EXHIBIT 10.11
ASSIGNMENT OF OIL AND GAS LEASE
Summitt Oil and Gas, Inc. ("Assignor") and National Health Care
Technology, Inc.
("Assignee") agree that:
Identity of Lease
WHEREAS, Assignor is Lessee under an Oil and Gas Lease executed on
April 4,
2006, by Assignor as Lessee and Summitt Oil & Gas, Inc. as
Lessor, covering the
real property in the County of Custer, Oklahoma, described as
follows: SEC
25-T12N-R14W, SE/4, CUSTER, OK;, comprising of 160 acres .
WHEREAS, that lease is duly recorded in Book 1265 at Pages 92-93 of
the official
records of the county of Custer, Oklahoma, filed January 25,
2005:
Assignment
NOW, THEREFORE, in consideration for the sum of US$400,000 paid by
77,000 shares
in National Healthcare Technology, Inc. and other good and
valuable
consideration, receipt of which is hereby acknowledged, Assignor
does hereby
sell, assign, transfer, and convey to National Healthcare
Technology, Inc. all
of Assignor's right, title, and interest in the lease and the real
property
covered by the lease, on the following terms and conditions:
Override Royalty
1. There is excepted from the above assignment and conveyance and
reserved and
retained in Assignor an overriding royalty equal to 3% of the value
of all oil
produced and removed under the lease and the net proceeds received
by Assignee
from the sale of all gas and casinghead gasoline produced and sold
under the
lease. 2. The overriding royalty reserved and retained by Assignor
shall be
payable to Assignor at the same time, and shall be computed in the
same manner,
as is provided in the lease for the payment, and computation, of
royalties
payable under it to Lessor.
Assignee to Perform Lease
3. Assignee accepts, on the terms and conditions specified in this
document,
this assignment of lease and agrees to truly and fully perform all
of the terms
and conditions of the lease to be performed under the lease by
Lessee.
Indemnity Agreement
4. Assignee shall indemnify and hold Assignor and the property of
Assignor,
including Assignor's interest under this instrument, free and
harmless from all
claims, liability, loss, damage, or expense resulting from
Assignee's
performance of the lease, Assignee's occupation of any part of the
real property
covered by the lease, or the exploration for, or extraction by
Assignee under
the lease of, any oil, gas, or other hydrocarbon substances.
Modification and Extension of Lease
5. Assignee shall have the right to obtain from Lessor under the
lease, or
Lessor's successor in interest as Lessor under the lease, any
modifications or
extensions of the lease Assignee may desire, as long as the
modifications or
extensions do not reduce in any way the overriding royalty reserved
and retained
by Assignor under this instrument or otherwise infringe on any
rights of
Assignor under this instrument.
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Default Clause
7. Should Assignee
