exv10w11



 





EXHIBIT 10.11





	 	 	 	 	 
	

	 	TEPPCO CRUDE OIL, LLC

100 N. BROADWAY, SUITE 2500

OKLAHOMA CITY, OK 73102

PHONE: (405) 239-7191

FAX: (405) 232-1815
	 	 






	 	 	 	 	 	 	 
	DATE OF CONTRACT:

	 	02/04/99
	 	TEPPCO
CRUDE OIL CONTRACT # P-990187
	 	 
	 

	 	 	 	TEPPCO CRUDE OIL CONTACT: GREG HAMBRICK	 	 
	 

	 	 	 	CUSTOMER CONTRACT #:	 	 






	 	 	 
	ATTN:

	 	NECIE TERRELL

 PIONEER NATURAL RESOURCES, INC.

 POST OFFICE BOX 3178

MIDLAND, TEXAS 79702-3178

PHONE: (915) 683-4768

 FAX: (915) 571-5062






THIS
AGREEMENT IS MADE BETWEEN TEPPCO CRUDE OIL, LLC (“TEPPCO CRUDE OIL ”) AND PIONEER NATURAL
RESOURCES, INC. (“PIONEER”) WHEREBY PIONEER AGREES TO SELL AND DELIVER AND TEPPCO CRUDE OIL
AGREES TO PURCHASE AND RECEIVE CRUDE OIL AND CONDENSATE UNDER THE TERMS AND CONDITIONS SET
FORTH HEREIN.




PIONEER’S SALE AND DELIVERY TO TEPPCO CRUDE OIL




	 	 	 
	QUALITY:

	 	WEST TEXAS INTERMEDIATE CRUDE OIL
	 
	 	 
	QUANTITY:

	 	EQUAL TO LEASES LISTED ON
ATTACHMENT I. APPROXIMATELY 700 BARRELS PER DAY
	 
	 	 
	DELIVERY:

	 	1) INTO TEPPCO CRUDE PIPELINE, AT THE LEASE
	 
	 	 
	 

	 	2) INTO TEPPCO CRUDE OIL TRUCKS, AT THE LEASE
	 
	 	 
	“PRICE:

	 	1) KOCH OIL COMPANY’S WEST TEXAS INTERMEDIATE POSTED PRICE PLUS PLATT’S P-PLUS, PLUS OR
MINUS PLATT’S MIDLAND DIFFERENTIAL MINUS THIRTY-SEVEN CENTS PER BARREL (-$0.37) PER BARREL
GATHERING AND HANDLING
	 
	 	 
	 

	 	2) KOCH OIL COMPANY’S WEST TEXAS INTERMEDIATE POSTED PRICE PLUS PLATT’S P-PLUS,
PLUS OR MINUS PLATTS MIDLAND DIFFERENTIAL MINUS FORTY-FOUR CENTS PER. BARREL
(-$0.44) PER BARREL GATHERING AND HANDLING
	 
	 	 
	 

	 	*THE P-PLUS VALUE WILL BE THE MEAN OF THE DAILY AVERAGE OF PLATT’S POSTING
PLUS WTJ PRICES QUOTED IN PLATT’S OILGRAM FROM THE 26TH OF THE MONTH TWO MONTHS
PRIOR TO THE MONTH OF DELIVERY THROUGH THE 25TH OF THE MONTH ONE MONTH PRIOR TO
DELIVERY (EXCLUDING WEEKENDS [ILLEGIBLE]).
	 
	 	 
	*TERM:

	 	COMMENCING JULY 1,1998, THROUGH JUNE 30,2001, THEREAFTER MONTH TO MONTH UNTIL
EITHER PARTY PROVIDES THIRTY (30) DAYS ADVANCE WRITTEN NOTICE OF CANCELLATION
	 
	 	 
	*PAYMENT:

	 	PURCHASER WILL PAY SELLER BASED ON SELLER’S 100% INDEMNIFYING DIVISION ORDER,
LESS TAXES. FUNDS WILL BE WIRED ON THE 20TH OR THE MONTH FOLLOWING DELIVERY TO BANK OF
SELLER’S CHOICE. IF PAYMENT DUE DATE FALLS ON A SUNDAY OR MONDAY BANKING HOLIDAY,
PAYMENT WILL BE EFFECTED ON THE FOLLOWING BUSINESS DAY. IF PAYMENT DUE DATE FALLS ON A
SATURDAY OR A BANKING HOLIDAY OTHER THAN A MONDAY, PAYMENT WILL BE EFFECTED ON THE
PRECEDING DAY.
	 
	 	 
	*SPECIAL 

PROVISIONS:

	 	

1) THE CONTRACT STIPULATES THAT TEPPCO CRUDE OIL WILL PAY PIONEER ON THE BASIS OF
ITS 100% DIVISION ORDER, LESS TAXES. TEPPCO CRUDE OIL AGREES TO HOLD THE BASIC DIVISION ORDER
AND DISBURSE TO THE INTEREST OWNERS AT PIONEER’S REQUEST, PROVIDED THAT BOTH PARTIES
MUTUALLY AGREE TO A FEE FOR THIS SERVICE.
	 
	 	 
	 

	 	2) PIONEER MAY, WITH ADEQUATE NOTICE TO TEPPCO CRUDE OIL, ELECT TO CHANGE THE PRICING
BASIS FROM THE “PLATT’S P-PLUS” FORMULA TO ANOTHER FORMULA MUTUALLY AGREEABLE TO BOTH
PARTIES. IN ANY CA THE TRANSPORTATION RATES STIPULATED IN THIS CONTRACT WILL NOT
CHANGE OVER THE SPECIFIED TERM.





GENERAL TERMS AND CONDITIONS — ALL OTHER TERMS AND CONDITIONS NOT SPECIFICALLY STATED SHALL BE
GOVERNED BY CONOCO, INC’S GENERAL PROVISIONS DATED JANUARY 1,1993, INCORPORATED HEREIN BY REFERENCE
AND MADE A PART HEREOF.




