AGREEMENT
EXHIBIT 10.9
THIS AGREEMENT is dated for reference this 6th day of April, 2005.
BETWEEN:
IAS COMMUNICATIONS, INC. an Oregon corporation having an office at 1103 – 00000 Xxxxxxxxx Xxx, Xxxxxxxx, X.X., X0X 0X0.
(hereinafter referred to as the “IAS”)
OF THE FIRST PART
AND:
JGR PETROLEUM, INC. a British Columbia corporation having an office at 1103 – 00000 Xxxxxxxxx Xxx, Xxxxxxxx, X.X., X0X 0X0.
(hereinafter referred to as the “JGR")
OF THE SECOND PART
WHEREAS:
A. | IAS agrees to purchase an interest in two producing
xxxxx located in Xxxxxxxx County, Texas from JGR as follows: |
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the premises, the covenants, agreements and warranties hereinafter set forth, it is hereby agreed as follows:
1. | IAS agrees to issue 1,000,000 shares of
restricted common stock of IAS Communications Inc. to JGR Petroleum for
full consideration of the 2 xxxxx listed below: |
||
• | Xxxxxxx, Xxx #4 Well - 15.5% working interest |
||
• | #C-S-1 Well - 6.65% working interest (5.14% net
interest) |
||
The operator of the xxxxx is Anadarko
Petroleum Corporation. The last net revenue for the month of February
2005 was US$2,128. |
|||
2. | Both parties agree to sign a more formal
agreement upon request by either party. |
IN WITNESS WHEREOF the parties hereto have executed this Agreement on the 6 day of April, 2005.
IAS COMMUNICATIONS, INC. | JGR PETROLEUM, INC. | |
/s/ Xxxxxxxx Xxxxxxx | /s/ Xxxx Xxxxxxxxx | |
Signature | Signature | |
Xxxxxxxx Xxxxxxx | Xxxx Xxxxxxxxx | |
Print Name | Print Name | |
Director | President | |
Title | Title |
Schedule for issuance of 1,000,000 shares of IAS Communications, Inc. to JGR Petroleum, Inc.
One share of IAS Communications, Inc. will be issued for every $0.10 of revenue based on quarterly reports to be issued every three (3) months.