Nocona Production Company 214-683-9121
Exhibit 10.1
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Nocona Production Company
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000-000-0000
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0000 Xxxxxxxx
Xxxxxxxxxx, Xxxxx 00000
h@xxxx.xx
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This agreement is between Core Resource Management, Inc. (CRM) and Nocona Production Company (NPC).
Both parties agree as follows;
NPC will assign to CRM a 13.8750% Net Revenue Interest (being a 18.5000% Working Interest) of its interest in the Astley #14, Charlotte Astley, Sanders, and Xxxxxxx leases, including all six producing xxxxx, two salt-water disposal xxxxx and equipment. These Leases are in Montague County, Texas. Assignment will have an effective date of May 1,2013. All runs and expenses from that time forward will accrue to the interest of
CRM.
CRM will pay NPC $230,000.
The lease equipment estimated value is $150,000 and the Value of the transferred equipment is $27,750.
NMC agrees to spend up to $125,000 on the leases, additional well completions and work overs over the next two years. If these efforts prove successful and improve production from the leases by 25% for two months or more, NPC has the right to make a one time "take or pay" offer to repurchase the interest. In any such proposal, CRM will be credited its purchase price, plus 25% per annum, less any net income.
This agreement is made this 25th Day of April, 2013.
As agreed and understood by:
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/s/ Xxxxx Xxxx
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Xxxxx Xxxx, Secretary and General Manager
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Nocona Production Company
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/s/ X. Xxxxx Xxxxx
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X. Xxxxx Xxxxx, Managing Partner
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| Core Resource Management, Inc. |
Witnessed by:
