HomeMy WebLinkAbout949701CONVEYANCE OF TERM OVERRIDING ROYALTY
This Conveyance of Term ORR, made this '2-15t ay of June, 2009, by and between O'Hare Energy
Resources Corporation, 1703 South Wheeling Way, Aurora, CO 80112, 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 0.27600% of 8/8ths (.0027600)
(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 $ 431,952.00 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 $ 431,952.00.
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 $ 431,952.00, the Term ORR shall expire and terminate
as to all the Lands and Leases. 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 1:00 PM
RECEIVING # 949701
BOOK: 732 PAGE: S7g
JEANNE WAGN&- - -
IN WITNESS WHEREOF, Assignor has executed and delivered this overriding royalty
assignment to Assignee, the day and year first above written.
O'Hare Energy Resources Corporation - Assignor
By
Alan C. O'Hare, President
STATE OF COLORADO }
} ss.
COUNTY OF AQ-k. }
The foregoing instrument was acknowledged before me this Z-1 day of jot
Alan C. O'Hare, President of O'Hare Energy Resources Corporation.
WITNESS my hand and official seal.
My Commission Expires:
64-11
Notary Public
by
•~c<
.eN()TARY
. PU B 1.\G
Arkoma Production Company of Texas, Inc,
. -
Assignee
By
STATE OF TEXAS .,,~~.:~..:~.,~,v.~.m.,..:r..,_.nw... t";
KENE
)ss. {z°O' hiC71",~f~ Y PUBLIC:
1*S ~*3 Sja+c3 of Texas
COUNTY OF DALLAS } ,NrF,~omrr Err). N-22-2009
The foregoing instrument was acknowledged before me this day of 4e , 2009, by
~ of 44gomA-gotr-alew . G,.,~~tief , a
Texas corporation. Arkoma Production Company
of Texas, Inc./
WITNESS my hand and official seal.
My Commission Expires:
.1"w o
otj"~ Notary Public
50i;j 51
Triang SA Petroleum Corporation - Assignee
ACKNOWLEDGMENT
B
PROVINCE OF
The foregoing s r}e t was ac}
J~Utv 2009, by .1
Triangle SA Petroleum Corporation.
My Commission Expires: 3 % ZotJ
STATE OF UTAH )
) ss.
COUNTY OF SALT LAKE )
me this
r
of
el / of
Notary Public
N41
° My Appointment
expires
r December 31, 2010.
'ILBE
Trail Energy, LLC - Administrator
Public
By
The foregoing instrument was acknowledged before me this Z 1 s-; day of S 'FPrr-,,K a tr-
2009, by y1.,,,w~~., as /41, -,,,c c& of Trail Energy, LLC on behalf of said limited
liability company.
My Commission Expires: Notary Public
10 -06 -ZO ILI-
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