TEPPCO CRUDE OIL, LLC

100 N. BROADWAY, SUITE 2500

 OKLAHOMA CITY, OK 73102

 FAX: (405) 232-1815





THIS
INSTRUMENT CONTAINS THE COMPLETE AGREEMENT OF BOTH PARTIES AND CANNOT
BE MODIFIED UNLESS IN
WRITING. THIS FAXED COMMUNICATION WILL SERVE AS THE FORMAL CONTRACT. PLEASE EXECUTE YOUR AGREEMENT
BY RETURN FAX (405) 232-1815 TO TEPPCO CRUDE OIL, LLC, ATTN: KYLE LAFFOON, WITHIN FIVE (5)
BUSINESS DAYS.




TEPPCO CRUDE OIL, LLC




BY
/s/ Sam Brown        


                            

     SAM BROWN

     VICE PRESIDENT




PIONEER NATURAL RESOURCES, INC.




BY: /s/
Hershal K. Wolfe          


                            


TITLE: DIRECTOR OF MARKETING

DATE: 9/20/99




 









 






	 	 	 	 	 	 	 	 	 
	TEPPCO	 	 	 	 	 	 	 	 
	LSE # 	 	LEASE NAME	 	CNTY/TX	 	PRICE CODE	 	EFF. DATE
	 
	16123
	 	MURRAY L #1	 	MIDLAND	 	1	 	1/1/99
	16124
	 	MURRAY J	 	MIDLAND	 	1	 	1/1/99
	16125
	 	GOLLADAY S	 	MIDLAND	 	1	 	1/1/99
	16144
	 	BUCHANAN R  # 2	 	MIDLAND	 	1	 	1/1/99
	16145
	 	BEAL SNYDER HEIRS #3	 	MIDLAND	 	1	 	1/1/99
	16146
	 	FASKEN K # 2	 	MIDLAND	 	1	 	1/1/99
	16164
	 	BRANHAM	 	MIDLAND	 	1	 	1/1/99
	16165
	 	FRANKLIN C	 	MIDLAND	 	1	 	1/1/99
	16166
	 	GOLLADAY	 	MIDLAND	 	1	 	1/1/99
	16167
	 	GOLLADAY D	 	MIDLAND	 	1	 	1/1/99
	16168
	 	BUCHANAN  F	 	MIDLAND	 	1	 	1/1/99
	16171
	 	ROBERSON E	 	MIDLAND	 	1	 	1/1/99
	16182
	 	FASKEN G	 	MIDLAND	 	1	 	1/1/99
	16184
	 	TXL B	 	MIDLAND	 	1	 	1/1/99
	16194
	 	CRAWFORD F	 	MIDLAND	 	1	 	1/1/99
	16214
	 	TXL -C-	 	MIDLAND	 	1	 	1/1/99
	43502
	 	FASKEN H	 	MIDLAND	 	1	 	1/1/99
	43612
	 	FASKEN O	 	MIDLAND	 	1	 	1/1/99
	43760
	 	TEXAS TEN B	 	MIDLAND	 	2	 	1/1/99
	43761
	 	TEXAS TEN D	 	MIDLAND	 	2	 	1/1/99
	43762
	 	TEXAS TEN E	 	MIDLAND	 	2	 	1/1/99
	43763
	 	TEXAS TEN F	 	MIDLAND	 	2	 	1/1/99
	43764
	 	TEXAS TEN H	 	MIDLAND	 	2	 	1/1/99
	43765
	 	TEXAS TEN I	 	MIDLAND	 	2	 	1/1/99
	43766
	 	TEXAS TEN L	 	MIDLAND	 	2	 	1/1/99
	43767
	 	TEXAS TEN M	 	MIDLAND	 	2	 	1/1/99
	43768
	 	TEXAS TEN N	 	MIDLAND	 	2	 	1/1/99
	43769
	 	TEXAS TEN O	 	MIDLAND	 	2	 	1/1/99
	43770
	 	TEXAS TEN P	 	MIDLAND	 	2	 	1/1/99
	43771
	 	TEXAS TEN Q	 	MIDLAND	 	2	 	1/1/99
	43772
	 	BRADFORD A #1	 	MIDLAND	 	2	 	1/1/99
	43773
	 	BRADFORD  E &  I	 	MIDLAND	 	2	 	1/1/99
	43775
	 	BRADFORD K 1 & 2	 	MIDLAND	 	2	 	1/1/99
	43777
	 	BRADFORD N	 	MIDLAND	 	2	 	1/1/99
	43778
	 	BRADFORD #1	 	MIDLAND	 	2	 	1/1/99
	43779
	 	TEXAS TEN	 	MIDLAND	 	2	 	1/1/99





PRICE CODE:


         1     KOCH WTI + PLATT’S MIDLAND P+ AVG LESS $0.37


         2     KOCH WTI + PLATT’S MIDLAND P+ AVG LESS $0.44




 









 







			
	 	 	 
