October 7, 2002
Assignment agreement between First Xxxxxxxxx Resources Inc. ("Xxxxxxxxx") and
Micron Enviro Systems Inc. ("Micron").
This agreement shall outline the terms and conditions of the assignment of a 5%
working interest and a 3.875% net revenue interest in the 12-10 Well located in
Xxxx County, California more specifically described as the Pioneer Canal area of
the Canal Oil field located in Township 30 South Range 25 East, Sections 3, 4,
9, 10.
Xxxxxxxxx warrants that it is the owner of 37.325% of the 12-10 Well and it is
desiring to assign to Micron a 5% Working interest and a 3.875% net revenue
interest for a price of $2,500 US. Xxxxxxxxx further acknowledges that that the
rights being assigned include the Pulv and Xxxxxx Prospects as outlined in the
Xxxxxxx Production Co. & Xxxxxxx Exploration, Inc. report dated August 4, 1999
attached as exhibit "A".
Micron acknowledges that the interest in the 12-10 Well is subject to a non
consent clause relating to a rework of the well dated on or about May 22, 2002.
This rework was done at a cost of approximately $70,000 US and Micron will see
no revenue from the 12-10 Well until the well has paid out $280,000 US.
Agreed and accepted by: Agreed and accepted by:
/s/ Xxxxxx Xxxxxx /s/ Xxxxxxx XxXxxxxxx
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First Xxxxxxxxx Resources Inc. Micron Enviro Systems Inc.
Dated October 8, 2002 Dated October 8, 2002
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