Exhibit 10.1

 

PURCHASE AND SALE AGREEMENT

 

 

This Purchase and Sale Agreement (the “Agreement”) is made and entered into by
and between Verde Bio Holdings, Inc. with an address of 5 Cowboys Way, Suite
300, Frisco, Texas 75034 (hereinafter referred to as “Buyer”), and
_________________________, with an address of
_______________________________________, (hereinafter referred to as “Seller”).
 Buyer and Seller are sometimes referred to below individually as a “Party” or
collectively as the “Parties”; and 

 

WHEREAS, Seller owns or has the right to sell the mineral & royalty interests
described on Exhibit “A” attached hereto and made a part hereof. 

 

WHEREAS, Buyer desires to purchase from Seller, and Seller desires to sell to
Buyer, those certain interests in oil and gas leases that are defined and
described as “Properties” hereinbelow, subject to and on the terms and
conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises,
covenants and agreements contained herein and other good and valuable
consideration the receipt and sufficiency of which is hereby acknowledged, Buyer
and Seller agree as follows:

 

Subject to the terms, conditions and provisions of this Agreement, Seller agrees
to sell, assign and convey to Buyer an undivided 100% of Seller’s right, title
and interest in and to Seller’s oil, gas and other mineral rights in and to the
Properties more specifically described on the attached Exhibit A (“the
Properties”) including but not limited to oil royalty, gas royalty, overriding
royalty interest, mineral interest and other similar interests which may be
produced from said oil, gas and mineral leases and lands1.

 

Terms of this transaction are as follows:

 

1. The purchase price is 5,000,000 shares of the common stock of the Buyer based
on $0.0175/share for a total transaction value of $87,000

 

2. The closing shall occur on or before November 15, 2020, (the "Closing Date")
Prior to the Closing Date Buyer will have the exclusive right to conduct its
review of the Properties, including title.  As a condition to the Transaction,
Buyer must be fully satisfied, in its sole and absolute discretion, with the
results of its due diligence investigation. Buyer’s sole remedy for any alleged
breach of this agreement, including but not limited to failure of title to one
or more of the Properties, shall be termination of this agreement.  Payment for
purchase of the Properties shall be made by stock certificate payable to seller
within 3 days of the Closing Date. If additional title review is required by the
terms of this Agreement, the Closing Date may be extended without amendment by
not more than 14 days to accommodate delays attributable to title review.

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1 The description of the Properties on Exhibit “A” is subject to change pending
the Parties verification of title thereto.

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3. Seller represents that as of the Closing Date, the Properties are free and
clear of any and all known liens, mortgages and encumbrances created by Seller.
All known mortgages, liens or encumbrances created by Seller which affect the
Properties will either be released or paid-off by Seller on or before the
Closing Date.

 

4.  On the Closing Date, Seller shall execute and deliver to Buyer, and Buyer
shall receive, one or more instruments of assignment, in substantially the form
of the Assignment of Mineral Interest attached hereto as Exhibit “B.”  Such
Assignment of Mineral and Royalty Interest may be hand delivered, or made by
Certified U.S. mail or Federal Express (FedEx) to the Buyer.

 

5. Seller shall, upon the reasonable request of the Buyer, execute and deliver
all deeds, transfer orders, division orders, letters-in-lieu, curative documents
and such other documents as our reasonably necessary to carry out the purposes
of this Agreement whether before or after the Closing Date. Seller shall also
execute any other conveyance documents as required by Buyer, to the satisfaction
of Buyer, or its assigns, in the performance of this Agreement and in order to
close on the Properties by the Closing Date.

 

6. Buyer asserts that it is an “accredited investor” within the meaning of Rule
501 under the Securities Act of 1933, as amended. Buyer is financially able to
bear the economic risks of acquiring the Properties, including the risk of total
investment loss and understands the illiquid nature of this asset class. Buyer
is a sophisticated buyer and has such knowledge and experience in the purchase
and sale of mineral and royalty interests so as to be capable of evaluating the
merits and risks of and making an informed business decision with regard to the
acquisition of said purchased interests.

