Filed by sedaredgar.com - West Canyon Energy Corp. - Exhibit 10.1






ASSIGNMENT
 OF
FARMOUT INTEREST 

     THIS ASSIGNMENT is made and
entered into, by and between, West Canyon Energy Corp., also known as PetroSouth
Energy Corp. hereinafter collectively referred to as “Assignor”, and Cobra Oil
& Gas Company, hereinafter referred to as “Assignee”. 

     WHEREAS, this Assignment concerns
and effects a change in ownership of a 25% interest in and to that certain
Farmout Agreement dated February 1, 2008 (FOA copy attached) by and between
Transco Oil & Gas, Inc. (TOG) as Farmor and the Assignor (set out above) to
this Assignment. Assignor is the owner and holder of a 25% interest in and to
the FOA to the “North Semitropic Prospect” (Prospect) more fully described in
the FOA and located in Kern County, California. Assignor hereby agrees to
transfer Assignor’s 25% interest in the FOA to Assignee along with all rights,
benefits and obligations therein stated. Assignee hereby agrees to accept said
25% interest in the FOA herein assigned along with all rights, benefits and
obligations therein stated. Assignee acknowledges that the drilling and testing
of the Prospect is eminent, and failure to meet cash calls as per the FOA will
result in a loss of interest in the FOA and Prospect. Assignee states that it
has read and fully understands the FOA and hereby accepts same and agrees to
abide by all the terms and conditions therein stated. 

     WHEREAS, this Assignment is made
in accordance with and expressly subject to the terms and provisions of the FOA
and shall become immediately affective upon execution by both Assignor and
Assignee and approval of TOG as Farmor to the FOA stated above. 

     NOW, THEREFORE, in consideration
of the sum of $34,000.00 and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Assignor does hereby convey,
transfer and assign to Assignee all of Assignor’s right, title and interest in
and to the said FOA and Prospect described above.

     This Assignment shall inure to
and be binding upon the respective successors and assigns of the parties hereto.





          IN WITNESS
WHEREOF, this Assignment is executed the day and year as set out below. 

	ASSIGNOR: 	 	ASSIGNEE: 
	  	 	  
	Dated:____16 June 2008_____________ 	 	Dated:_______________________
	  	 	  
	West Canyon Energy Corp. 	 	Cobra Oil & Gas Company 
	  	 	  
	(aka PetroSouth Energy Corp.) 	 	  
	  	 	  
	  	 	  
	By:___________________________________	 	By:___________________________________
	               
       Fred B. Zaziski - Chairman 	 	           
         Max Pozzoni - President 
	                 20333
      State Hwy. 249 	 	           
         Uptown Center 
	               
       Suite 200 – 113 	 	           
         2100 West Loop South 
	               
       Houston, TX 77070 	 	           
         Suite 900 
	  	 	           
         Houston, TX 77027 
	  	 	  
	  	 	  
	  	 	  
	APPROVED by TOG as Farmor: 	 	  
	  	 	  
	Dated:_______________________	 	  
	  	 	  
	Transco Oil & Gas, Inc. 	 	  
	  	 	  
	  	 	  
	By:___________________________________	 	  
	           Larry J. Messmer –
      President 	 	  
	           11605 Meridian
      Market View 	 	  
	           Unit 124, # 303
	 	  
	           Falcon, CO 80831