August 1, 2013West Texas Resources, Inc. • August 19th, 2013 • Crude petroleum & natural gas • Texas
GULFEX PETROLEUM, LLC (“GULFEX”) has agreed to participate with WEST TEXAS RESOURCES, INC. (“WTR”) in order to facilitate the acquisition by WTR of certain oil and gas properties and interests in Louisiana. Specifically, GULFEX has agreed to acquire an undivided 45% of the interests to be acquired by WTR through its acquisition of PORT HUDSON VENTURES, LLC, a Texas limited liability company (“PHV”). PHV owns certain undivided interests in producing oil and gas leases, wells and production assets, and related contract and other rights in the Port Hudson Field in East Baton Rouge Parish, Louisiana (which assets are collectively referred herein to as the “Properties” and are more particularly described on Exhibit A hereto). By execution of this letter agreement (the “Agreement”), the parties are formalizing their agreement to the above described transaction, upon the following terms and conditions:
LOAN AGREEMENTLoan Agreement • August 19th, 2013 • West Texas Resources, Inc. • Crude petroleum & natural gas • Texas
This Loan Agreement is made on and as of the 14th day of August, 2013 (the "Closing Date"), by and between West Texas Resources, Inc., a Nevada corporation, with an office at 5729 Lebanon Road, Suite 144, Frisco, Texas 75034 (the "Borrower") and Gary Bryant, an individual residing at 980 Noble Champions Way, Bartonville, Texas 76226 ("Lender").
July 3, 2013Letter Agreement • August 19th, 2013 • West Texas Resources, Inc. • Crude petroleum & natural gas
The purpose of this letter agreement (this “Agreement”) is to set forth the understanding and agreement of Wells Fargo Energy Capital, Inc. (“WFEC”) and West Texas Resources, Inc. (“WTR”) concerning the transaction described below.
WEST TEXAS RESOURCES, INC.West Texas Resources, Inc. • August 19th, 2013 • Crude petroleum & natural gas
This letter sets forth the agreement for the acquisition of ten and one hundred sixty-seven thousandths percent (10.0167%) of 8/8ths from Seller's 20.4167% of 8/81bs working interest and a seven and twenty one hundred and twenty ten thousandths percent (7.2120%) net revenue interest (collectively the "Interests") in the WC 225 Lease Block on the date first written above for the following considerations and upon the terms and conditions below: (i) payment of $50,000 by Buyer to Seller by 28th August 2013, and (ii) Buyer's assumption of its proportionate part of Seller's obligations under the Joint Operating Agreement with respect to the WC 225 Lease between Breton Energy, LLC (the "Previous Operator") and Seller dated November I 9, 2007, with working interest percentages modified by letters of Participation Rights between the Previous operator and the Seller dated February 3, 2010 and June 1, 2010.