 

7. The Effective Date of said transaction shall be Production Effective Date of
October 1, 2020. Buyer shall be entitled to all revenue from production from the
Properties occurring on or after the Effective Date.

 

8. Buyer reserves the option and right to assign this PSA to another Buyer
controlled entity to fulfill the obligations and receive the benefits of this
agreement with Seller.

 

9. Prior to the Closing Date or termination of this Agreement, Seller shall not
offer the Property for sale to any person or entity, or accept or negotiate any
offer to purchase by any person, entity, or other party.

 

10.  All notices given by Buyer to Seller or by Seller to Buyer, shall be in
writing and shall be deemed delivered when actually received, or, if earlier and
whether or not actually received, (i) if delivered by courier or in person, when
left with any person at the address reflected below, if addressed as set forth
below, (ii) if by overnight courier service (such as, by way of example but not
limitation, U.S. Express Mail or Federal Express) with instructions for delivery
on the next business day, one (1) business day after having been deposited with
such courier, addressed as reflected below, and (iii) if delivered by mail,
three days after deposited in a Post Office or other depository under the care
or custody of the United States Postal Service, enclosed in a wrapper

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with proper postage affixed (as a certified or registered item, return receipt
requested). The addresses of the Parties are the address set out in this
Agreement.

 

11. This Agreement shall be governed by the laws of the State of Texas, without
regard to its conflict of law principles. All disputes arising from or relating
to this Agreement shall be adjudicated in a state district court sitting in
Dallas County, Texas, and each Party hereby consents to such court's
jurisdiction and to such venue.

 

12. This Purchase and Sales Agreement and the rights, duties and obligations
represented hereby shall be binding upon the seller hereto, their respective
heirs, administrators, executors, representatives, successors and assigns.     

 

             

ACCEPTED AND AGREED TO, this ____ day of September, 2020

 

 

 

SELLER

 

____________________________

 

 

  

______________________________

Its: ___________________________

 

 

 

 

 

BUYER

 

 

Verde Bio Holdings, Inc.

 

 

 

  

By: Scott A. Cox, CEO            

 

             

 

          

 

             

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Exhibit “A” Lands

 

Exhibit “A” attached to and made part of that certain Purchase and Sale
Agreement for purchase of mineral and royalty interests dated September 22, 2020
by and between Verde Bio Holdings, Inc. (“Buyer”) and
_____________________________________ (“Seller”).

 

 

An undivided 100% of all of Seller’s right, title, and interest in the
following:

 

Alfalfa County, OK

 

SECTION 4, TOWNSHIP 23 NORTH, RANGE 12 WEST, ALFALFA COUNTY, OKLAHOMA

“SW/4”

(+/- 4.0 Net Mineral Acres in the above described portions of Section 4,
Township 23 North, Range 12 West, described correctly or not)

 

SECTION 6, TOWNSHIP 27 NORTH, RANGE 10 WEST, ALFALFA COUNTY, OKLAHOMA

“LOT 1 (40.14 AC.) and LOT 2 (40.12 AC.) and S/2 NE/4 a/d/a NE4 160.29, more or
less”

(+/-8.0145 Net Mineral Acres in the above described portions of Section 6,
Township 27 North, Range 10 West, described correctly or not)

 

Grant County, OK

 

SECTION 24 – TOWNSHIP 27 NORTH – RANGE 6 WEST, GRANT COUNTY, OKLAHOMA

+/-1.56 acre mineral interest in:

The Southeast Quarter (SE/4) of Section 24, Township 27 North, Range 6 West,
Grant County, Oklahoma, containing 160 acres, more or less.

 

Brazos County, Texas

 

Tract 1: 12.447 acres of land, more or less, in the W. S. Martin Survey, A-35,
and being the same land conveyed on May 21, 1974 from Butler Howard, Inc., a
Texas Corporation, to F. W. Bert Wheeler and Felix Saccomanno, and recorded in
Volume 329, Page 82 of the Deed Records of Brazos County, Texas.

