EXHIBIT 10.8
SALE AND PURCHASE AGREEMENT
TRANSFER OF INTEREST
May 30, 2000
Xxxx Xxxxxx (hereinafter referred to as "Xxxxxx") whose address is 0000 00XX
XXXXXX, XXXXXXXXXX, XXXXX 00000 and Cyrus Limited, (Hereinafter referrd to as
"Cyrus") whose address is 00000 XXXX 00XX XXXXXX #000, XXXXX, XXXXXXXX 00000,
hereby agree as follows:
Whereas "Xxxxxx" is the benefactor, assignee, and owner of all of the
terms and conditions, responsibilities, and obligations defined in a certain
agreement dated May 30, 2000 Titled "CITIZEN'S LETTER OF INTENT," attached
hereto, and made part of this Agreement.
1. Xxxxxx hereby conveys 100% working interest to "Cyrus" (BEFORE
PAY-OUT) HEREIN DEFINED AS THE PERIOD OF TIME PRIOR TO "CYRUS"
RECOVERING 100% OF THE CONSTRUCTION AND START UP EXPENSES OF
APPROXIMATELY $175,0000 FROM THE SALE OF NATURAL GAS LIQUIDS REVENUE
GENERATED BY THE LIQUIDS PLANT.
2. "Cyrus" will receive 100% of the net (after operating expense)
revenues generated from the sale of the extracted liquids until pay
out.
3. After Pay-Out "Citizen's" Receives 50% of the net (after operating
expense) revenues from the sale of liquids, "Cyrus" receives 25% of
the revenues from the sale of liquids, and "Xxxxxx" receives 25% of
the revenues from the sales of the Liquids Plant for the life of the
facility, and or until it is considered uneconomical to continue
operations.
Agreed and understood this 30TH day of May, 2000.
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CYRUS LTD
/s/ XXX XXXXXXXX
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BY: Xxx Xxxxxxxx Buyer
/s/ XXXX X. XXXXXX
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Xxxx X. Xxxxxx Seller
