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Home My WebLink About949158802-037 Effective 11 -86 Form ML-2 (Revised 4-96) Filing Fee - $25.00 - Non Refundable STATE OF WYOMING BOARD OF LAND COMMISSIONERS OIL & GAS LEASE INTEREST ASSIGNMENT Return To State Land & Farm Loan Office 122 West 25th Street, 3 West Herschler Building Cheyenne, WY 1 82002-0600 Wyoming Oil & Gas Lease Serial Number 08-00546 Assignment Approval Date - ASSIGNOR, with name and address at, Energy West Corporation P.O. Box 1441 Denver, CO 80201-1441 being the owner of 100.00 percent Leasehold and Operating Rights (Type Interest: Leasehold & Operating Rights) interest in this lease, described in particular if less than the total leasehold as: Township 26 North Range 115 West 6th P.M. Tract 47 Resurvey (formerly Section 16: All) Containing 640.00 acres Lincoln County, Wyoming For good and valuable consideration, hereby assigns PPRov out 3 0 ?-O RECEIVED 8/31/2009 at 11:59 AM RECEIVING # 949158 BOOK: 730 PAGE: 700 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 1) ASSIGNEE, with name and address at: Fortuna (US) LP. Suite 3400, 888 3rd Street S. W. Calgary, Alberta Canada T2P 5C5 100.00 percent interest in the total leasehold, or as described in particular above. 2) ASSIGNEE, with name and address at: percent interest in the total leasehold, or as described in particular above. 3) ASSIGNEE, with name and address at: percent interest in the total leasehold, or as described in particular above. 4) ASSIGNEE, with name and address at: percent interest in the total leasehold, or as described in particular above. 5) ASSIGNEE, with name and address at: percent interest in the total leasehold, or as described in particular above. And reserving unto ASSIGNOR, None. This assignment is subject to any existing overriding royalties previously reserved. Reservations of overriding interests must be approved by the Director, and any such approval is subject to the condition that overriding royalties may be cancelled by the Board of Land Commissioners if it finds that such overriding royalties create a burden on the lease which prevents or unreasonably interferes with its development. ASSIGNOR certifies by signature on reverse, that ASSIGNOR is the owner of the interest above herein transferred, and ASSIGNEE(S) certify(ies) by signing on the reverse that this assignment constitutes a binding acceptance of all the terms, conditions, stipulations, restrictions and statutes governing the lease described above, and of the Rules of the Board, at Chapter 6, Leasing of Subsurface Resources. This form may be duplicated. If space is needed for additional, assignors or assignees submit copies of this form only. Page 1 of 2 of Lease 08-00546 assignment dated November 14, 2008. 802-037 State No.08-00546 SIGNED AS TO TRANSFER AND ACCEPTANCE this 14th day of November, 2008. ASSIGNOR - Energy West Corp ASSIGNEE (1) - Fortuna (US) LP By - By - ,,-;7,<[ ln Title - Ja ullivan, President Title - Scott Sobie Team Lead Exploration Senior Manager, Land Attest - none required Attest - STATE OF COLORADO ) )SS. COUNTY OF DENVER ) BEFORE ME, the undersigned, a Notary Public, on this 14th day of November 2008, personally appeared James E. Sullivan, to me known, and being duly sworn, did say that said instrument was signed as his free act and deed. IN WITNESS WHEREOF, I have set my hand and affixed my seal the date above written. 0%J11111111," My commission expires 3.3a'Zo« ' pO~~~r Notary Public 4 aqTpgy Address.-A:~~j., o . 030 SZ3 rV °.s a Assignment Requirements ' fit, Note: Assignments are not valid until approved by the Director State Land and Farm Loan Office as per State Oil & Gas Lease Terms and approval is solely for administrative purposes and should not be interpreted as a warranty that any party to this assignment holds legal or equitable interest in this lease Assignments which do not meet the requirements listed below and those in the Lease and Rules will be returned unapproved. 1) This form must be completed and submitted for any assignment of State Oil & Gas Lease leasehold interest, undivided or divided as to separate tracts, formations, zones or deposits, and for overriding royalty interest. 2) Assignments of less than a 100% leasehold interest, do not relieve the assignor of the obligations as a lessee under the terms of the lease regarding the interest conveyed unless the State first has in hand, a written agreement to be bound as lessee for all obligations under the lease for the assigned portion from the assignee. This requirement should not be construed in any way as a release or recision of the obligations of any surety bonding parties under the requirements of the State oil and gas lease, Board Rules or this assignment. (All lessees are ultimately responsible for the performance under the lease, and default subjects the entire lease to forfeiture not just the interest related to any performance obligation considered to be in default.) 3) A signed original and one copy of each assignment must be filed with the Wyoming State Land and Farm Loan Office. 4) Each assignment, if approved, is recognized by the State as effective as of the date of approval by the Director. Adequate bond must be furnished covering any and all productive zones prior to approval of any assignment of interest in an operating State oil and gas lease, whether wellbores exist on the leased lands or not, and in no case can drilling operations, including to prospectively productive zones under operating leases, begin without a bond first being in place. 5) If there is more than one party in interest to this assignment, then all such parties in interest must sign the document before assignment approval will be given. 6) The appropriate legal description of the conveyed lands interests must be given. 7) Assignments creating a separate (reissue) lease subject to the rules and regulations governing all State of Wyoming Oil & Gas Lease do not change the terms and conditions of the original lease, the lease anniversary date, nor the obligations and anniversary date of the lease created therefrom being considered as if it had been issued on the effective date of the original lease. (See Board Rules, Chapter 6, Section A.) 8) Corporations, limited liability companies, and limited partnerships must be qualified with the Wyoming Secretary of State's Office, and general partnership papers are required to be filed with the State Land and Farm Loan Office prior to, and as a condition of Board approval of any assignment. 9) Assignments will not be considered for approval where assignor or any assignee currently has a delinquent (late) royalty or rental payment obligation(s) for any State subsurface resource lease. 802-037 X02 EXHIBIT "A" ATTACHED TO AND MADE A PART OF THAT CERTAIN OIL & GAS LEASE INTEREST ASSIGNMENT FOR LEASE 08-00546 DATED NOVEMBER 14, 2008, FROM ENERGY WEST CORPORATION, ASSIGNOR, TO FORTUNA (US) LP., ASSIGNEE. This Assignment of Record Title is made effective as of March 1, 2007. It is agreed between Assignor and Assignee that this Assignment is made without any covenants or any warranties, either expressed or implied. By acceptance of this assignment and payment for the Leases described herein Assignees agree to assume any and all liabilities and responsibilities contained in said Leases or created by the existence of said Leases, and further, Assignee shall assume all risk, liability, and obligations in connection with or related to ownership and operation of the Leases and the lands covered thereby, and shall indemnify and hold harmless Assignor, its officers, directors, employees and agents, from and against all losses, liabilities, damages, demands, suits, claims, and causes of action arising out of or related to the ownership and operation of the Leases and the lands covered thereby. Additionally, Assignees, by acceptance of this Assignment, hereby assumes and agree to pay, perform or carry, as the case may be, all existing royalties, overriding royalties, including, but not limited to, the overriding royalty reserved herein, if any, rentals, production payments, other payments out of or with respect to production and all other lease burdens to the extent of its interest in said Leases. The provisions hereof shall extend to and be binding upon the heirs, personal representatives, successors and assigns of Assignees. Signed for identification: ASSIGNOR: Energy West o tion B' ame . Sullivan, President ASSIGNEE: Fortuna (US) LP. B : Title: Scott Sobie SS eutsche Senior Manager, Land earn Lead Exploration