 

Tract 2: 119.35 acres, more or less, out of the W. S. Martin  Survey, A-35 and
 the L. McLaughlin  Survey, A-38, Brazos County, Texas and  being the same land
 described  as Tract  One (1) out of two (2) tracts  in that certain  Warranty
Deed dated  April 19, 1962, from Nick Dileo et al to C. Edgar Jones et al, as
recorded  in Volume 219, Page 418 of the Deed Records of Brazos County, Texas.

 

Tract 3: 30.387 (called 30.36) acres, more or less, out of the Moses Baine
Survey, A-3, and being the same and described in a Special Warranty Deed dated
August 1, 2005 and conveyed from M. D. Wheeler, LTD. to the Bryan Independent
School District and recorded in Volume 6848, Page 78 of the Official Records of
Brazos County, Texas.

 

Tract  4: 36.138 acres,  more or less, out of the Moses Baine Survey, A-3, and
 being the same land described  as "Third Tract" in a Quit Claim Deed dated
October 23, 2003 from Bert Wheeler's  Inc. to M.D. Wheeler, LTD. and recorded in
Volume 5703, Page 135 of the Official Records of Brazos County, Texas.

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Tract 5: 31.015 (called 31.657) acres, more or less, out of the W. S. Martin
Survey, A-35, and being the same land described in a Special Warranty Deed dated
January 7, 1999 from Keith  Chunn, Jr., Successor Trustee to Koch Exploration
 Company and recorded in Volume 3362, Page 252 of the Official Records of Brazos
County, Texas.

 

Tract 6: 16.482 acres, more or less, out of the Moses Baine Survey, A-3, and
 being the same land described  in a Special Warranty Deed dated  November 15,
2007 and conveyed from M. D. Wheeler, LTD. to Esther Jane Grant  McDougal and
recorded in Volume 8332, Page 251 of the Official Records of Brazos County,
Texas.

 

Tract 7: 42.369 acres, more or less, in the Moses Baine Survey, A-3, Brazos
County, Texas; in the right of way of State Highway 6 and the East By-Pass;
being more particularly described in that certain Final Judgment dated February
26, 1969 from Nancy Campise et al to The State of Texas and  recorded  in Volume
276, Page 561 of the Deed Records  of Brazos  County, Texas  and  reference to
which  is  made  in  an  instrument recorded in Volume 778, Page 183 of the Deed
Records of Brazos County, Texas; [and sometimes called 44.92 acres; and
sometimes called 42.643 acres]. There is included in this tract, all of
Grantor's interest in 4.655 acres, more or less, IF ANY, in the right of way of
North Texas Avenue, adjacent to the 36.138 acres described in Tract 2 above,
reference to which is made in instruments  recorded  in Volume 778, Page 183;
Volume 99, Page 49; and Volume 99, Page 72 of the Deed Records of Brazos County
Texas.

 

Tract 8: 12.77 acres, more or less, out of the L. McLaughlin  Survey, A-38, and
 being the same land  described  in a Warranty Deed dated  March  4, 1988 and
 conveyed from  Bert Wheeler's Inc. to the State of Texas and recorded in Volume
1040, Page 676 of the Official Records of Brazos County, Texas.

Tract 9: 191.81 acres, more or less, out of the L. McLaughlin Survey, A-38, and
being the same land described in a Special Warranty Deed dated April14, 2009 and
conveyed from M. D. Wheeler, LTD. to The City of Bryan  and recorded  in Volume
9045, Page 76 of the Official Records of Brazos County, Texas.

 

Tract 10: 17.649 acres, more or less, in the L. McLaughlin Survey, A-38, in
Brazos County, Texas, and being more particularly described  in that  Special
Warranty Deed dated  May 24, 2013 from  M. D. Wheeler,  Ltd  to Gondal Mullenax,
Trustee and being recorded  in Volume 11364 at Page 156 of the Deed Records of
Brazos County, Texas.

