EXHIBIT 10.1
Lease
Assignment/Contract Rework Services
Thomas Well
Project
THIS PARTICIPATION AGREEMENT
(“the Agreement”) is made and entered into
effective the 1st day of December, 2010, by and between Innocent
Inc. (INCT) , 2000 NE 22 nd St. Wilton Manors, FL.,
33305 (“Buyer”), and Sedunda
Oportunidad, LLC Ronald Davis (“in trust”) .,
(Seller) whose address is 4412 8th Street SW, Vero Beach, FL 32968,
772.584.3308, (“Purchaser”) and Seller and
Purchaser are sometimes collectively referred to herein as
“ the Parties ”.
W I T N E S S E T
H
WHEREAS , Purchaser desires to acquire
operating Oil and Gas assets, and
WHEREAS , Seller is an individual that
recently purchased Oil and Gas Lease rights from a Portfolio
Management Company (Original Agreement is attached) and represents
that he owns, controls, and have under agreement to acquire or
option to acquire or have working interests in certain Oil and Gas
Leases, hereinafter sometimes referred to as “Oil and Gas
Leases” or contractually and more specifically for this
agreement the “Thomas Lease ” located within the
field description as follows:
The Seller represents it owns,
controls, or has commitments to certain oil and Gas leases,
hereinafter sometimes referred to as “Leases: or
contractually as the 1 Thomas Well # 1” located within the
field description as follows;
Thomas Lease:
WHEREAS, the Seller represents that the Oil
and Gas Leases – One well located: Center of South Quarter
Section 7, Township 24 North, Range 5 West, Garfield County,
Oklahoma
WHEREAS , Purchaser desires to acquire a
100% working interest in the “ Thomas Well #
1” that is currently needs reworking as per the AFE as
indicated in “Exhibit B”.
WHEREAS, Purchaser has agreed that all
rights, titles, interests and privileges granted herein unto
Purchaser and all rights and obligations attributable thereto after
the date hereof shall be owned and borne by Purchaser in the
percentage set forth in this agreement.
NOW, THEREFORE
, in consideration of
the mutual covenants herein contained, and for other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto agree as
follows:
ARTICLE
I
1. Purchaser Oil and Gas Lease
Working Interest
a) Following the receipt
from Purchaser of a timely and duly executed original of
this Agreement, the tendering of payment specified in Article I.B.
Herein below, Seller will acknowledge the Purchaser has
purchased Working Interest in the oil and gas lease it acquires and
made a part hereof, of the undivided One Hundred Percent (100%)
working interest and to the Oil and Gas Leases acquired by Seller
subject to the following terms, conditions, reservations and
limitations:
b) The above-mentioned
Working Interest shall be made without warranty of any kind,
expressed or implied, except by, through and under
Seller.
2. Said Working Interest shall be made
subject to the terms, covenants and conditions of the
following:
a) The terms and
provisions in the Oil and Gas Leases subject to this
agreement;
b) The terms and
provisions of this agreement;
c) In the event any oil
and gas lease acquired within the lease Area and subject to this
Agreement, covers less than the full undivided fee estate in the
oil, gas and associated hydrocarbons in the lands covered thereby,
or in the event the leasehold interest acquired covers less than
100.00% of the leasehold estate in said lease, then as to such oil
and gas lease the interest assigned and the overriding royalty
interests reserved herein shall be proportionat