	TEPPCO CRUDE OIL, LLC
	 	PIONEER NATURAL RESOURCES
	ATTACHMENT I
	 	CONTRACT NO. P-990187
	 
	 	CONTRACT DATED: FEBRUARY 3, 1999






	 	 	 	 	 	 	 	 	 
	TEPPCO	 	 	 	 	 	 	 	 
	LSE #	 	LEASE NAME	 	CNTY/TX	 	PRICE CODE	 	EFF. DATE
	 
	16008
	 	BRYANT B	 	MIDLAND	 	1	 	1/1/99
	16014
	 	WINKLEMAN	 	MIDLAND	 	1	 	1/1/99
	16021
	 	WILLIS B	 	MIDLAND	 	1	 	1/1/99
	16022
	 	WINKLEMAN B	 	MIDLAND	 	1	 	1/1/99
	16025
	 	MRS. O.P. BUCHANAN, ETAL	 	MIDLAND	 	1	 	1/1/99
	16026
	 	FASKEN C	 	MIDLAND	 	1	 	1/1/99
	16027
	 	O.P. BUCHANAN	 	MIDLAND	 	1	 	1/1/99
	16028
	 	O.P. BUCHANAN A	 	MIDLAND	 	1	 	1/1/99
	16029
	 	O.P. BUCHANAN B	 	MIDLAND	 	1	 	1/1/99
	16030
	 	O.P. BUCHANAN C	 	MIDLAND	 	1	 	1/1/99
	16031
	 	FASKEN A/MURAY K UNIT	 	MIDLAND	 	1	 	1/1/99
	16033
	 	GOLLADAY C	 	MIDLAND	 	1	 	1/1/99
	16035
	 	GOLLADAY A	 	MIDLAND	 	1	 	1/1/99
	16036
	 	GOLLADAY B	 	MIDLAND	 	1	 	1/1/99
	16037
	 	GOLLADAY C-2	 	MIDLAND	 	1	 	1/1/99
	16038
	 	HUTT A	 	MIDLAND	 	1	 	1/1/99
	16039
	 	HUTT	 	MIDLAND	 	1	 	1/1/99
	16040
	 	FASKEN E	 	MIDLAND	 	1	 	1/1/99
	16041
	 	FASKEN F	 	MIDLAND	 	1	 	1/1/99
	16043
	 	TXL A	 	MIDLAND	 	1	 	1/1/99
	16044
	 	HUTT B	 	MIDLAND	 	1	 	1/1/99
	16045
	 	HUTT C	 	MIDLAND	 	1	 	1/1/99
	16046
	 	HUTT D	 	MIDLAND	 	1	 	1/1/99
	16047
	 	WINKLEMAN	 	MIDLAND	 	1	 	1/1/99
	16048
	 	GOLLADAY I	 	MIDLAND	 	1	 	1/1/99
	16049
	 	GOLLADAY K	 	MIDLAND	 	1	 	1/1/99
	16050
	 	GOLLADAY J	 	MIDLAND	 	1	 	1/1/99
	16051
	 	BEAL SNYDER B & C	 	MIDLAND	 	1	 	1/199
	16052
	 	FASKEN I	 	MIDLAND	 	1	 	1/1/99
	16053
	 	OLDHAM A	 	MIDLAND	 	1	 	1/1/99
	16054
	 	OLDHAM	 	MIDLAND	 	1	 	1/1/99
	16057
	 	OLDHAM B	 	MIDLAND	 	1	 	1/1/99
	16058
	 	ROBERSON A	 	MIDLAND	 	1	 	1/1/99
	16059
	 	FASKEN J	 	MIDLAND	 	1	 	1/1/99
	16060
	 	FASKEN K	 	MIDLAND	 	1	 	1/1/99
	16061
	 	FASKEN L	 	MIDLAND	 	1	 	1/1/99
	16062
	 	FASKEN N	 	MIDLAND	 	1	 	1/1/99
	16064
	 	EVANS B	 	MIDLAND	 	1	 	1/1/99
	16065
	 	EVANS C	 	MIDLAND	 	1	 	1/1/99
	16068
	 	BUCHANAN H	 	MIDLAND	 	1	 	1/1/99
	16070
	 	FRANK	 	MIDLAND	 	1	 	1/1/99
	16071
	 	ROBERSON D	 	MIDLAND	 	1	 	1/1/99
	16074
	 	CRAWFORD C	 	MIDLAND	 	1	 	1/1/99
	16075
	 	CRAWFORD A	 	MIDLAND	 	1	 	1/1/99
	16076
	 	SALLY	 	MIDLAND	 	1	 	1/1/99
	16077
	 	SALLY A	 	MIDLAND	 	1	 	1/1/99
	16078
	 	SALLY B	 	MIDLAND	 	1	 	1/1/99
	16079
	 	SALLY C	 	MIDLAND	 	1	 	1/1/99
	16080
	 	BEAL SNYDER G	 	MIDLAND	 	1	 	1/1/99
	16081
	 	BERMAN A & B	 	MIDLAND	 	1	 	1/1/99
	16082
	 	WILLIS D	 	MIDLAND	 	1	 	1/1/99
	16083
	 	MCALISTER P	 	MIDLAND	 	1	 	1/1/99
	16091
	 	BRANHAM A # 1	 	MIDLAND	 	1	 	1/1/99
	16092
	 	WILLIS  E	 	MIDLAND	 	1	 	1/1/99
	16093
	 	BEAL SNYDER H	 	MIDLAND	 	1	 	1/1/99
	16097
	 	BRIDGEWATER B 1 & 2	 	MIDLAND	 	1	 	1/1/99
	16098
	 	CRAWFORD J	 	MIDLAND	 	1	 	1/1/99
	16101
	 	LAY B	 	MIDLAND	 	1	 	1/1/99
	16102
	 	MCALISTER R	 	MIDLAND	 	1	 	1/1/99
	16103
	 	WILLIS A	 	MIDLAND	 	1	 	1/1/99
	16106
	 	WILLIS F	 	MIDLAND	 	1	 	1/1/99
	16108
	 	CRAWFORD K & L	 	MIDLAND	 	1	 	1/1/99
	16109
	 	MCALISTER “S”	 	MIDLAND	 	1	 	1/l/99
	16111
	 	TINNEY	 	MIDLAND	 	1	 	1/1/99
	16112
	 	WINKLEMAN “C”	 	MIDLAND	 	1	 	1/1/99
	16113
	 	CRESPI Q	 	MIDLAND	 	1	 	1/1/99
	16114
	 	FASKEN Z	 	MIDLAND	 	1	 	1/1/99
	16115
	 	CRESPI S	 	MIDLAND	 	1	 	1/1/99
	16116
	 	CASSIDY B & C	 	MIDLAND	 	1	 	1/1/99
	16117
	 	BEAL SNYDER F # 2	 	MIDLAND	 	1	 	1/1/99
	16120
	 	BUCHANAN V	 	MIDLAND	 	1	 	1/l/99
	16121
	 	GOLLADAY Q	 	MIDLAND	 	1	 	1/1/99
	16122
	 	BUCHANAN W	 	MIDLAND	 	1	 	1/1/99







 











 







	 	 	 
	

	 	210 [ILLEGIBLE], Suite 1800
	 	Oklahoma City, OK 73102
	 	Phone: (405) 239-7191
	 	FAX: (405) 502-1251






	 	 	 
	October 26, 2008

	 	TEPPCO Contact: Laynce Nix  

TEPPCO Contract #: PNR-P06118065-W

Pioneer Natural Resources, USA, Inc. Contract #: OIL-10570
	 

	 	(Please
Supply)







	 	 	 
	Company:

	 	Pioneer Natural Resources, USA, Inc.
	Marketer:

	 	Deb Stewart
	 

	 	P.O. Box 3178
	 

	 	Midland, TX 79702
	 
	 	 
	FAX Number:

