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ASSIGNMENT OF OVERRIDING ROYALTY INTEREST
éOQj.26
This Overriding Royalty Assignment, made this ~day of ~, 2007, by and
between Hunter Energy LLC and Laramide Exploration LLC, 8000 South Chester Street,
Suite 375, Centennial, CO 80112, hereinafter collectively called Assignor, and Masters Energy
Corp., P. O. Box 335, Castle Rock, CO 80104, hereinafter called Assignee.
Assignor, named above, owns a working interest in Oil, Gas and Mineral Leases (the
"Leases") covering lands in LINCOLN County, WYOMING (the "Lands"). The Leases and
Lands are described on Exhibit "A" to this Assignment.
For adequate consideration, Assignor transfers, assigns and conveys to Assignee an
overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and
marketed ftom all of the Lands and Leases equal to 1.254% of8/8ths (the "Override").
The Override Assigned to Assignee is subject to the following provisions:
1. The terms and provisions of the Leases, any amendments, corrections, additions,
or modifications of the Leases made prior to or after the execution of this Assignment. Assignee
agrees that future amendments, corrections, additions, or modifications of the Leases may be
made without the consent or joinder of Assignee.
2. All applicable laws, rules, regulations, and orders of appropriate governmental
authorities and agencies having jurisdiction over the Lands and Leases.
3. The Override is assigned ftee and clear of all cost and expense of exploration,
drilling, development and operation, but except for and subject to its proportionate share of
actual costs incurred for gathering, transporting, marketing, compressing, ftactionating,
dehydrating, processing, treating or otherwise rendering merchantable the oil, gas, and other
minerals, and its proportionate share of severance, ad valorem and other similar taxes. No
payments to the Override will be made or shall accrue on any oil, gas and casinghead gas or
other hydrocarbon substances or minerals used for operating, developing, or producing purposes
on the Lands under the Leases, or in treating the products produced to make them marketable, or
which are unavoidably lost. No payments shall be made to the Override on gas and casinghead
gas used for recycling or repressuring operations that benefit the Leases.
4. All payments to the Override shall be made or delivered to Assignee in the same
manner provided in the Leases for the payment of royalty to the lessors.
5. If a Lease or Leases cover less than the entire mineral estate in the Lands,
Assignor's working interest represents less than 100% of the leasehold estate in a part or all of
the Lands, or, if for any reason title should fail as to all or part of the leasehold estate owned by
Assignor, the Override assigned to Assignee shall be reduced proportionately as to the affected
Lease and Lands.
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RECEIVED 61212008 at 12:56 PM
RECEIVING # 939443
BOOK: 696 PAGE: 126
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
OOOj.27
6. In the event the Leases are renewed, or the primary term of the Leases extended
by the action of Assignor or Assignor's successors, assigns, and/or legal representatives, then the
Override shall remain a burden against the Leases as so extended, or against the renewed Leases.
The terms and provisions of this Assignment shall inure to the benefit of Assignor and
Assignee and to their heirs, legal representatives, successors, and/or assigns.
IN WITNESS WHEREOF, Assignor has executed and delivered this overriding royalty
assignment to Assignee, the day and year first above written.
Hunter Energy LLC
BY~~
P. Greg Barnes, President
Laramide Exploration LLC
BY~
P. Greg B es, Managing Member
STATE OF COLORADO }
} ss.
COUNTY OF ARAPAHOE }
The foregoing instrument was acknowledged before me this :3ofh day of ~ , 2007,
by P. Greg Barnes, President of Hunter Energy LLC, a Delaware limited liability~.
WITNESS my hand and official seal.
My Commission Expires: 1/18/2010
STATE OF COLORADO }
} ss.
2
WITNESS my hand and official seal.
My Commission Expires: 1/18/2010
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