Exhibit 10.1
Termination of
Working Interest Purchase and
Sale
This
Termination agreement effective the 28 th day of April, 2009 terminates the WORKING
INTEREST PURCHASE AND SALE AGREEMENT (“the
Agreement”) entered into on the 29 th day of January,
2009, by and between Wellington Capital Management Inc., whose
address is, Centerville House, 4 th Floor, 2 nd Terrace West, Nassau, Bahamas, a Bahamas
corporation (“Seller”) , and Tiger Renewable
Energy Ltd. whose address is, Sino Favour Centre, 1 On Yip
Street, Suite 1302, Chai Wan, Hong Kong, a Nevada
Corporation, (“Purchaser”) and
Seller and Purchaser are sometimes collectively
referred to herein as “ the Parties
”.
WITNESSETH
WHEREAS , the parties mutually agree to
Terminate the Working Interest Purchase and Sale as provided for
under paragraph K of the Working Interest Purchase and Sale
agreement which covered approximately 323 net acres in the
Fowlkes Station leases GP Project Area; and
are legally described as;
1)
Cochran B Lease:
Oil and Gas
Lease dated January 28, 1922 and recorded in Volume 201, Pages 155
21 et seg. of the Deed Records of Wichita County, Texas by and
between N.O. Danoigar, an lessor, and X.E. Timblin, as lessee, but
only insofar as the said Oil and Gas Lease covers the following
lands:
A tract of 20
acres out of the Northeast one-fourth of Section 14, H i C N RR.
Co. Survey, A-397, Wichita County, Texas, described by metes and
bounds as follows;
BEGINNING a
distance of 237.5 varas East of the Northwest corner in the North
line of a 320 acre tract conveyed to B.S. Cochran by E.T. Brown;
THENCE South parallel with the west line of the said E.T. Brown
tract a distance of 475 varas to a stakes THENCE East 237.3 wares
parallel to the North Line of the said E.T. Brown tracts THENCE
North 475 varas parallel to the West line of the said Brown tract;
THENCE West 237.5 varas to the PLACE OF BEGINNING, said 20 acre
tract also being the East 1/2 of the Northwest 1/4 of the Northeast
1/4 of Section 14, H & G N RR. Co. Survey, A-397, Wichita
County, Texas, limited to depths from the surface down to 2,000
feet subsurface.
Oil and Gas
Lease dated June 3, 1913 and recorded in Volume 65, Pages 537 et.
Seg.of the Deed Records of Wichita County, Texas by and between
J,K. Parr, Trustee, as lessor, and W.H. Caperton, as lessee, but
only insofar as the said oil and Gas Lease covers the following
lands:
A tract of 20
acres out of the Northeast one-fourth of Section 14, H a 0 N RR.
Co: Survey, A-397, Wichita County, Texas, described by mates and
bounds as follows,
BEGINNING at
the Northwest corner of the Northeast one-fourth of the said
Section 14; THENCE East 237.5 vans to a stake! THENCE South 475
varas to a stakes THENCE West 237.5 varasi THENCE North 475 varas
to the PLACE OF BEGINNING, limited to depths from the surface down
to 7,000 foot subsurface.
Oil and Gas
Lease dated September 15, 1954 and recorded in Volume 644, Pages 22
nt dna. of the deed Records of Wichita county, Texas by and between
James M. White, Sr., and others, as lessor, and Ace Reid, and
others, as lessee, but only insofar as the said Oil and Gas Lease
covers the following lands:
A tract of 60
acres, Vlore or labs, out H & G N Ry Co. Survey Ho. 1141A-147,
in Wichita County, Texas, limited to the depths from the surface
down to 2,700 feet subsurface, the said 60 acre tract being more
particularly described as follows:
Being A part of
an original lease of 120 acres of land, from James E. White, Jr.,
et al, to Ace Reid, et al, dated September 15, 1954 and recorded in
Volume 644, Page 31, Deed Records of Wichita County, Texas and
being described as follows:
Being a part of
a certain 402.5 acres of land out of the H & G N RR. Co. Survey
No. 11, Abstract 147, which lies south of the FW and DC
RR. right-of-way, Wichita County, Texas, and further
described as follows:
BEGINNING at a
point in the West Boundary line of said Survey No. 11, Abstract No.
147, which point is 3,100 feet North from the Southwest corner of
said Survey, and which point is the Northwest corner of a certain
40 acre tract previously assigned by Ace Reid, et al, to W.F.
Palmer; THENCE East along the North line of said Palmer 40 acre
tract 1,980 feet to a stake for corner, THENCE South along the east
line of said Palmer 40 acre tract 660 feet to a stake in the North
line of a tract of land under lease to S.W. Owens as described in
the lease agreement dated February 16, 1948 and recorded in Volume
474, Pages 243 It Eta. of the Deed Records of Wichita County,
Texas;
THENCE East
along the North line of said Owens 80 acre tract of land 1,9801feet
to a stake in the right-of-way of the FW A DC RR. Co. Survey;
THENCE North 63• West along the boundary line of the FW &
DC RR. Co. right-of-way 4,524 feet to the Northwest corner of said
402.5 acre tract: THENCE South along the West boundary line of said
Survey 11 to the PLACE OF BEGINNING, limited to the production of
oil from the surface down to a depth of 2,700 feet
subsurface.
THERE IS
EXCEPTED FROM THE ABOVE DESCRIBED PROPERTY AND NOT
COVERED HEREBY all of the following described, Lots and blocks out
of what is known as the subdivision of the Fowlkes Townsite and H.
B. Hines, et al land according to plat thereof and being a
subdivision of said 402.5 acres of land, to wit: Lots 22, 23 &
24 of Block 21 Lots 22, 23 & 24 of Block 3; all of Block No. 4;
Lots 21, 24, 23 & 24 of Block No. 6, Lot 24 of Block
8.
James White
Lease being a tract of forty acres, more or less, out of H & G
N RR. Co. Survey Number 11, Abstract 147, in Wichita County, Texas,
being more particularly described as follows: Being a part of an
original lease of 120 acres of land from James M. White, Jr. et al,
to Ace Reid, et al, dated September 15, 1954 and recorded in volume
644, Page 31, Deeds Records of Wichita County, Texas and being
described as follows: Being a part of a certain 402.5 acres of land
out of the H & G N RR Co. Survey No. 11, Abstract 147, which
lies South of the FW & DC RR. Right-of-Way, Wichita County,
Texas, and further described as follows:
Beginning at a
point in the West boundary line
