Exhibit 10.50


 


Sale and Purchase Contract


 


	
  Seller:

  	
   

  	
  Dongying
  Luda Petrochemical Equipments Co., Ltd.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Buyer:

  	
   

  	
  Tianjin
  New Highland Science Development Co., Ltd.

  	
   

  



 


	
   

  	
  Place
  of Execution:

  	
   

  	
  Beijing

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date
  of Execution:

  	
   

  	
  August 31,
  2010

  



 


Section 1.                                Subject Matter, Quantity,
Price and Time of Delivery (Pickup)


 


	
  Name

  	
   

  	
  Specification

  	
   

  	
  Quantity

  	
   

  	
  Unit

  	
   

  	
  Unit Price

  (RMB)

  	
   

  	
  Total Price

  (incl. duty)

  	
   

  	
  Note

  
	
  MWD
  Wireless Lodging-while-Drilling Device

  	
   

  	
  TBPE-042

  	
   

  	
  9

  	
   

  	
  Set

  	
   

  	
  2,750,000.00

  	
   

  	
  24,750,000.00

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TOTAL
  (RMB Amount in Words):  Twenty Four
  Million Seven Hundred and Fifty Thousand Yuan

  



 


Section 2.                                Quality Standard: Q/SH
1020 1624-2003 shall apply.


 


Section 3.                                Conditions to and Duration
of Warranty: the warranty shall last 12 months starting from the date on
which the check and acceptance certificate of the goods is signed or 18 months
starting from the date of use, whichever occurs earlier.


 


Section 4.                                Packing Standard, Supply and
Return of the Packing Materials: the producer’s packing standard shall
apply, the packing materials are to be provided by the Seller and return of the
packing materials is not required.


 


Section 5.                                Quantity of Accompanied
Necessities, Accessories, Tools and Method of Supply: refer to the List of
Supply.


 


Section 6.                                Standard and Calculation of
Reasonable Loss: None.


 


Section 7.                                The title of the subject
matter shall be transferred upon acceptance of the Buyer, provided,
however, the title of the subject matter shall remain with the Seller in
the event that the Buyer fails to perform its payment obligations prior to the
acceptance.


 


Section 8.                                Method and Place of Delivery
(Pickup): following the execution of this Contract, 3 units to be delivered
in 15 days, another 4 units to be delivered in 30 days and another 2 units to
be delivered in 60 days; to be delivered to the place designated by the Buyer.


 


Section 9.                                Method of Transportation,
Arrival Spot (Port) and Burden of Costs: the Seller shall arrange the
transportation at its own costs.


 

















 


Section 10.                          Criteria, Method, Place and
Time of Acceptance: the Seller shall provide the product certificate or
factory report, the Buyer shall check and accept in accordance with the quality
standard provided in Section 2 hereof, and the parties shall sign on the
Quality Check and Acceptance Report.


 


Section 11.                          Installation and Testing of
Set Equipments: responsible by the Seller.


 


Section 12.                          Method, Time and Place of
Payment: 90% of the total price shall be paid in 7 days following the
execution of this Contract, the remaining 10% shall be paid in 90 days
following all goods are checked and accepted.


 


Section 13.                          Method of Guarantee (may
conclude a guarantee agreement separately): None.


 


Section 14.                          Obligations of Breach: if
the Buyer fails to perform its payment obligations or the Seller fails to
deliver the goods at the agreed time or the equipments delivered by the Seller
fail to meet the agreed quality standard.


 


Section 15.                          Settlement of Disputes: through
discussions by the parties; or through litigation in accordance with law if the
discussions become failed.


 


Section 16.                          This Contract shall be
effective as of the date of execution.


 


Section 17.                          Miscellaneous: this
Contract is made in 2 originals, each held by the Seller and the Buyer
respectively.


 


	
  Seller

  	
   

  	
  Buyer

  
	
  Seller
  (with seal): Dongying Luda Petrochemical Equipments Co., Ltd.

  	
   

  	
  Buyer
  (with seal): Tianjin New Highland Science Development Co., Ltd.