	 	(972) 969-3587






Pioneer’s Sale and Delivery to TCO




This agreement (“Original Agreement”) is made between TEPPCO Crude Oil, L.P, (“TCO”)
and Pioneer Natural Resources, USA, Inc. (“Pioneer”) whereby Pioneer agrees to sell
and deliver and TCO agrees to purchase and receive crude oil and/or condensate under
the terms and conditions set forth herein:



	 	 	 
	1. Quality:

	 	West Texas Intermediate Crude Oil
	 
	 	 
	2. Quantity:

	 	Equal to leases listed on Exhibit A
	 
	 	 
	3. Delivery:

	 	Into TEPPCO trucks or pipeline, at the lease
	 
	 	 
	4. Price:

	 	ConocoPhillips Company’s West
Texas Intermediate Crude Oil Posted Price deemed 40°
gravity and
deemed delivered in equal daily quantities plus the average of the daily high and low
quotes for WTI P-Plus for the month of delivery in Platt’s Crude Oil Market Wire “Crude
Price Assessments” based on pricing assessed for the days the U.S. crude market is open
(weekends and U.S. holidays excluded) during the period beginning with the 26th day of
the month that is two months prior to the month of delivery through and including the
25th day of the month that is immediately prior to the month of delivery, provided,
however, that if the first day of the period falls on a day on which the U.S. crude oil
market is closed, the period shall begin on the first trading day thereafter, and if the
last day of the period falls on a day on which the U.S. crude oil market is closed, the
period shall end on the last trading day prior thereto, minus the Platt’s WTI (Midland)
vs WTI (Cushing) differential based on the same reported period minus twenty-five cents
($0.25) per barrel.
	 
	 	 
	5. Term:

	 	Commencing November 1, 2006 through April 30, 2007, thereafter month to month until
either party provides thirty (30) days advance written notice of cancellation.
	 
	 	 
	6. Payment:

	 	Payment shall be made by check via TCO’s Royalty System on or before the 20th of the
month following delivery
	 
	 	 
	7. General
Terms and
Conditions:

	 	All other terms and conditions not specifically stated shall be
governed by TEPPCO Crude Oil. L.P.’s General Provisions attached
hereto and made a part hereof.





Please acknowledge by return FAX/mail your acceptance and agreement to the terms stated herein.
Photocopies and faxes of signed copies of the Original Agreement shall have the same force and
effect as signed originals. Unless we receive from you written notice of objection within three (3)
business days, this Original Agreement shall constitute a final and complete contract binding upon
both parties, shall supersede all prior written and oral communications by either party and between
the parties regarding the subject matter of this contract and cannot
be modified unless in writing.
If you have any questions, please call Christy Borelll, (405) 239-5796.




	 	 	 	 	 	 	 
	TEPPCO Crude Oil, L.P.	 	TEPPCO Crude Oil, L.P.
	 
	 	 	 	 	 	 
	By TEPPCO Crude GP, LLC	 	By TEPPCO Crude GP, LLC
	Its general partner	 	Its general partner
	 
	By:

	 	/s/ Joe Simon	 	By
	 	/s/ Glen Smith
	 

	 	 
	 	 	 	 
	Joe Simon	 	Glen Smith
	Vice President, Crude Supply and Marketing	 	Vice President, Crude Supply and Marketing






	 	 	 	 	 
	Pioneer Natural Resources, USA, Inc.

	 	 
	 
	 	 	 	 
	By:

	 	/s/ Hershal K. Wolfe	 	 
	 

	 	 	 	 
	Tittle:

	 	Hershal K. Wolfe	 	 
	 

	 	Director of Worldwide	 	 
	 

	 	Marketing	 	 
	Date:

	12/21/06	 	 	 






 









 





	 	 	 
	TEPPCO
CRUDE OIL, L.P.

