HomeMy WebLinkAbout949699CONVEYANCE OF TERM OVERRIDING ROYALTY
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This Conveyance of Term ORR, made this 2-~-day of June, 2009, by and between Monty E.
Hoffman, 6565 West Hoover Place, Littleton, CO 80123, hereinafter called Assignor and Arkoma
Production Company of Texas, Inc., 5950 Berkshire Lane, Suite 1400, Dallas, TX 75225 and
Triangle USA Petroleum Corporation, 521 Third Avenue S.W., Suite 1250, Calgary, AB, Canada
T2P 3T3, hereinafter collectively called Arkoma, Triangle or Assignee(s).
Assignor, named above, owns certain overriding royalty interests in Oil, Gas and Mineral
Leases (the "Leases") covering lands in Lincoln and Uinta Counties, Wyoming (the "Lands"). The
Leases and Lands are described on Exhibit "A" to this Conveyance.
For adequate consideration, the receipt and sufficiency of which is hereby acknowledged,
Assignor transfers, bargains, sells, assigns, transfers and conveys to Assignees, in the percentages
indicated below limited Term Overriding Royalty interest equal to 0.44167% of 8/8ths (.004167) (the
"Term ORR") in all of the oil, gas, and other minerals produced, saved, and marketed from all of the
Lands and Leases payable solely out of the gross proceeds, saved, and sold in an amount equal to an
aggregate of $ 652,155.00 calculated with respect to all the Lands and Leases as a group, but only for
a term until the Assignees together have received a total of $ 652,155.00.
The Term ORR Assigned to Assignee is subject to the following provisions:
1. The payment shall be paid to Assignee in the following shares:
Assignee % share
Arkoma 66.67%
Triangle 33.33%
2. 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.
3. All applicable laws, rules, regulations, and orders of appropriate governmental
authorities and agencies having jurisdiction over the Lands and Leases.
4. The override is assigned free and clear of all cost and expense of exploration, drilling,
development and operation, but except for and subject to its proportionate share of actual third party
costs incurred for gathering, transportation and marketing, 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.
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.
6. Effective at such time as the Override payable from any of the Lands and Leases has
paid Assignees together an amount equal to $ 652,155.00, the Term ORR shall expire and terminate
as to all the Lands and Leases and the interest herein assigned shall revert to Assignor, its successors
or assigns. Trail Energy, LLC, as Operator of the Leases, it's successors or assigns shall administer or
cause the administration of the payout of the Term ORR. Upon such termination Assignor shall
execute and record an Affidavit of Termination of Term ORR in the County records to provide
notice.
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.
RECEIVED 9/25/2009 at 12:47 PM
RECEIVING # 949699
BOOKw, 719 PAGE: 567
SANE WAGNER
IN WITNESS WHEREOF, Assignor has executed and delivered this overriding royalty
assignment to Assignee, the day and year first above written.
Monty E. Hoffman - Assignor
STATE OF COLORADO }
} ss.
COUNTY OF ARAPAHOE }
By
0 ```~o~~~y1 NOBEL/~~ iii
The foregoing instrument was acknowledged before me this ?
Monty E. Hoffman.
WITNESS my hand and official seal.
My Commission Expires:
day of
Notary Public
, by
Arkoma Production Company of Texas, Inc.
Assignee A
By
STATE OF TEXAS } {~Y kc n~V1tN BUTLER
PUBLIC,
}ss. o of Twxas
COUNTY OF DALLAS } ''-zFhF ":~~~r E"4P, 09-22-2009
The foregoing instrument was ac nowledged before me this,day of ~5 2009, by
~Y~ , t ~'I,t,OLAIla,l' of a
Texas corporation. Arkoma Production Company
of Texas, Inc.
WITNESS my hand and official seal. j~
My Commission Expires: BucU"
Notary Public
C: 04:5(69
USA Petroleum Corporation - Assignee
ACKNOWLEDGMENT
PROVINCE OF
The foregoing in~tr ge was
2009, by •1• r~
Triangl USA Petroleum Corporation.
me this
of
My Commission Expires: - 3112olo
STATE OF UTAH )
) ss.
COUNTY OF SALT LAKE )
of
: ota y Public Not ry Public
My Appointment °
° expires
t ° December 31, 2010:
Trail Energy, LLC -Administrator
By
The foregoing instrument was acknowledged before me this Z(a, day of 36-6
2009, by,-Z,.~.-,.,a as /ja,vaM of Trail Energy, LLC n behalf of said limited
liability company. r""\ n ~ /1
My Commission Expires: Notary Public
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