HomeMy WebLinkAbout929807
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ASSIGNMENT QF AFTER PAYOUT WORKING INTEREST
STATE OF WYOMING
)
)§
)
COUNTY OF LINCOLN
This ASSIGNMENT OF AFTER PAYOUT WORKING INTEREST, is made and entered
into this l(;or day of ¡'4-,Þ1Z., t- , 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, among other lands, to Assignor in that
certain Assignment of Record Title Interest in a Lease for Oil and Gas from Condor Exploration,
LLC, as Assignor, to Palace Exploration Company, et ai, as Assignees, dated July 1, 2005 and
recorded in the official records of Lincoln County, Wyoming on November 8, 2005, in Book 604,
Page 127, and that certain Assignment of Record Title Interest in that certain BLM Lease Serial
# WYW-161015 dated August 26, 2004 executed by Nevada Petroleum Corporation to
Assignor, et ai, on August 4, 2005 and approved by the Bureau of Land Management on
November 1, 2005, 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.
IN WITNESS WHEREOF this Assignment is executed this
A-t'1t t (., , 2007.
1Í,
'-/ day of
Assignor:
PALACE EXPLORATION COMPANY
B~PIAH ~dv.p2
y: au . owar, Ice resl ent
RECEIVED 5/29/2007 at 3:23 PM
RECEIVING # 929807
BOOK: 659 PAGE: 655
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER. WY
Darby Prospect
Page 1 of2
, ,,¡; , "J>C:)80t<>1
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0006S~-;
Assignee:
ZENECQ, INC.
By:
_Nf/ Y
\" J.~
STATE OF vf''¥Aq~1- )
COUNTY OF../"~t(~ ~ §.
tlpr
A /J BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this _ day of
Nt!?,£,. ,2007, personally appeared Paul A. Howard, to me known to be the identical person who subscribed
the name of Palace Exploration Company to the foregoing instrument as its Vice 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.
~^~~acuft.c ~
Notary Public, Statli! of New Yot"
No. 31-4969000 ~¡;
Qualified in New York counY~J
trammlsslon expire. July 9, 2Q Notary I
STATE OF OKLAHOMA )
) §.
COUNTY OF TULSA )
12.~
~EFORE ME, the undersigned, a Notary Public in and for said County and State, on this -º-= day of
, 2007, personally appeared Robert M Zinke, to me known to be the identical person who
subscribe 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.
Darby Prospect
Page 2 of2
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