	 	PIONEER NATURAL RESOURCES
	EXHIBIT A

	 	CONTRACT DATED: OCTOBER 26, 2006
	 

	 	CONTRACT NO.I PNR-P06118065-W






	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	LEASE
	TEPPCO	 	 	 	 	 	 	 	 	 	EFFECTIVE
	LEASE
# LEASE NAME	 	COUNTY	 	RRC#	 	TRANSPORTER	 	AMOUNT	 	DATE
	44885 BETH
A& BETH E
	 	MIDLAND	 	COMM 5747	 	TCO TRUCK	 	-$0.25	 	11/01/06
	16017 BUCHANAN J
	 	MIDLAND	 	22168	 	TCO PIPELINE	 	-$0.25	 	11/01/06
	43830 BUCHANAN M
	 	MIDLAND	 	33016	 	TCO TRUCK	 	-$0.25	 	11/01/06
	43831
BUCHANAN O
	 	MIDLAND	 	32972	 	TCO TRUCK	 	-$0,25	 	11/01/06
	44883 BUCHANAN P
	 	MIDLAND	 	33035	 	TCO TRUCK	 	-$0.25	 	11/01/06
	43832 BUCHANAN Q
	 	MIDLAND	 	32989	 	TCO TRUCK	 	-$0,25	 	11/01/06
	16090 CRESPI L
	 	MIDLAND	 	32110	 	TCO PIPELINE	 	-$0.25	 	11/01/06
	16105 CRESPI R
	 	MIDLAND	 	32941	 	TCO PIPELINE	 	-$0.25	 	11/01/06
	18180
DONOVAN C.
	 	MIDLAND	 	22255	 	TCO PIPELINE	 	-$0,25	 	11/01/06
	16098 DONOVAN E
	 	MIDLAND	 	32239	 	TCO PIPELINE	 	-$0.25	 	11/01/06
	18222 DONOVAN F
	 	MIDLAND	 	32560	 	TCO PIPELINE	 	-$0.25	 	11/01/06
	43892 GOLLADAY P
	 	MIDLAND	 	31605	 	TCO TRUCK	 	-$0.25	 	11/01/06
	43828
GOLLADAY P 3
	 	MIDLAND	 	31605	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44884 HARTGROVE CTB A,B,C,D,E,F
	 	REAGAN	 	COMM 7344	 	TCO TRUCK	 	-$0.25	 	11/01/06
	43834 HEIDELBERG A
	 	MIDLAND	 	33074	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44882 HUTCHISON D
	 	MIDLAND	 	33711	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44887 JUDKINS C & JUDKINS D
	 	GLASSCOCK	 	COMM 5746	 	TCO TRUCK	 	-$0.25	 	11/01/06
	16086 KING A
	 	MIDLAND	 	31664	 	TCO PIPELINE	 	-$0.25	 	11/01/06
	49335 KING B
	 	MIDLAND	 	32498	 	TOC TRUCK	 	-$0.25	 	11/01/06
	43840 LEONARD B
	 	MIDLAND	 	34265	 	TCO TRUCK	 	-$0.25	 	11/01/06
	43838 MARION A
	 	MIDLAND	 	31429	 	TCO TRUCK	 	-$0.25	 	11/01/06
	43841 MARION B
	 	MIDLAND	 	33041	 	TCO TRUCK	 	-$0.25	 	11/01/06
	16055 MCALISTER H
	 	MIDLAND	 	28843	 	TCO PIPELINE	 	-$0.25	 	11/01/06
	18084
MCALISTER O
	 	MIDLAND	 	31576	 	TCO PIPELINE	 	-$0.25	 	11/01/06
	16095 MCALISTER Q
	 	MIDLAND	 	32225	 	TCO PIPELINE	 	-$0.25	 	11/01/06
	44895 NORTH PEMBROOK SPRAYBERRTY TR 26
	 	UPTON	 	03913	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44902 NORTH
PEMBROOK SPRAYBERRYTR 26A
	 	UPTON	 	03913	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44903 NORTH
PEMBROOK SPRAYBERRY TR 50A
	 	UPTON	 	03913	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44904 NORTH
PEMBROOK SPRAYBERRY TR 72A
	 	UPTON	 	03913	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44905 NORTH PEMBROOK SPRAYBERRY TR 91A
	 	UPTON	 	03913	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44906 NORTH PEMBROOK SPRAYBERRY TR 92A
	 	UPTON	 	03913	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44907 NORTH
PEMBROOK SPRAYBERRY TR 25A
	 	UPTON	 	03913	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44908 NORTH
PEMBROOK SPRAYBERRY TR 49A
	 	UPTON	 	03913	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44909 NORTH
PEMBROOK SPRAYBERRY TR 23A
	 	UPTON	 	03913	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44910 NORTH
PEMBROOK SPRAYBERRY TR 63A
	 	UPTON	 	03913	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44876 POWELL C 1
	 	UPTON	 	10571	 	TCO TRUCK	 	-$0.25	 	11/01/06
	16087 RAGGETT C
	 	MIDLAND	 	31475	 	TCO PIPELINE	 	-$0.25	 	11/01/06
	43837 RAGGETT D
	 	MIDLAND	 	33147	 	TCO TRUCK	 	-$0.25	 	11/01/06
	43848 STOUT B
	 	REAGAN	 	12184	 	TCO TRUCK	 	-$0,25	 	11/01/06
	44877 STOUT G
	 	REAGAN	 	12304	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44880 TXL D
	 	MIDLAND	 	31816	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44879 TXL QQ
	 	MIDLAND	 	06503	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44878 TXL UU
	 	GLASSCOCK	 	33712	 	TCO TRUCK	 	-$0.25	 	11/01/06
	43849 WINDHAM Q
	 	UPTON	 	13053	 	TCO TRUCK	 	-$0.25	 	11/01/06
	44886 WRAGE
HENDERICKSON & WRANGE HENDERICKSON A
	 	GLASSCOCK	 	COMM 5651	 	TCO TRUCK	 	-$0.25	 	11/01/06







 











 





TEPPCO CRUDE OIL L.P.

GENERAL TERMS AND CONDITIONS

REVISED: AUGUST 24, 2005





	A.	 	Measurement and Tests:
	 
	 	 	
All measurements hereunder shall be made from static tank gauges on 100 percent tank table
basis or by positive displacement meters. All measurements and tests shall be made in
accordance with the latest ASTM or ASME-API (Petroleum PD Meter Code) published methods then
in effect, whichever apply. Volume and gravity shall be adjusted to 60 degrees Fahrenheit by
the use of Table 6A and 5A of the Petroleum Measurement Tables ASTM Designation D1250 in their
latest revision. The Product delivered hereunder shall be marketable and acceptable in the
applicable common or segregated stream of the Carriers involved but not exceed 1% S&W. Full
deduction for all free water and S&W content shall be made according to the API/ASTM Standard
Method then in effect. Either Party shall have the right to have a representative witness all
gauges, tests, and measurements. In the absence of the other Party’s representative, such
gauges, tests and measurements shall be deemed to be correct.
	 
	B.	 	Warranty:
	 
	 	 	
The Seller represents and warrants that: (1) it has good title to all Product sold and/or
delivered hereunder, (2) the Product is free from adverse claims of any kind whatsoever,
including but not limited to, royalties, liens, encumbrances and all applicable foreign,
federal, state and local taxes, (3) the Product has been produced, handled and transported in
accordance with all applicable laws, orders and regulations of all governmental authorities, and
(4) the Product delivered shall not be contaminated by chemicals foreign to virgin Product
including, but not limited to chlorinated and/or oxygenated hydrocarbons and lead. Buyer shall
have the right, without prejudice to any other remedy available to Buyer, to reject and return
to Seller any quantities of Product which are found to be so contaminated, even after delivery
to Buyer. Seller shall furnish, at no cost to Buyer, evidence of title satisfactory to Buyer. If
Seller receives proceeds hereunder on behalf of, on the account of or belonging or owing to any
other person or entity (including, without limitation, owners of working interest, royalty
interest, overriding royalty interests, production payments, otter interests in lands, leases or
production or governmental taxing authorities), it shall promptly make full and proper
settlement to each such person or entity. Seller shall defend, indemnify and hold Buyer and its
affiliated, directors, officers, employees, agents and harmless from and against any and all
claims, liabilities, demands, actions, causes of action, costs, losses, damages, and expenses of
every character (including, without limitation, court costs, reasonable attorneys’ fees, and
costs required to investigate, handle, respond to or defend any such claims, demands, or
actions) arising from or in any way relating to adverse claims regarding Seller’s title to or
ownership of the Product Buyer may withhold that portion of the proceeds due hereunder
reasonably related to any adverse claim to title to the Product, without interest or damages,
until such claim is finally determined. SUCH INDEMNIFICATION SHALL APPLY NOTWITHSTANDING SUCH
ACT MAY OCCUR IN THE FUTURE, IT BEING THE INTENT OF THE PARTIES HERETO THAT SUCH INDEMNIFICATION
SHALL APPLY TO ALL SUCH ACTS.
	 
