AGREEMENT
THIS AGREEMENT is dated for reference the 7th day of April, 2008.
BETWEEN:
XXXXX RESOURCES CORP.
000 -
00000 Xxxxxxxxxxx Xxx
Xxxxxxxx, XX X0X 0X0
(hereinafter referred to as "Xxxxx")
OF THE FIRST PART
AND:
IAS ENERGY, INC.
000 - 00000
Xxxxxxxxxxx Xxx
Xxxxxxxx, XX X0X 0X0
(hereinafter referred to as "IASCA")
OF THE SECOND PART
WHEREAS:
Xxxxx wishes to purchase all of IAS Energy, Inc.’s interest in three (3) gas xxxxx located in Xxxx and Xxxxxx County, Kentucky. The Xxxxxxxx Xxxxxx #1 in Laurel County, The Xxx Xxx in Xxxx County, and The Xxxxx Xxxxxx #2 in Xxxx County, as to a 40% working interest (24% NRI) in each gas well (hereinafter collectively “The Gas Xxxxx”).
NOW THEREFORE in consideration of the mutual covenants and conditions set forth herein, the parties hereto agree as follows:
1. |
IASCA agrees to sell 100% of its interest in The Gas Xxxxx in consideration of an initial payment of US$25,000. The balance of funds owed by Xxxxx to IASCA for the purchase of The Gas Xxxxx will be determined by an independent report, prepared by a qualified petroleum geologist. | |
2. |
All revenue received from The Gas Xxxxx will now be received by Xxxxx upon execution of this Agreement. | |
3. |
This Agreement and the purchase of The Gas Xxxxx is subject to the approval of the TSX Venture Exchange and the British Columbia Securities Commission (“Regulatory Authorities”). |
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.
XXXXX RESOURCES CORP. | IAS ENERGY, INC. | |
/s/ Xxxx Xxxxxxxxx | /s/ Xxxxx Xxxxxxxxx | |
Signature | Signature | |
Xxxx Xxxxxxxxx | Xxxxx Xxxxxxxxx | |
Print Name | Print Name | |
President | Chief Operating Officer and Chief Financial Officer | |
Title | Title |