EXHIBIT
10-1

     

    PURCHASE/SALE
AGREEMENT

     

    


    This
Agreement is made and entered into by and between Mr. Joel Silver ____________________(the “Seller”); and Signature Exploration and
Production Corp. (the “Purchaser”).

     

    Whereas,
the Seller is the record owner and holder of a certain oil, gas and/or mineral
lease which is unencumbered by any liens or other restrictions, (the
“Lease”).

     

    Whereas,
Joel Silver holds a Fifteen (15%) percent interest in the Lease, Mark Casteel
holds a Fifteen (15%) percent interest in the Lease, Signature Exploration and
Production Corp. has an option to purchase up to a Thrity (30%) percent interest
in the Lease and the remaining Forty (40%) pecent interest in the Lease is to be
used for funding drilling and operations of the Lease.  After the
purchase of the Five (5%) percent interest in the Lease represented in this
transation, Signature Exploration and Production Corp. will have the option of
purchasing the remaining 25% interest in the Lease for $25,000.  After
the closing of this transaction, Joel Silver’s and Mark Casteel’s interest in
the Lease will remain 15% each.

     

    Whereas,
the Purchaser desires to purchase a Five  (5.00%) percent turnkey
working interest in said Lease and the Seller desires to sell a Five (5.00%)
percent turnkey working interest in said Lease, upon the terms and subject to
the conditions hereinafter set forth:

     

    Now
therefore, in consideration of the mutual covenants and agreements contained in
this agreement and in order to consummate the purchase and sale of the Lease, is
hereby agreed as follows:

     

    
      	
               
      

            	
              1.

            	
              Sale and Purchase of Turnkey
      Working Interest.  Subject to the terms and conditions of
      this Agreement, the Purchaser agrees to purchase from the Seller, and the
      Seller agrees to sell to the Purchaser, a Five (5.00%) percent turnkey
      working interest in the Lease as described on Exhibit A, for Five Thousand
      Dollars ($5,000).  The Purchaser will deliver payment within ten
      (10) business days of the execution of this agreement.  The
      Seller agrees and acknowledges that the initial sale and transfer of the
      turnkey working interest will be effective and enforceable as of the
      Execution Date, as evidenced by the execution of the signature page of
      this Agreement by the Seller and
Purchaser.

            


    

     

    
      	
               
      

            	
              2.

            	
              Representations and Warranties
      of the Seller.  The Seller hereby represents and warrants
      to Purchaser as follows:

            


    

     

    
      	
               
      

            	
              (a)

            	
              Authorization.  All
      action on the part of the Seller and and/or Phoenix Energy or other
      affiliates or associates of the Seller, necessary for the authorization,
      execution, delivery and performance of this Agreement and the consummation
      of the transactions contemplated herein, and for the delivery of the
      turnkey working interest being sold hereunder, has been taken or will be
      taken, and this Agreement constitutes a valid and legally binding
      obligation of the Seller, enforceable against the Seller in accordance
      with its terms.

            


    

     

    
      	
               
      

            	
              (b)

            	
              Other
      Agreements.  The execution, delivery and performance of
      this Agreement will not cause the Seller to be in violation of or in
      default under any applicable laws or any material document, agreement or
      instrument to which the Seller is a party or by which its assets may be
      bound.

            


    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	
               
      

            	
              3.

            	
              Representations and Warranties
      of Purchaser.  Purchaser hereby represents and warrants
      as follows:

            


    

     

    
      	
               
      

            	
              (a)

            	
              Authorization.  Purchaser
      has full power and authority duly to execute, deliver and perform this
      Agreement and to own the turnkey working interest for Purchaser’s own
      benefit; all acts and conditions required by law to authorize the
      execution, delivery and performance by Purchaser of this Agreement and the
      transactions contemplated herein have been duly performed and satisfied;
      and this Agreement constitutes a valid and legally binding obligation of
      Purchaser, enforceable against Purchaser in accordance with its
      terms.

            


    

     

    
      	
               
      

            	
              4.

            	
              All Sales are
      Final.  Any and all sales transacted under this agreement
      are final and without recourse to both the Seller and the Purchaser.

            


    

     

    
      	
               
      

            	
              5.

            	
              Delivery of the Lease
      Document.  At closing and upon payment in full, the
      Seller will deliver a copy of the current lease document to the
      Purchaser.

            


    

     

    
      	
               
      

            	
              6.

            	
              Payment.  The
      sum of the purchase amount will be transferred via FedEx to an address
      provided be the Seller to the
Purchaser.

            


    

     

    
      	
               
      

            	
              7.

            	
              Continuing
      Participation.  Upon renewal of the Lease by the Seller
      and and/or Phoenix Energy or other affiliates or associates of the Seller,
      the Purchaser retains the right to continue its Five and N0/100ths (5%)
      turnkey working interest participation for a fee of Five Thousand Dollars
      ($5,000) per lease period.

            


    

     

    
      	
               
      

            	
              8.

            	
              Miscellaneous

            


    

     

    
      	
               
      

            	
              (a)

            	
              Notices.  Notices
      given pursuant to this Agreement will be deemed duly given on the date of
      personal delivery, on the date sent by fax or three days after mailing if
      mailed by certified or registered mail, return receipt requested, postage
      prepaid, to the party at its address on the signature page below or such
      other address of which the addressee may subsequently notify the other
      parties in writing.

            


    

     

    
      	
               
      

            	
              (b)

            	
              Expenses.  Except
      as specifically provided to the contrary, each party will pay his, her or
      its own expenses incurred in connection with this Agreement or any
      transactions contemplated by this
Agreement.

            


    

     

    
      	
               
      

            	
              (c)

            	
              Governing
      Law. This Agreement and
      the rights and obligations of the parties will be governed by and
      construed in accordance with the laws of the state of Florida applicable
      to the construction and enforcement of contracts wholly executed and
      performed in Florida.

            


    

     

    
      	
               
      

            	
              (d)

            	
              Amendments;
      Waivers.  Neither this Agreement nor any provision may be
      amended except by written agreement signed by the parties.  No
      waiver of any breach or default will be considered valid unless in
      writing, and no such waiver will be deemed a waiver of any subsequent
      breach or default.

            


    

     

    
      	
               
      

            	
              (e)

            	
              Entire
      Agreement.  This Agreement is the entire agreement of the
      parties regarding its subject matter and supersedes all prior written or
      oral communications or agreements.

            


    

    


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	
              Seller:

               

               [Name]

               

              /s/ Joel
      Silver                                          
      

              Signature

               

              Joel
      Silver                                                
      

              Printed
      Name

               

              Dated:  August 17,
      2009

            	
              Purchaser:

               

              [Name]

               

              /s/ Steven
      Weldon                                         
      

              Signature

               

              Steven Weldon, for
      Signature Exploration and Production Corp.

              Printed
      Name

               

              Dated:  August 17,
      2009

            


    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
A

    


    The
Nettie Rhodes Lease area is located in the Southwest corner of Young County,
Texas. It is six and one-half (6 1⁄2) miles northeast of the town of Woodson,
Texas and consists of a 160 acres (more or less) with the western edge of the
lease bordering the Throckmorton County line. (See Figures Below)