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RECEIVED J07 at 2:37 PM
RECEIVING # 933056
BOOK: 672 PAGE: 21
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
ASSIGNMENT OF OIL AND GAS LEASES
STATE OF WYOMING
COUNTY OF LINCOLN
000021.
This ASSIGNMENT OF OIL AND GAS LEASES ("Assignment") dated effective the
1st day of September, 2007 ("Effective Time"), is from Hunter Energy LLC, 8000 South
Chester Street, Suite 375, Centennial, Colorado 80112, (hereinafter referred to as "Assignor"),
to Triangle USA Petroleum Corporation, 521 Third Avenue S.W., Suite 1250, Calgary,
AB, Canada T2P 3T3, (hereinafter referred to as "Assignee").
For Ten Dollars and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Assignor hereby GRANTS, CONVEYS, SELLS and
ASSIGNS to Assignee, subject to the terms and conditions hereof, an undivided seventy-five
percent (75%) interest in and to the oil, gas and other mineral leases as described on Exhibit
"A" attached hereto and made a part hereof (hereinafter referred to as the "Leases") insofar as
the Leases cover and affect the lands described on Exhibit "A" (the "Lands").
TO HA VE AND TO HOLD the Leases and Lands, together with all and singular the
rights and appurtenances thereunto in anywise belonging, unto Assignee, its successors and
assigns, forever, subject to the following terms and conditions:
1) Special Warranty of Title. Assignor warrants and shall defend title to the Leases and
Lands conveyed to Assignee against every person whomsoever claiming the Leases or
Lands or any part thereof by, through and under Assignor, but not otherwise.
2) Burdens. The interest herein conveyed is subject to, and Assignee hereby assumes its
proportionate share of all existing royalties, overriding royalties, and any other
burdens or encumbrances of record on the date hereof with respect to the Leases and
Lands herein assigned. Notwithstanding the foregoing, it is the intent of Assignor that
the interest subject to this Assignment shall be conveyed to Assignee free and clear of
that certain encumbrance and mortgage from Hunter Energy LLC to JDW, Inc. dated
December 9, 2005, recorded in Book 616, Page 524; and dated January 19,2006,
recorded in Book 616, Page 552 of the records of Lincoln County, Wyoming.
3) Reservation of Overriding Royalty Interest. Assignor hereby excepts and reserves
unto itself, its successors and assigns, an overriding royalty interest on each Lease
herein assigned in a percentage equal to the difference, if any, between 20.0% and the
aggregate of all royalties, overriding royalties and other similar burdens on each such
Lease of record on the date hereof of the gross proceeds from the sale of all gas,
condensate, casinghead gas, oil and other liquid and gaseous hydrocarbons produced,
saved and marketed from each Lease, which shall be paid to Assignor free of all cost
and expense of exploration, drilling, development and operation, except its
proportionate share of severance, ad valorem and other similar taxes and except for
and subject to its proportionate share of actual third party costs incurred for gathering,
transportation and marketing. No overriding royalty interest shall apply to or be
payable upon any gas, condensate, casinghead gas, oil or other liquid or gaseous
hydrocarbon used for operating, developing or producing purposes on or in connection
with the Lands, or in treating products produced to make them marketable, or in
recycling or repressuring operations, or which are unavoidably lost. In the event a
Lease covers less than all of the oil and gas mineral rights in the Lands subject to the
Lease or Assignor owns less than the full working interest therein, the overriding
royalty interest herein reserved shall be reduced proportionately. It is the intent of
Assignor and Assignee that this Assignment convey to Assignee a net revenue interest
in each Lease equal to the lesser of 80.0%, proportionately, reduced, or Assignor's
actual net revenue interest in such Lease at the Effective Time.
4) Successors and Assigns. The terms, covenants and conditions contained in this
Assignment shall be binding upon and insure to the benefit of the parties hereto and
their respective successors and assigns, and such terms, covenants and conditions shall
000022
be covenants running with the Land and with each subsequent transfer or assignments
of the Leases and Lands, or any part thereof.
5) Further Assurances. Assignor and Assignee agree to take all such further actions and
to execute, acknowledge and deliver all such further documents that are necessary or
useful in carrying out the purpose of this Assignment including but not limited to
Bureau of Land Management and State of Wyoming assignment forms. Such separate
assignments shall be deemed to contain all of the exceptions, reservations, warranties,
right, titles, privileges and powers set forth herein as fully as though they were set
forth in each such assignment.
6) Exploration Agreement. This Assignment is subject to the terms and conditions of
that certain Amended and Restated Exploration Agreement dated May 1, 2007 by and
between Assignee and Assignor. To the extent of a conflict or inconsistency between
the terms of this Assignment on the one hand, and the terms of such Exploration
Agreement on the other, the terms of the Exploration Agreement shall control.
7) Lesser Interest. If any Lease covers less than all of the oil and gas mineral rights in
the Lands subj ect to such Lease, then the interest herein conveyed shall be reduced in
proportion which the interest therein, if any, covered by such Lease bears to the whole
and undivided mineral estate therein.
Executed on the date and year fIrst referenced above.
HUNTER ENERGY LLC
BY~~
P. Greg Barnes, President
(
STATE OF COLORADO §
§
COUNTY OF ARAPAHOE §
On this ~daY of -¥ 2007, personally appeared before me, P. Greg Barnes,
who being by me duly sworn, did say that he is the President of Hunter Energy LLC and that
said instrument was signed with full authority on behalf of said limited liability company.
In witness whereof, I have hereunto set my hand and official seal.
My Commission Expires: 1/18/2010
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