	C.	 	Rules and Regulations:
	 
	 	 	The terms, provisions and activities undertaken pursuant to this Contract shall be subject to
all applicable laws, orders and regulations of all governmental authorities. If any time a
provision hereof violates any such applicable laws, orders or regulations, such provision shall
be voided and the remainder of this Contract shall continue in full force and effect unless
terminated by either Party upon giving written notice to the other Party hereto. If applicable,
the Parties shall comply with all provisions (as amended) of the Equal Opportunity Claused






Page 1 of 7











 






	 	 	prescribed in 41 C.F.R.60-1.4; the Affirmative Action Clause for disabled veterans and veterans
of the Vietnam Era prescribed in 41 C.F.R. 60-250.4; the Affirmative Action Clause for
Handicapped Workers prescribed in 41 C.F.R.60-741.4; 48 C.F.R. Chapter 1 Utilization of Labor
Surplus Area Concerns; Executive Order 12138 and regulations thereunder regarding subcontracts
to women-owned business concerns; Affirmative Action Compliance Program (41 C.F.R. 60-1,40);
annually file SF-100 Employer information Report (41 C.F.R. 60-1.7): 41 C.F.R. 60-1.8
prohibiting segregated facilities: and the Fair Labor Standards Act of 1938 as amended, all of
which are incorporated in this Contract by reference.
	 
	D.	 	Hazard Communication:
	 
	 	 	Seller shall provide its Material Safety Data Sheet (“MSDS”) to Buyer. Buyer acknowledges the
hazards and risks in handling and using Product. Buyer shall read the MSDS and advise its
employees, its affiliated, and third parties, who may purchase or come into contact with such
Product, about the hazards of Product, as well as the precautionary procedures for handling
Product, which are set forth in such MSDS and any supplementary MSDS or written warning(s)
which Seller may provide to Buyer from time to time.
	 
	E.	 	Force Majeure:
	 
	 	 	Except for payment due hereunder, either Party hereto shall be relieved from liability for
failure to perform hereunder for the duration and to the extent such failure is occasioned by
war, riots, insurrections, fire, explosions, sabotage, strikes, and other labor or industrial
disturbances, acts of God or the elements, governmental laws, regulations, or requests,
disruption or breakdown of production or transportation facilities, delays of pipeline Carrier
in receiving and delivering Product tendered, or by any other cause, whether similar or not,
reasonably beyond the control of such Party. Any such failures to perform shall be remedied
with all reasonable dispatch, but neither Party shall be required to supply substitute
quantities from other sources of supply. Failure to perform due to events of Force Majeure
shall not extend the terms of this Contract. Notwithstanding the above, and in the event that
this Contract is an associated purchase/sale, or exchange of Product, the Parties shall have
the rights and obligations described below in the following circumstances: (1) If, because of
Force Majeure, the Party declaring Force Marjeure (the “Declaring Party”) is unable to deliver
part or all of the quantity of Product which the Declaring Party is obligated to deliver under
this Contract, the other Party (the “Exchange Partner”) shall have the right but not the
obligation to reduce its deliveries of Product under the same agreement by an amount not to
exceed the number of Barrels of Product that the Declaring Party fails to deliver, and (2) If,
because of Force Majeure, the Declaring Party is unable to take delivery of part or all of the
quantity of Product to be delivered by the Exchange Partner under the agreement, the Exchange
Partner shall have the right but not the obligation to reduce its receipts of Product under the
agreement by an amount not to exceed the number of Barrels of Product which the Declaring Party
fails to take delivery.
	 
	F.	 	Payment:
	 
	 	 	Unless otherwise specified in this main body of this Contract: (1) Buyer shall
make payment against Seller’s invoice for the Product purchased hereunder to a
bank designated by Seller in U.S. dollars by telegraphic transfer in immediately
available funds, (2) Payments will be due on or before the 20th day of the month
following the month of delivery, (3) Payments will be made by wire transfer or
other manner agreed upon in writing, (4) If a payment due date is on a Saturday
or on a bank holiday other than a Monday, payment shall be due on the
preceding day or if the 20th is a Sunday or a Monday bank holiday, the payment
is due the succeeding banking day. (5) All past due payments hereunder shall
bear interest from the date due until paid at a rate equal to the lesser of (I) a per
annum rate equal to the prime rate of interest charged by Citibank, N.A. (or its
successors) plus five percent (5%) or (ii) the maximum non-usurious rate of
interest permitted to be charged under applicable law.





Page 2 of 7









 






	G.	 	Financial Responsibility:
	 
	 	 	Notwithstanding anything to the contrary in this Contract, should Seller reasonably believe it
necessary to assure payment, Seller may at any time require, by written notice to Buyer,
advance cash payment or satisfactory security in the form of a Letter or Letters of Credit at
Buyer’s expense in a form and from a bank acceptable to Seller to cover any or all deliveries
of Product. If Buyer does not provide the Letter of Credit on or before the date specified in
Seller’s notice under this Paragraph G, Seller or Buyer may terminate this Contract forthwith.
However, if a Letter of Credit is required under the main body of this Contract and Buyer does
not provide same, then Seller only may terminate this Contract forthwith. In no event shall
Seller be obligated to schedule or complete delivery of the Product until said Letter of Credit
is found acceptable to Seller. Each Party may offset any payments or deliveries due to the
other Party under this or any other Agreement between the Parties. If a Party to this Agreement
should (1) become the subject of bankruptcy or other insolvency proceedings, or proceedings for
the appointment of a receiver, trustee or similar official, (2) become generally unable to pay
its debts as they become due, or (3) make a general assignment for the benefit of creditors,
the other Party may withhold shipments without notice.
	 
