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Exhibit 10.1
Farm-in Letter Agreement
(“Agreement”)
Between:
Unitech Energy Resources
Inc.
An Alberta, Canada
corporation
(“URX”)
-and-
BCO Hydrocarbon
Ltd.
A Nevada
corporation
(“BCO”)
(hereinafter collectively
referred to as the “Parties”)
Whereas the
Parties wish to form a business relationship that contemplates
the exploration for, and production of, hydrocarbons
from Petroleum and Natural Gas Agreement Numbers 0050505090500 and
0050506060517 (collectively the “Lease”), which
Lease is owned by URX and comprises approximately 640 acres of
petroleum and natural gas exploitation rights from the surface to
the base of the Belly River formation, and which Lease is
located in central Alberta, Canada, at section 30, Township 57,
Range 8, W5 which is approximately 70 miles northwest of Edmonton,
Alberta in the area known as “Paddle River”, the
Parties hereby agree as follows:
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The Farm-in agreement will include the
formations held under the Lease from surface to the base of the
Belly River formation.
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BCO will farm-in on the Lease on the basis of a
100% capital interest for a 50% working interest. For clarity, BCO
will pay 100% of all costs associated with all seismic activity,
drilling, completing, and testing and thereafter both Parties will
pay their respective 50% of any
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