  
	
  Domicile:

  	
   

  	
  Domicile:

  
	
  Legal
  Representative: [Company Seal]

  	
   

  	
  Legal
  Representative: [Company Seal]

  
	
  Authorized
  Agent:

  	
   

  	
  Authorized
  Agent:

  
	
  Telephone:

  	
   

  	
  Telephone:

  
	
  Facsimile:

  	
   

  	
  Facsimile:

  
	
  Bank:
  Dongying Dongcheng Branch, Bank of China

  	
   

  	
  Bank:
  Dagang Branch, Bank of Tianjin

  
	
  Account:
  417701780388091001

  	
   

  	
  Account:
  105201201080158851

  
	
  Zipcode:
  251091

  	
   

  	
  Zipcode:
  300270

  



 


2

















 


Exhibit I List of Supply (for each set)


 


Ground System


 


	
  Name

  	
   

  	
  Quantity

  	
   

  	
  Note

  	
   

  	
  Basic Information

  
	
  Ground
  Interface Box

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Computer

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Image-Display
  Cable

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Pressure-Sensor
  Cable

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Interface
  Box Power Cord

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Computer-to-Interface
  Box Connection Wire

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Display

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Oriented
  Battery Test Box

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Analog
  Test Box

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  SEA
  Programmer

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  LEMO
  Wire (set)

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  4
  3/4” Drive Protective Case Set

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6
  3/4” Drive Protective Case Set 

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  8
  ” Drive Protective Case Set

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  



 


Underground
System


 


	
  4 3/4” Suspension Joint

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6
  3/4” Suspension Joint

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  8
  ” Suspension Joint

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pulse
  Generator

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Drive

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Drive
  Lock

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  



 


3

















 


	
  Drive
  Case

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Battery
  case

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Battery

  	
   

  	
  4

  	
   

  	
   

  	
   

  	
   

  
	
  locator

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Locator
  Case

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Tail

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  COUPLINE

  	
   

  	
  8

  	
   

  	
   

  	
   

  	
   

  
	
  Wiper
  Block

  	
   

  	
  32

  	
   

  	
   

  	
   

  	
   

  
	
  Half-Shell

  	
   

  	
  16

  	
   

  	
   

  	
   

  	
   

  



 


Special
Parts


 


	
  4
  3/4” Nozzle 23-50-010

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6
  3/4” Nozzle 23-50-012

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
  Based
  on actual needs

  
	
  8
  ” Nozzle 23-50-13

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4
  3/4” Bolt 23-50-000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6
  3/4” Bolt 23-50-004

  	
   

  	
  8

  	
   

  	
   

  	
   

  	
  Based
  on actual needs

  
	
  8
  ” Bolt 23-50-006

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Water
  Hole 24-50-008

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Water
  Hole 24-50-010

  	
   

  	
  4

  	
   

  	
   

  	
   

  	
  Based
  on actual needs

  
	
  Water
  Hole 24-50-012

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Retaining
  Ring 20-30-001

  	
   

  	
  20

  	
   

  	
   

  	
   

  	
   

  
	
  Bolt
  Fixing Screw M4*4/M4*6

  	
   

  	
  20

  	
   

  	
   

  	
   

  	
   

  
	
  19mm
  Lining 23-00-002

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  14mm
  Lining 23-00-025

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Injection
  Nozzle Sealing Ring 25-10-008

  	
   

  	
  10

  	
   

  	
   

  	
   

  	
   

  



 


4

















 


	
  Injection
  Nozzle Sealing Ring 25-10-015

  	
   

  	
  10

  	
   

  	
   

  	
   

  	
   

  
	
  Injection
  Nozzle Sealing Ring 25-10-003

  	
   

  	
  10

  	
   

  	
   

  	
   

  	
   

  
	
  Bolt
  Sealing Ring 25-10-002

  	
   

  	
  20

  	
   

  	
   

  	
   

  	
   

  
	
  Bolt
  Sealing Ring 25-10-004

  	
   

  	
  20

  	
   

  	
   

  	
   

  	
   

  
	
  COUPLING
  Sealing Ring 25-10-003

  	
   

  	
  40

  	
   

  	
   

  	
   

  	
   

  
	
  COUPLING
  Sealing Ring 25-00-018

  	
   

  	
  40

  	
   

  	
   

  	
   

  	
   

  
	
  Detection
  Tube Screw 20-00-012

  	
   

  	
  64

  	
   

  	
   

  	
   

  	
   

  
	
  Battery
  Screw(Small Size)

  	
   

  	
  60

  	
   

  	
   

  	
   

  	
   

  
	
  Battery
  Contact Pin Plug and Socket

  	
   

  	
  6

  	
   

  	
   

  	
   

  	
   

  



 


Special
Tools


 


	
  TX
  Raising Bolt

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  TX
  Raising Rod

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Hexagon
  Adaptor

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  4-Paw
  Adaptor

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Fork
  Spanner

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  C
  Spanner

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Printing

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Interface
  Box Thermal Printing Rolls

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Compression-Resistant
  Outer Case Assembling Tool

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  
	
  Hand
  Pump (Set)

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
   

  



 


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