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000652
ASSIGNMENT OF AFTER PAYOUT WORKING INTEREST
STATE OF WYOMING
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COUNTY OF LINCOLN
This ~SIGNMENT OF AFTER PAYOUT WORKING INTEREST, is made and entered
into this '-I '" day of A/íz-, (, , 2007, by and between PALACE EXPLORATION
COMPANY, 5 East 59th Street, 5th Floor, New York City, New York 10022, hereinafter referred
to as ("Assignor") and ZENECO, INC., 6100 S. Yale Ave., Suite 1700, Tulsa, Oklahoma 74136.
For and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, Assignor herein
grants, bargains, sells, transfers, assigns and conveys unto ZENECO, INC. its successors and
assigns, effective upon ("Payout") as such term is hereinafter defined, five percent (5%) of
Assignor's working interest in and to the oil and gas leases described on Exhibit "A", attached
hereto and made a part hereof, but INSOFAR AND ONLY INSOFAR as said leases cover the
lands also described on Exhibit "A" that were conveyed to Assignor in those certain State of
Wyoming, Board of Land Commissioners, Oil & Gas Leasehold Interest Assignments from
Zenergy, Inc., as Assignor, to Palace Exploration Company, et ai, as Assignees, all approved by
the State of Wyoming on November 9, 2006 and recorded in the official records of Lincoln
County, Wyoming on December 6, 2006, in Book 642, Page 317 for State Lease #04-00544,
Book 642, Page 319 for State Lease #04-00541 and in Book 642, Page 321 for State Lease #
04-00542 in and to any well located thereon, on a well by well basis. For the purposes hereof,
"Payout" shall be defined as the point in time when the revenue from the sale of production from
a well located upon the lands covered hereunder and accruing to the working interest of
Assignor, after deduction of royalty, overriding royalty interests assigned effective prior to the
date hereof and severance and production taxes, equals the cost incurred by Assignor in
drilling, completing, equipping and operating such well to that point in time.
If the above referenced oil and gas leases cover less than the entire undivided mineral
estate in the described lands and/or if Assignor owns less than all interest in and to said oil and
gas leases, then the interests herein assigned shall be proportionately reduced.
The lease acreage is hereby assigned by the Assignor and accepted by ZENECO, INC.
subject to the royalties and/or other burdens out of or with respect to production with which said
lease acreage is encumbered, and subject to the terms of any agreements under which it may
have been acquired by Assignor, and ZENECO, INC. hereby assumes and agrees to pay its
proportionate part of each of said burdens to the extent that they are a part or remain a burden
on the lease acreage herein assigned and to comply with the terms of any agreements under
which the lease acreage may have been acquired.
This Assignment is made subject to that certain Amended and Restated Exploration and
Development Agreement dated September 24, 2003 by and among Palace Exploration
Company, Zinke & Trumbo, Inc., Condor Exploration, LLC, Nevada Petroleum LLC and
Horsetrap Partners, LLC.
This Assignment is made without warranty of title either express or implied.
This Assignment may be executed in one or more counterparts and all of the executed
counterparts shall together constitute one instrument.
A A IN WITNESS WHEREOF this Assignment is executed this
f5!£!!1/¡/ /..... , 2007.
(-
I~
0/ day of
Assignor:
PALACE EXPLORATION COMPANY
RECEIVED 5/29/2007 at 3:19 PM
RECEIVING # 929806
BOOK: 659 PAGE: 652
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
~~
By: Paul A. Howard, ice President
Darby Prospect
Page 1 of2
0~Z980D
00065;1
Assignee:
ZENECO, INC.
By:
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STATEOF~~~~~ )
COUNTY OFJ~efgv/.. ~ §.
"JIG
Å i1 BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this...:!....- day of
/'f f' 12/C , 2007, personally appeared Paul A. Howard, to me known to be the identical persQ!1 who s""scribed
the name of Palace Exploration Company to the foregoing instrument as its Vice President andaCkf19Y.'ledged to.mq
that he executed the same as his free and voluntary act and deed and as the free and voluntary ,a~t.aflà pe.ed ofsuth
Corporation, for the uses and purposes therein set forth. . ' c¡ / C;; .=j '. \
GIVEN under my hand and seal the day and year last above written. ' oJ , i-o·~ ; ~
",,,tir\ ec:vftW1:
Notary Public. State of New York .~..~ f),
No. 31.4969000 6, ,¡
'. Qual/fled In New York c:n~
~ ExrIIrea JulIt 9; ()
STATE OF OKLAHOMA )
) §.
COUNTY OF TULSA )
~A BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this ~ day of
I"'o..~ , 2007, personally appeared Robert M Zinke, to me known to be the identical person who
subscrib&d the name of Zeneco, Inc. to the foregoing Instrument as Its President and acknowledged to me that he
executed the same as his free and voluntary act and deed and as the free and voluntary act and deed of such
Corporation, for the uses and purposes therein set forth.
GIVEN under my hand and seal the day and year last above written. c
Darby Prospect
Page 2 of2
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