, Texas as shown on the attached Exhibit “A” (the “Xxxx Lease”) which Santa Fe Petroleum, Inc. (“Santa Fe”) desires to acquire from NYTEX and NYTEX desires to sell under the following terms and conditions:
| 1. | Sale price of $1,000 per acre totaling $320,000. |
| 2. | NYTEX will deliver to Santa Fe a 77% Net Revenue Interest. |
| 3. | Included in the sale are two existing shut-in xxxxx, the Xxxxxx X. Xxxx #3 and #4. |
| 4. | Title work will be included in the sale price. |
| 5. | In addition to the sale price, an original drillsite title opinion by Xxxxxx & Xxxxx law firm will be made available by NYTEX to Santa Fe for reimbursement of $5,925 invoice amount previously paid by NYTEX to Xxxxxx & Xxxxx. |
| 6. | Closing will occur on or before 45 days from execution of this letter agreement, at which time Santa Fe will pay to NYTEX the purchase amount of $320,000 for an assignment of oil & gas lease. |
| 7. | During the 45 day period between execution of this letter agreement and closing, NYTEX will not market or sell the Xxxx Lease, unless during the 45 days Santa Fe notifies NYTEX in writing that Santa Fe does not intend, or is unable to buy the Xxxx Lease. |
Xxxx Lease Acquisition
Page 2
If the foregoing terms and conditions are acceptable, please so indicate by executing this Letter Agreement in the space provided and returning an executed copy. I look forward to working with you.
Sincerely,
Xxxxxxx Xxxxxx
President
AGREED TO AND ACCEPTED THIS ______ DAY OF JUNE 2013, BY:
_________________________________
Xxx Xxxxxxx
President
EXHIBIT “A”
Attached hereto and made a part of that certain Xxxx Lease Acquisition Letter Agreement dated
June 17, by and between NYTEX Petroleum, Inc. and Santa Fe Petroleum, Inc.
XXXX LEASE DESCRIPTION
320 acres of land, more or less, being all of T. E. & L. Survey 2579, Abstract No. 683, Jack County, Texas, being more particularly described in that certain Special Warranty Deed dated February 7, 2012, from Xxxxx X. Xxxx to Xxx Xxxxxxx, et al, said deed recorded in Volume 881, Page 881, Official Public Records, Jack County, Texas.
XXXX LEASE PLAT
