Exhibit 10.1
 
MEMORANDUM OF AGREEMENT
 
Dated: November 4th, 2015
 
 
Blue Sky NM, Inc., a corporation formed under the laws of New Mexico, herein
called the “Sellers”, have agreed to sell, and
 
Rockdale Resources Corporation, a corporation formed under the laws of
Colorado hereinafter called the “Buyers”, have agreed to buy 15% of the Sellers
Working Interest (“WI”) in San Andres Unit (“TLSAU”), located in Chaves County,
New Mexico, on the following terms and conditions:
 
Definitions
 
“Deposit” shall have the meaning given in Clause 2 (Deposit).
 
“Parties” means the Sellers and the Buyers.
 
“Purchase Price” means the price for the WI as stated in Clause 1 (Purchase
Price).
 
1.  
Purchase Price

 
The Purchase Price is One Hundred Ninety-Six Thousand, Eighty Hundred
Seventy-Five U.S. Dollars (US$196,875).
 
2.  
Deposit

 
The Sellers acknowledge a deposit has been lodged with the Sellers in the amount
of $50,000 (the “Deposit”).
 
3.  
Payment

 
I.  
the Deposit shall become the property of the Sellers at Closing without further
action by the Buyers and with the Buyers having no right or claim thereto after
Closing; and

 
II.  
the Buyers shall issue, or cause to be issued, to the Sellers a note issued by
Rockdale Resources Corporation in the amount of US$146,875 (the “Note”) payable
in full on or before December 31, 2015 in substantially the form attached hereto
as Exhibit A.

 
 
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4.  
Closing

 
The Closing shall take place on or before November 4th, 2015.
 
5.  
Included Assets

 
15% WI in the TLSAU Field, including a undivided ownership in all operating
equipment at the TLSAU Field
 
6.  
Assumed Liabilities

 
Rockdale will assume up to 15% of the liability associated with the TLSAU, such
as plugging and abandoning of the wells.
 
7.  
Operations

 
Buyer will assume operations and administration of the TLSAU Field by November
15th, 2015 or upon posting the necessary bonds.
 
8.  
Representations and Warranties

 
The Seller is selling TLSAU in "AS IS" CONDITION AND WILL NOT MAKE ANY
WARRANTIES OR REPRESENTATIONS.
 
The sale of the WI is outright and definite.
 
The Buyer have conducted the necessary due diligence and have made the necessary
inspections.
 
9.  
Documentation

 
The place of closing: The offices of the Buyers in Houston, Texas.
 
(a) In exchange for payment of the Purchase Price the Sellers shall provide the
Buyers with the following Closing documents:
 
(i)
Description of Property

 
(ii)
Assignment of Operations

 
(iii)
List of wells to be Bonded

 
(iv)
Evidence that all necessary corporate, shareholder and other action has been
taken to authorize the execution and performance of this Agreement, the Note.

 
(b) At the time of Closing, the Buyers shall provide the Sellers with the
following Closing documents:
 
(i)
The Note

 
(ii)
Evidence that all necessary corporate, shareholder and other action has been
taken to authorize the execution and performance of this Agreement, the Note.

 
 
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10.  
 Bonds

 
At Closing, Buyer will place the necessary bonds with the New Mexico Energy
Department (NMED) – see attached Exhibit B.  Such bonds will not exceed $400,000
for particular wells at TLSAU. Bonds would be released by NMED as the wells are
brought to compliance. Seller will help facilitate the transfer of such bonds to
the Buyer and provide all correspondence between the Seller and NMED regarding
such bonds
 
11.  
Taxes, fees and expenses

 
Each party shall bear its own expenses incurred in completion of this
transaction.
 
12.  
Law and Arbitration

 
This Agreement shall be governed by and construed in accordance with law of the
State of Texas.
 
Any disputes arising out of or in connection with this Agreement shall be
referred to an Arbitrator.
 
13.  
Notices

 
All notices to be provided under this Agreement shall be in writing.
 
Contact details for recipients of notices are as follows:
 
For the Buyers:            Rockdale Resources Corporation
710 N. Post Oak Rd., Suite 512
Houston, TX 78024
Attention: Leo Womack
Email: l.womack@rockdaleresources.com

For the Sellers:             Blue Sky NM, Inc.
320 Gold Avenue SW, Suite 1000
Albuquerque, NM 87102
Attention: Mo Fazil
Email: mofazil@gmail.com
 
14.  
Entire Agreement

 
The written terms of this Agreement compromise the entire agreement between the
Buyers and the Sellers in relation to the sale and purchase of the WI and
supersede all previous agreements whether oral or written between the Parties in
relation thereto.
 
Each of the Parties acknowledges that in entering into this Agreement it has not
relied on and shall have no right or remedy in respect of any statement,
representation, assurance or warranty (whether or not made negligently) other
than as is expressly set out in this Agreement.
 
 
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Any terms implied into this Agreement by any applicable statute or law, are
hereby excluded to the extent that such exclusion can legally be made. Nothing
in this Clause shall limit or exclude any liability for fraud.

 
 
[Signature Page to Follow]
 

 

 

 

 

 
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For and on Behalf of the Sellers
Blue Sky NM, Inc.
           graphic [sig1.jpg]
By: __________________________
Name:
Title:

 
 
For and on Behalf of the Buyers
Rockdale Resources Corporation
          graphic [sig2.jpg]
By: __________________________
Name: Leo Womack
Title: Chairman

 
 
 
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