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Home My WebLink About932221 ASSIGNMENT OF AFTER PAYOUT WORKING INTEREST 00011.8 STATE OF WYOMING COUNTY OF LINCOLN ) )§ ) This t5SIGNMENT OF AFTER PAYOUT WORKING INTEREST, is made and entered into this ~ day of Ýtz,I'-- , 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, 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 't 14'. day of /Jr1ÞI<-- , 2007. RECEIVED 8/17/2007 at 12:36 PM RECEIVING # 932221 BOOK: 669 PAGE: 118 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER. WY Assignor: PALACE EXPLORATION COMPANY By: Horsetrap Prospect Page 1 of2 Assignee: 000119 President p~ -\A1~~ ¡ By: STATE OF Æf;,&/ Ycn.Ic ) COUNTY OF.A!'ÚÁí If ~ ~ §. iÆ §EFORE ME, the undersigned, a Notary Public in and for said County and State, on this ¥'i;,J:- day of . 'f)¡z¡V ,2007, personally appeared Paul A. Howard, to me known to be the identical person who subscribed th-e 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. "I'\\'''' eWl"An: Notary Public, State of New York No. 31-4969000 QualifIed In New York County_ "'ommIsslon Expires July 9. 2O..L£.. STATE OF OKLAHOMA ) ) §. COUNTY OF TULSA ) .l II! _ BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this ~ day of r'<M.t , 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. . JANICE ZEHREN NotIrr PuÞlIc S.. ofOkllhOlM· . ~Cft\~... EJlp/nts: 20. 20GI Horsetrap Prospect Page 2 of2 C> c: E o >. 03;: Eþ ö§ o 0 ~ü <D c: Nõ o 0 ..... c: ~~ CO c: a. .- E en 0"'0 'æ ü æ 1:: c: C> <D .2 c: o 16 '§ roC5J2 :5 ã..E - >< o W <D <D ,n .c: .... '" ..... <Dg>- - .c: ro -l ~t;a.Z I-cuEO - a. c> CD Oc: J: cu.t: . ¡:: X<D.....<D W"'Oen> CU <D 0 E Q; 0 "'Oë"'O c: - c: co c> CU c:r-.. .B:.¡;¡::o "'0....0 <DON .c:3;: 0..... 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