HomeMy WebLinkAbout921814.tiff A(t230B991 B 1356 REC 02308991 10/30/92 13:34 $15.00 1/003
F 1882 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
PARTIAL ASSIGNMENT AND AGREEMENT
THIS PARTIAL ASSIGNMENT AND AGREEMENT is made and entered into this 27th
day of October,1992,by and between THERMO FUELS,INC.("Thermo"),a Colorado corporation,
5840 Dahlia, Commerce City, CO 80022, as Assignor; and GERRITY OIL & GAS
CORPORATION("Gerrity"), a Delaware corporation, 4100 E. Mississippi Avenue, Suite 1200,
Denver,CO 80222,as Assignee.
1. BACKGROUND. The NYMSWY<of Section 1,Township 5 North,Range 65 West,
6th P.M., Weld County, Colorado, is currently subject to those Oil and Gas Leases ("Leases")
covering lands in Weld County described on Exhibit A hereto. While the N/SWY of Section 1 has
been pooled as a single unit for the production of oil and gas from the Codell and Niobrara
formations,the leasehold owners wish to segregate the NWYS WY.and NEYSW V.so that a new well
may be drilled by Gerrity in the NWYSWY.. In so doing,the parties do not wish to affect the right
of any landowner or existing overriding royalty owner to receive his appropriate share of proceeds
from Codell and Niobrara production obtained anywhere in the 80-acre pooled unit,but they do
wish to ensure that the working interest owners and any future overriding royalty owners receive
Codell and Niobrara production only from their respective 40-acre area.
2. ASSIGNMENT TO GERRITY OF ALL LEASEHOLD INTEREST: NWYSWY.
For $10 and other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged,THERMO hereby assigns,transfers,sells and conveys unto GERRITYall of its right,
title and interest in and to the Leases insofar, and ONLY INSOFAR,as the Leases cover the
NWYSW'/.of Section 1,Township 5 North,Range 65 West.
3. PROPORTIONATELYSUBIECTTO EXISTINGBURDENS.The interests herein
assigned to Gerrity shall be proportionately subject to all burdens, restrictions, exceptions,
reservations, conditions,limitations, charges,agreements and other matters of record in the real
property records of Weld County or of which Gerrity has actual or constructive notice at the date
hereof.
4. ALLOCATION OF COSTS AND PROCEEDS.Despite the pooling of theN'/zSWY.
as a single unit for the production of oil and gas from the Codell and Niobrara formations, the
parties hereby agree that all production from the Codell and Niobrara formations shall,as among
themselves, their successors and assigns,be allocated and all costs and taxes borne as though the
NWYSWYV,were a separate 40-acre unit,the leasehold interest of which is owned 100%by Gerrity,
and as though the NE'.SW1/4 were a separate 40-acre unit,the leasehold interest of which is owned
50%by Thermo and 50%by Gerrity.
All existing landowner and overriding royalties on Codell and Niobrara production from each
40-acre tract shall be apportioned, allocated and paid on the basis of the full 80-acre pooled unit;
the special allocation of production, costs and taxes set forth above shall affect only the parties
hereto,their successors and assigns.
On and after the date of this assignment,no party hereto shall have any power or authority
to create any overriding royalty or other burden on Codell or Niobrara production within this 80-
acre designated unit,unless such burden is to be borne by that party's interest in production from
a specific 40-acre tract within the 80-acre unit. By their execution or acceptance of this assignment,
each party agrees to indemnify and hold the other leasehold interest owners harmless from all costs,
expenses and liabilities arising in connection with any new burden on production which it may create
hereafter.
5. PRODUCTION PURCHASER RFT LANCE. Any production purchaser shall be
entitled to rely on this Assignment (absent any modification or amendment recorded in the real
property records of Weld County)in determining ownership of production from the Gatewood#11-
1 well in the NEYSWY.and any other well which may be drilled and completed in the Codell or
Niobrara formations under the terms of the Leases in the NWYSW'<of said Section 1.
6. BINDING EFFECT. The terms,covenants and conditions hereof shall be binding
upon,and inure to the benefit of the parties hereto,their successors and assigns,and such terms,
covenants and conditions shall be covenants running with the lands herein described and the leases
herein assigned and with each transfer or assignment of said leases and lands.
7. SPECIAL WARRANTY. Thermo warrants that the interests herein assigned are
free and clear of all liens,mortgages or other encumbrances,but does not otherwise warrant title.
btoia '(
•
• B 1356 REC 02308991 10/30/92 13:34 $15.00 2/003
• F 1883 MARY ANN FEDERSTEIN CLERK & RECORDER WELD CO, CO
IN WITNESS WHEREOF,this instrument is executed as of the date first above written.
'4 FUELS,INC.
17:04'
� by:L w4 C
Curtis .Jensen, start Secretary James onroe,III,President
'41T 1'< ///' • GEBRITY OIL
&GAS RPORATION
•Brian/eh=, istant Secretary 0119 Diana K.Ten Eyck,
•
Chief Operating Officer
STATE OF COLORADO
ss.
COUNTY OF lfccT cP )
The foregoing instrument was acknowledged before methis nl7tt'dayof 001`64(,c-
-
1992,by James Monroe,III as President and by Curtis R.Jensen as Assistant Secretary of Thermo
Fuels,Inc.,a Colorado corporation, on behalf of said corporation.
..
Witness my hand and official seal.
My conrtop expires: /4
..•A , ��G,'
6 Notary Public /
STATE OF COLORADO
,�/ Ss.
COUNTY OF}.
The foregoing instrument was ackmowledged before me this 9- day of( :(�L4-4c ,
1992,by Diana K Ten Eyck as Chief Operating Officer and by Brian Cree as Assistant Secretary
of Gerrity.Oil&Gas Corporation,a Delaware corporation,on behalf of said corporation
pet ii ioss'my hand and official seaL
M�CAm SI0a C7[plrtS:•
/ /.'V""•l.- O &L --
Notary Public
2
Beep 02308991 10/30/92 13:34 915.00 3/003
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