	H.	 	Liquidation:






	 	(1)	 	Right to Liquidate. At any time after the occurrence of one or more of the
events described in the last sentence of Paragraph G above, the other Party
(the “Liquidating Party”) shall have the right, at is sole discretion, to
liquidate this Contract by terminating this Contract. Upon termination, the
Parties shall have no further rights or obligations with respect to this
Contract, except for the payment of the amount(s) (the “Settlement Amount”
or “Settlement Amounts”) determined as provided in Paragraph H(3).
	 
	 	(2)	 	Multiple Deliveries. If this Contract provided for multiple deliveries of one
or more types of Product in the same or different delivery months, or for the
purchase or exchange of Product by the Parties, all deliveries under this
Contract to the same Party at the same delivery location during a particular
delivery month shall be considered a single commodity transaction
(“Commodity Transaction”) for the purpose of determining the Settlement
Amount(s). If the Party elects to liquidate this Contract, the Liquidating
Parry must terminate all Commodity Transactions under this Contract
	 
	 	(3)	 	Settlement Amount. With respect to each terminated Commodity Transaction, the Settlement Amount shall be equal to the contract quantity
of Product, multiplied by the difference between the contract per Barrel
specified in this Contract (the “Contract Price”) and the market price per
Barrel of Product on the date the Liquidating Party terminates this Contract
(the “Market Price”). If the Market Price exceeds the Contract Price in a
Commodity Transaction, the selling Party shall pay the Settlement Amount
to the buying Party. If the Market Price is less than the Contract in a
Commodity Transaction, the buying Party shall pay the Settlement Amount
to the selling Party. If the Market Price is equal to the Contract Price in a
Commodity Transaction, no Settlement Amount shall be due.
	 
	 	(4)	 	Termination Date. For the Purpose of determining the Settlement Amount
the date on which the Liquidating Party terminates this Contract shall be
deemed to be (a) the date on which the Liquidating Parry sends written
notice of termination to the Defaulting Party, if such notice of termination is
sent by telex or facsimile transaction; or (b) the date on which the Defaulting
Party receives written notice of termination from the Liquidating Party, if
such notice of termination is given by United States mail or a private mail
delivery service.





Page 3 of 7









 






	 	(5)	 	Market Price, Unless otherwise provided in this Contract, the Market Price
sold or exchanged under this Contract shall be the price for Product for the
delivery month specified in this Contract and at the delivery location that
corresponds to the delivery locations specified in this Contract, as reported
in Platt’s Oilgram Price Report (“Platt’s”) for the date on which the
Liquidating Party terminates this Contract. If Platt’s reports a range of
prices for Product on that date, the Market Price shall be the arithmetic
average of the high and low prices reported by Platt’s If Platt’s does not
report prices for the Product being sold under this Contract, the Liquidating
Party shall determine the Market Price of such Product in a commercially
manner, unless otherwise provided in this Contract.
	 
	 	(6)	 	Payment of Settlement Amount. Any Settlement Amount due upon
termination of this Contract shall be paid in immediately available funds
within two business days after the Liquidating Party terminates this
Contract. However, if this Contract provides for more than one Commodity
Transaction, or if Settlement Amounts are due under other agreements
terminated by the Liquidating Party, the Settlement Amounts are due to
each Party for such Commodity Transactions and/or agreements shall be
aggregated. The Party owing the net amount after such aggregation shall
pay such net amount to the other Party in immediately available funds
within two business days after the date on which the Liquidating Party
terminates this Contract.
	 
	 	(7)	 	Miscellaneous. This paragraph H shall not; limit the rights and remedies
available the Liquidating Party by law or under other provisions of this
Contract. The Parties hereby acknowledge that this Contract constitutes a
forward contract for purposes of Section 556 of the U.S. Bankruptcy Code.






	I.	 	Equal Daily Deliveries:
	 
	 	 	For pricing purposes only, unless otherwise specified in the main body of this Contract, all
Product delivered hereunder during any calendar month shall be considered to have been
delivered in equal daily quantities during such calendar month.
	 
	J.	 	Exchange Balancing:
	 
	 	 	If volumes are exchanges, each Party shall be responsible for maintaining the exchange in
balance on a month-to-month basis, as near as pipeline or other transportation conditions will
permit. In all events upon termination of this Contract and after all monetary obligations under
this Contract have been satisfied, any volume imbalance existing at the conclusion of this
Contract, limited to the total contract volume, will be settled by the underdelivering Party,
unless mutually agreed to the contrary. The request to schedule all volume imbalances must be
confirmed in writing by one Party or both Parties. Volume imbalances confirmed by the
20th of the calendar month shall be delivered during the calendar month after the
volume imbalance is confirmed. Volume in balances confirmed after the 20th of the
calendar mouth shall be delivered during the second calendar month after the volume imbalance
is confirmed.
	 
	K.	 	Delivery, Title, and Risk of Loss:
	 
	 	 	For lease delivery locations, delivery of the Product to the Buyer shall be effected
as the Product passes the last permanent delivery flange and/or meter
connecting the Seller’s lease/unit storage tanks or processing facilities to the
Buyer’s Carrier. For delivery locations other than lease/unit delivery locations,
delivery facility designated by the Seller to the Buyer’s Carrier. If delivery is by
in-line transfer, delivery of the Product to the Buyer shall be effected at the
particular pipeline facility designated in this Contract. Title to and risk of loss
of the Product shall pass from the Seller to the Buyer upon delivery. Each Party
shall defend, indemnify and hold the other Party and its affiliated, directors,
officers, employees, and agents harmless from and against any and all claims,
liabilities, demands, actions, causes of action, costs, losses, damages, and
expenses of every character (including, without limitation, court costs,





Page 4 of 7









 






	 	 	reasonable attorney fees and costs required to investigate, handle, respond to or defend
any such claims, demands, or actions relating to the ownership, control and/or handling
of the Product while it has risk of loss, except to the extent caused by the other
Party’s negligence.
	 
	L.	 	Audit:
	 
	 	 	Each Party, on execution of the other’s confidentiality agreement, shall have the right to
review the records of the other during normal business hours to the extent necessary to verify
the accuracy of any statement, charge, computation, or demand made pursuant to this Contract,
and shall have the right to obtain payment for, or shall pay, as applicable, any verifiable
inaccuracy found; provided, however, any statement shall be final as to the Parties unless
questioned within two (2) years of the date of such statement. The sole and exclusive remedy and
measure of damages for any improper payments under this Contract shall be the amount of
overpayment or underpayment, as the case may be, during the two (2) year period immediately
preceding the date on which a statement delivered hereunder was questioned in writing.
	 
