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EXHIBIT 10.1
OPTION PURCHASE AGREEMENT
(OPTION TO ACQUIRE OIL AND GAS LEASES IN
JEFFERSON COUNTY, MISSISSIPPI)
American Exploration Corp.
Suite 700, 407 2nd St. SW
Calgary, Alberta T2P 2Y3
AND
Westrock Land Corp.
5050 Quorum Drive
Suite 700
Dallas, Texas 75254
It is understood that American
Exploration Corp., and/or its
affiliates,
(hereinafter referred to as "American")
wish to acquire 5,000 net acres in
mineral oil and gas leases in the lands located
in Jefferson County, in the
State of Mississippi, (hereinafter referred to as
the "Acquired Properties")
from Westrock Land Corp., (hereinafter referred to
as "Westrock"). It is has
been agreed to by Westrock and American that the Original
Option Agreement (the
"Agreement") of November 3, 2008, except for the revisions
contained within this
Option/Purchase Agreement, will remain in
effect and all other conditions
contained within the Original Agreement dated November
3, 2008 will remain the
same.
American and Westrock have agreed to the following:
1. PURCHASE PRICE.
The original agreed upon purchase
price of the
Acquired Properties between Westrock and
American was $3,125,000
(three
million one hundred and twenty-five thousand
dollars) in the
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