 

Exhibit “A” (continued)

 

TRACT 1: 232.347 acres of land, more or less, being the total of Tract A (160
acres), Tract B (160 acres), Tract C (160 acres) and Tract D (87.767 acres)
SAVE, LESS AND EXCEPT Tract E (405.010 acres less 69.59 acres) all as described
below:

 

Tract A: 160 acres of land, more or less, out of the John Austin League, A-2,
Brazos County, Texas, being all of the land allocated to the Prodeco
Exploration, Inc.'s Wheeler#3 Unit and described as Tract 2 in a Partial
 Release of Oil, Gas and Mineral Lease dated March 4, 1985 and recorded in
Volume 795, Page 126 of the Deed Records of Brazos County, Texas, reference to
which is here made for all purposes; and

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Tract B: 160 acres of land, more or less, out of the John Austin League, A-2,
Brazos County, Texas, being all of the land allocated to the Prodeco
Exploration, Inc.'s Wheeler#4 Unit and described as Tract 3 in a Partial Release
of Oil, Gas and Mineral Lease dated March 4, 1985 and recorded in Volume 795,
Page 126 of the Deed Records of Brazos County, Texas, reference to which is here
made for all purposes; and

 

Tract C: 160 acres of land, more or less, out of the John Austin League, A-2,
Brazos County, Texas, being all of the land allocated to the Prodeco
Exploration, Inc.'s Wheeler #5 Unit and described as Tract 4 in a Partial
Release of Oil, Gas and Mineral Lease dated March 4, 1985 and  recorded in
Volume 795, Page 126 of the Deed Records of Brazos County, Texas, reference to
which is here made for all purposes; and

 

Tract D: 87.767 acres of land, more or less, out of the John Austin League, A-2,
Brazos County, Texas, being all of the portion of the land located within the
474.02 acre tract of land  described in a deed dated June 8, 1979 and recorded
in Volume 259, Page 37 of the Deed  Records of Brazos County, Texas, allocated
to the Prodeco Exploration, Inc.'s Wheeler  Unit VI, Well 1 and described as
Tract 6 in a Partial Release of Oil, Gas and Mineral  Lease dated  March 4, 1985
and recorded in Volume 795, Page 126 of the Deed Records of Brazos County,
Texas, and described in a Designation of Pooled Unit recorded in Volume 519,
Page 107 of the Deed Records  of Brazos County, Texas, and shown on a Plat of
said tract  in said Unit in said Designation of Pooled Unit as the most
northeasterly 87.767 acres in said Unit reference to which Unit, Partial
 Release of Oil, Gas and Mineral Lease, Designation of Pooled Unit and Plat is
here made for all purposes;

 

SAVE, LESS AND EXCEPT FROM THE TOTAL OF THE ACREAGE IN TRACTS A, B, C, AND D
DESCRIBED ABOVE, THE ACREAGE IN THE FOLLOWING TRACT E DESCRIBED AS FOLLOWS:

 

Tract E: 405.010 acres of land, more or less, out of the John Austin League,
A-2, Brazos County, Texas, described in a deed dated July 28, 1983 and recorded
 in Volume 597, Page 809 of the Deed Records of Brazos County, Texas, (sometimes
called 409.9 acres) reference to which deed is here made for all purposes; Save,
Less and Except 69.59 acres being Tract 2 in The 7711 Corporation Jessy 1H RE
Unit, described in a Declaration of Unit recorded in Volume 8369, Page 178 of
the Official Records of Brazos County, Texas.

 

TRACT 2: 119.495 acres of land, more or less, out of the John Austin League,
A-2, Brazos County, Texas, described in a deed dated June 3, 1975 and recorded
in Volume 331, Page 809 of the Deed Records of Brazos County, Texas, (sometimes
called the Allen Academy 108 acre tract), reference to which deed is here made
for all purposes; a portion of which property is currently located in the
Connor-Wheeler No. 1H Unit.

 

TRACT 3: 102.545 acres  of land, more or less, out of the John Austin League,
A-2, Brazos County, Texas, described in a deed dated June 28, 1967 and recorded
in Volume 262, Page 763 of the Deed Records of Brazos County, Texas, reference
to which deed is here made for all purposes.