	M.	 	Necessary Documents:
	 
	 	 	Upon requests, each Party shall furnish all substantiating documents incident to the
transaction, including a Delivery Ticket for each volume delivered and an Invoice for any
month in which the sums are due.
	 
	N.	 	Division Orders:
	 
	 	 	If either Party signs a division order in favor of the other party pertaining to the object of
this Contract, the terms of this Contract shall control in the event of any conflict. If under
such division order or other agreement: (1) Seller is being disbursed 100% of the proceeds of
production, it hereby assumes liability and shall be responsible for payment of any and all
proceeds from the sale of production to all rightful owners, including, without limitation,
working interest, royalty and overriding royalty interest owners and other payments due or to
become due on the production and, if such disbursed proceeds are inclusive of taxes, all taxes
applicable to the production, purchase, sale, storage or transportation of production,
including, without limitation, severance taxes, to the proper governmental authorities and (2)
Seller has requested Buyer to disburse the proceeds of production, Buyer will disburse proceeds
as the Seller directs.
	 
	O.	 	Term:
	 
	 	 	Unless otherwise specified in the main body of this Contract, delivery months at 7:00 a.m. on the first day of the calendar month and end at 7:00 a.m. on the first day of the
following calendar month.
	 
	P.	 	Governing Law:
	 
	 	 	This Contract and the performance hereof shall be governed by and construed in accordance with
the laws of the State of Oklahoma, without regard to any conflict of laws provision thereof that
would otherwise require the application of the law of any other jurisdiction. THE PARTIES
HEREBY WAIVE ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY.
	 
	Q.	 	Attorney’s Fees:
	 
	 	 	In the event litigation arising out of this Contract is initiated by either Party, the
prevailing Party, after the entry of a final non-appealable order, shall be entitled to recover
from the other Party, as a part of said order, all court costs, fees and expenses of such
litigation, including, without limitation, reasonable attorneys’ fees.
	 
	R.	 	Damage Waiver:
	 
	 	 	Both parties expressly agree that neither party shall be liable for special, indirect,
punitive or consequential damages whether under contract, tort, strict liability or otherwise,
except to the extent any such party






Page 5 of 7












 







	 	 	suffers damages to an unaffiliated third-party in connection with a third-party claim for
which a party is entitled to indemnification hereunder, in which event such damages shall
be recoverable.






	S.	 	Waiver:






	 	 	No course of dealing and no delay on the part of either Party in exercising any right, power or
remedy shall operate as a waiver thereof or otherwise prejudice such Party’s rights, powers or
remedies. No term or condition of this Contract shall be deemed to have been waived nor shall
there be any estoppel to enforce any provision of this Contract except by written instrument of
the Parties charged with such waiver or estoppel. The waiver of any breach of any term,
condition or provision of this Contract shall not be construed as a waiver of any prior,
concurrent or subsequent breach of the same or any other term, condition or provision hereof.






	T.	 	Assignment:






	 	 	This Contract shall inure to the benefit of and be binding upon the Parties and their
respective successors and permitted assigns, but neither this Contract nor any of the rights,
interests or obligations hereunder shall be assigned by either Party (whether by operation of
law, merger, consolidation or otherwise) without the prior written consent of the other Party,
such consent not to be unreasonably withheld, conditioned or delayed; provided, however, upon
the giving of written notice to the other Party, either Party may assign this Contract to an
affiliate of such Party without the consent of the other Party. No assignment of this Contract
shall in any way operate to enlarge, alter, or change any right or obligation of the other
Party hereto and shall not be effective or binding on the other Party until a copy of the same
has been delivered to the other Party. This Contract, including any and all renewals,
extensions, amendments and/or supplements hereto, shall be binding upon any purchaser or
assignee of the Leases, or any part thereof or interest therein. Any Party assigning its
interest shall remain responsible for any nonperformance hereunder. This Contract shall
constitute a real property right and covenant running with the Leases.






	U.	 	Captions:






	 	 	The headings of the paragraphs, sections and other subdivisions of this Contract are included
for convenience only and shall not constitute part of this Contract or affect the construction
or interpretation hereof or thereof.






	V.	 	Amendments:






	 	 	This Contract may not be effectively amended, changed, modified, altered or terminated, except
as provided herein, without the written consent of the Parties and such consent shall be
effective only in the specific instance and for the specific purpose for which it is given.






	W.	 	No Third Party Beneficiaries:






	 	 	This Contract shall be only for the benefit of the parties hereto and their respective legal
representatives, successors and permitted assigns, it being the intention of the parties hereto
that no third party shall be deemed a third party beneficiary of this Contract.






	X.	 	Entire Agreement:






	 	 	This Contract contains the entire agreement of the Parties. This Contract may not be
contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the
Parties. There are no oral agreements between the Parties.






	Y.	 	Survival:






	 	 	Any obligation owed by a Party to the other Party under this Contract, including
indemnification obligations, shall survive termination of this Contract.





Page 6 of 7




 









 









	Z.	 	Definition:






	 	 	Unless the context requires otherwise, terms defined in the text of this Contract shall have
the meaning indicated and the terms listed below have the following meanings:






	 	 	“API” - means the American Petroleum Institute.






	 	 	“ASME” - means the American Society of Mechanical Engineers.






	 	 	“ASTM” - means the American Society for Testing Materials.






	 	 	“Barrel” - means 42 U.S. gallons of 231 cubic inches per gallon corrected to 60 degrees
Fahrenheit.






	 	 	“Carrier” - means a pipeline, barge, truck or other suitable transporter of
Product.






	 	 	“Product”- means crude oil or condensate, as appropriate.






	 	 	“Delivery Ticket”- means a shipping/loading document stating the type and quality of
Product delivered, the volume delivered and method of measurement, the corrected specific
gravity, temperature, and S&W content.






	 	 	“Invoice” - means a statement setting forth at least the following information: The date
of delivery under the transaction, the location(s) of delivery; the volume(s); price(s); the
specific gravity and gravity adjustments to the price(s) (where applicable); and the term(s) of
payment.






	 	 	“S&W”- means sediment and water.





Page 7 of 7