EXHIBIT 10.1 (b)
INDUSTRIAL RESOURCE, CORP.
Xx. 0, Xxx 000X
Xxxxxxxxxx, Xxxxxxxx 00000
ofc (000)000-0000 -- FAX (000)000-0000
Xx. Xxxx Xxxxxx March 5, 1996
0000 X. Xxxx Xxxxx Xxxx.
Xxxxx 000
Xxxx Xxxx Xxxx, XX 00000
Re: Amendment to that certain "Purchase Agreement" dated May 2, 1995 between
Onasco Companies, Inc. and Industrial Resource, Corp.
Dear Xx. Xxxxxx,
Pursuant to our telephone conversation we hereby agree to amend the
subject Agreement as follows;
1. Equipment listed in Exhibit "A" attached hereto shall be excluded from that
Agreement.
2. Additionally Industrial Resource Corp. agrees to sell the assets to the
Corporation at there appraised value or $450,000.00 whichever is lower. The
consideration for this sale shall be a note payable for $450,000.00 with
interest at 8% simple annually.
Agreed to by;
/s/ Xxxx Xxxxxx
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Xxxx Xxxxxx
/s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx
for Industrial Resource, Corp.
[LOGO] Xxxxxx Services, lnc.
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OIL/GAS DRILLING o OPERATING AND PRODUCTION
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POST OFFICE B0X 000 x XXXXXXXXXX, XX 00000
PHONE (000) 000-0000
FAX (000) 000-0000
February 22, 1996
Mr. Xxxx DeMussik
TENGASCO, INC.
000 Xxxx Xxx., Xxx. 000
Knoxville, Tn. 37902
Dear Xxxx:
Pursuant to your request that I do an appraisal on the following equipment:
XXXXXX XX 38-38 SERVICE RIG
Double drum well service unit, S/N 00339, Xxxxxx xxxxx, powered by GM 6-71
diesel engine, Xxxxxxx transmission, Skytop 84' 155, 000# capacity xxxxxxx,
hydraulically raised and telescoped, 3-sheave crown block assembly, tubing
board, control console, guy lines, stairs, catwalks, handrails, toolboxes, fuel
tank, 2 fire extinguishers. All above are mounted and unitized on a four axle
"back-in" carrier, 2 xxxx stands, 10.00 x 20 tires front and rear, approx. 600'
Of 7/8"th's inch tubing line, approx. 6,000' of 5/8" swab line.
One: XxXxxxxxx 2-sheave split block
Xxxxxx 58.96 tubing tongs for 2 3/8", 2 7/8", and 4 1/2"
(Reconditioned)
Xxxxxx type "B" tubing slips (air)
2 3/8" BJ tubing slips (Reconditioned)
Rod tools
Xxx Xxxx
Base Beam & new floor
Two: 5/8" Elevators
$ 89,300.00
0 - 0 XXXX XXXX XXXXX 0000# W.P.
$2,300.00
1 - NORRISEAL DEHYDRATOR Serial #2230450A, Model #25M60-SLDF-AB, 1001-a
Norriseal control
$17,000.00
1 - DEHYDRATION UNIT Serial #PESI 421, complete with 25' tall tower; nameplate
data: NWP 1200 PSI, 100-F, SN 67-7615, Year 1985, T.P. 1800, W.O. 4386
$16,250.00
1 - AJAX DPC 160 GAS COMPRESSOR w/GLYCOL RE-BOILER & TOWER ID#s K-6001-C 5000,
A-2002-G, Model #507, Serial #36957, A-2801-F
$ 84,000.00
1 - XXXXXXXXX XXXX COMPRESSOR ID #s-Serial #13936, 95024A 566567, 46-B7782 87042
F, 47177118 490, 97032 6284, Model # NXRB-1-5, B-8791
$ 41,000.00
1 - XXXXXXXXX XXXX (PARTS COMPRESSOR) Serial #91890, 2 B-184,
25416-361
$ 9,000.00
CHICAGO PNEUMATIC COMPRESSOR - FE-2, 8 1/4" X 4 1/4" X 5" STROKE (ID#86053),
with Waukasau H-2475 engine (ID#52181), and fan type air exchanger (ID#867), all
mounted on one oil field skid
$ 71,000.00
CHICAGO PNEUMATIC COMPRESSOR - Model YCE Gas Compressor (ID #279936), with Model
6G510 Natural Gas Engine, radiators, coolers, etc.
$ 67,200.00
INTERNATIONAL TRACTOR - 1D# TDA2274CG, 1982
$ 7,500.00
INTERNATIONAL TRACTOR - F2000D, ID #112313H, 1966 w/winch
$ 5,000,00
LOWBOY TRAILER - ID# B12466, 1979 35 Ton
$ 7,200.00
GOOSENECK 0XX XXXXX XXXXXXX - #0000
$ 3,500.00
CATERPILLAR D-5 DOZER - 10 ft. Blade, Tilt & winch
$ 25,000.00
As you know, I am familiar with the history of the above drilling equipment.
Maintenance of this equipment has been very good. I consider this equipment to
be in very good condition.
Sincerely,
/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
President