 

TRACT 4: 52.398 acres of land, more or less, out of the John Austin League, A-2,
Brazos County, Texas, described in a deed dated June 28, 1967 and recorded in
Volume 262, Page 757 of the Deed Records of Brazos County, Texas, reference to
which deed is here made for all purposes.

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TRACT 5: 28.96 acres of land, more or less, out of the John Austin League, A-2,
Brazos County, Texas, described in a deed dated June 28, 1967 and recorded in
 Volume 262, Page 760 of the Deed Records of Brazos County, Texas, reference to
which deed is here made for all purposes.

 

TR ACT 6: 405.010 acres of land, more or less, situated in the John Austin
League, A-2, in Brazos County, Texas, and being more particularly described in
that certain Mineral Deed dated January 15, 2014 from Mae Dean Wheeler et Gondal
Mullenax et al and being recorded in Volume 11841 at Page 122 of the Official
Records of Brazos County, Texas.

 

 

 

It is the intention to convey an undivided 100% interest in the interests
described above. This list is not intended to be final and is subject to change.
Legal Descriptions and exact interests will be identified in Due Diligence.

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Exhibit “B” Assignment Template

 

 

NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR
STRIKE ANY OR ALL OF THE FOLLOWING  INFORMATION FROM ANY INSTRUMENT THAT
TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE
PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.

 

 

MINERAL DEED

 

 

STATE    OF    _______________ §

§KNOW ALL PERSONS BY THESE PRESENTS THAT: 

COUNTY OF _______________ § 

 

 

_________________________________, (hereinafter called '"Grantor"), located at
for and in consideration of the sum of TEN AND NO/100 Dollars ($10.00) and other
good and valuable consideration in hand paid by Verde Bio Holdings, Inc. whose
address is 5 Cowboys Way, Suite 300, Frisco, Texas 75034, (hereinafter called
"Grantee"), does hereby BARGAIN, SELL, TRANSFER, SET OVER, GRANT, ASSIGN, CONVEY
and DELIVER unto Grantee, its successors and/or assigns, an undivided 100% of
Grantor’s right, title  and interest in and to to the Properties more
specifically described on the attached Exhibit A (“the Properties”).

 

Grantee, or its successors and assigns, shall be subject to, and bound by, all
of the terms, conditions and provisions of the Oil, Gas and Mineral Leases
covering the Properties, if any and any and all amendments thereto, if any.
 Grantee, or Grantees successors and assigns, shall have no role in the
management of operations on said lands covered by the Oil, Gas and Mineral
Leases, and Grantor, or its successors and assigns, have no liability to Grantee
for the termination of the Oil, Gas and Mineral Leases covering the Properties. 

 

Grantor, for the consideration and subject to the reservations from and
exceptions to conveyance and warranty, grants, sells, and assigns to Grantee the
Properties, together with all and singular the rights and appurtenances thereto
in any wise belonging, to have and to hold, unto Grantee, Grantee's successors
and/or assigns forever.  Grantor binds Grantor and Grantor's heirs, executors,
administrators, and successors to warrant and forever defend all and singular
the Properties to Grantee and Grantee's successors and/or assigns, against ever
person whomsoever lawfully claiming or to claim the same or any part thereof,
when such claim is made by, through and under Grantor, but not otherwise.

 

 

EXECUTED this       day of November, 2020, but a production effective date as of
October 1, 2020.

 

 

Grantor : 

 

_________________________________., a _____________ Limited Liability Company

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By: ______________________________

        ______________________________ 

 

 

STATE OF _____________§ 

§ 

COUNTY OF ___________§              

 

This instrument was acknowledged before me this _______ day of November, 2020,
by _____________________, Managing Member of
__________________________________. 

 

Given under my hand and seal of office on this the ____ day of, November 2020. 

 

 

__________________________________

Notary Public in and for the State of _____

My Commission Expires:

 

____________________________________

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Exhibit “A” Lands

 

 

Exhibit “A” attached to and made part of that certain Purchase and Sale
Agreement for purchase of mineral interests dated July __, 2020 by and between
Verde Bio Holdings, Inc. (“Buyer”) and _______________________________
(“Seller”).

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