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STATE OF WYOMING
RECEIVED 11/26/2007 at 2:39 PM
RECEIVING # 935130
BOOK: 679 PAGE: 561
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
ASSIGNMENT OF OIL AND GAS LEASES
1
r §
J
COUNTY OF LINCOLN
000561. '
KNOW ALL MEN BY THESE PRESENTS:
That, Hallador Petroleum, LLP by its General Partner, Hallador Petroleum Company, whose
address is 1660 Lincoln Street, Suite 2700, Denver, Colorado 80264 herein called "Assignor," in
consideration of Ten Dollars ($10.00) and other good and valuable consideration to it in hand paid, the
receipt and sufficiency of which are hereby aclmowledged, does hereby ASSIGN, TRANSFER, SELL,
SET OVER and CONVEY unto S. Craig Settle, 5897 South Fulton Way, Greenwood Village, Colorado
80111, his successors and assigns hereinafter referred to as "Assignee", all of Assignor's right, title and
interest in and to those certain Oil and Gas Leases located in Lincoln County, Wyoming (sometimes
hereinafter the "Lease" or "Leases"), more particularly identified and described as follows:
SEE ATTACHED EXlDBIT "A"
Assignor reserves to itself, its successors and assigns, an overriding royalty interest of three
percent of 8/8ths (3.0% of 100%), in and to all of the oil, gas and other hydrocarbons produced, saved
and sold from the assigned interest in the Leases as set forth on attached Exhibit "A" during the tenns
thereof, including any extensions of said leases. It is the intent of the parties that an 84.5%
proportionately reduced net revenue interest be delivered to Assignee.
Said overriding royalty interest shall be free of all development, production, operating expenses
and post production costs. Said overriding royalty interest shall be computed and valued in the same
manner and shall be subject to the same allowable deductions as would a federal royalty; except,
however, said interest shall bear and pay currently its portion of gross production taxes, pipeline taxes,
and all other taxes assessed against the gross production subject to said overriding royalty interest. It is
agreed that nothing herein contained shall impose upon the Assignor, its successors or assigns, any duty
or obligation to develop or operate the property covered by the Leases for oil, gas or'other hydrocarbons,
nor to maintain the Leases in effect by the payment of delay rentals.
However, the foregoing notwithstanding, in the event Assignee desires to release, relinquish or
surrender all or any part of the lands and leases herein assigned, Assignee shall notify Assignor at least
thirty (30) days in advance of the anniversary date specified in the Lease or Leases, or thirty (30) days in
advance of the date to be released, relinquished or surrendered if other than the anniversary date of a
lease, and Assignor shall have ten (10) days after receipt of such notice within which to give written
notice of its election to take reassignment of the Lease or Leases or portion thereof to be surrendered.
Should assignor elect to receive reassignment, same shall be delivered by Assignee not less than ten (10)
days prior to the anniversary date of the lease or the proposed date of surrender. Any reassignment under
the tenns hereof shall be free and clear of all liens and encumbrances created by, through or under
Assignee. Provided, however, Assignee shall incur no liability for failure to offer reassignment under the
provisions of this paragraph where such failure is unintentional and inadvertent.
In the event the Leases and the lands covered thereby, or any part thereof, are pooled or
consolidated with other lands and leases into voluntary units, or into units as established by any
governmental authority having jurisdiction, and if said Leases or any part thereof are pooled accordingly,
then the overriding royalty interest herein reserved shall be reduced in the proportion that the acreage
burdened by said overriding royalty interest bears to all the acreage included in any such pooled unit.
Assignment of Oil and Gas Leases
Hallador Petroleum Company, Assignor
S. Craig Settle, Assignee
Page 2
000562
In the event said Leases cover less than the entire fee simple mineral interest or if Assignor owns
less than 100% of the leasehold working interest in said Leases, the overriding royalty interest herein
reserved shall be reduced proportionately.
This Assignment shall be subject to the terms, provisions, and conditions of that certain Letter
Agreement dated November 8, 2007, by and between S. Craig Settle and Hallador Petroleum Company.
This Assignment is made without warranty or recourse of any kind, express or implied, and is
made subject to all existing lessor royalty, which shall be borne by Assignee to the extent ofthe interest
herein assigned.
This instrument and all the terms, covenants, conditions and reservations herein contained shall
be binding upon and inure to the benefit of Assignor and Assignee, their respective successors and
assigns, and shall be deemed covenants running with the leasehold estate and interest assigned hereby.
IN WITNESS WHEREOF, Assignor has caused this instrument to be executed on the 13th day of
November, 2007.
By:
'fi bio
Cllef Executive Officer and President
AKNOWLEDGEMENT
STATE OF COLORADO 1
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COUNTY OF DENVER J
This instrument was acknowledged before me this 13th day of November, 2007, by 'fictor P. Stabio,
Chief Executive Officer and President of Hallador Petroleum Company, General Partner of Hallador
Petroleum, LLP.
, JANE SANDERS
~ NOTARY PUBLIC
" 0
" ~~·7F. OF COLCAAD
t."., '. -:-- ,- . 0810712011
I\¡;y' VJ,;,.òuv~¡~ n C):plres
Jan Sa ders, Notary Public
1660 mcoln Street, Suite 2700
Denver, Colorado 80264
My Commission Expires: June 7, 2011
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