Document:

Exhibit 10.8
	 	 
	 	 
	 	 
	 	Location: Dozza, Italy

      Unit No.: 15058
	 	 

	DAYS INN SYSTEM

      LICENSE AGREEMENT

                THIS
LICENSE AGREEMENT (“Agreement”), dated 1 March, 2004, is between DAYS MASTER ITALIA S.p.a.,
an Italian company with liability limited by stock, (“we”, “our” or “us”),
and HOSPITALIA S.p.a., an Italian company with liability limited by stock (“you”). The
definitions of capitalized terms are found in Appendix A. In consideration of the following mutual
promises, the parties agree as follows:

1.   License.
    We have the right to license and franchise to you the distinctive
  “Days Inn” System for providing transient guest lodging services for
  any location we approve in the Territory. We grant to you and you accept the
  License, effective and commencing on the Opening Date and ending on the earliest
  to occur of the Term’s expiration or a Termination. You will call the Facility
  a “Days Inn”. You may adopt additional or secondary designations for
  the Facility with our prior written consent, which we may withhold, condition,
  or withdraw on written notice in our sole discretion.

2.   Days Inns Franchisee Advisory Association. We participate on your behalf in the Days Inn Franchisee Advisory Association, a Delaware, U.S.A. corporation
that is the organization of Days Inn System licensees, in accordance with the Bylaws and Certificate
of Incorporation of the Association, as amended.

3.   Your Improvement and Operating Obligations.  Your obligations to improve, operate and maintain the Facility are:

3.1  Improvements.  

          You must provide us with proof that you own or lease the Facility before or within 30 days after the
Effective Date. 

          You must begin renovation of the Facility no later than sixty (60) days after the date when You will
receive from us our approval together with the Punch List substantially similar to that attached
to this Agreement. 

          The deadline for completing the pre-opening phase of conversion and renovation, when the Facility must
score at least 400 points (or equivalent score) under our quality assurance inspection system and
be ready to open for business under the System, is one hundred twenty (120) days after the Effective
Date. 

          All renovations will comply with Territory System Standards, any Approved Plans and any Punch List
approved by us. 

          Your general contractor or you must carry the insurance required under this Agreement during renovation.

          You must complete the pre-opening renovation specified on the Punch List and the Facility must pass
its pre-opening quality assurance inspection with a score of at least 400 points (or equivalent)
before we consider the Facility to be ready to open under the System. 

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          You must continue renovation and improvement of the Facility after the Opening Date as the Punch List
requires so that the Facility scores at least 425 points (or equivalent) on a quality assurance inspection
within nine (9) months after the Opening Date. 

          We may, in our sole discretion, terminate this Agreement by giving written notice to you (subject to
applicable law) if :

          (1) you do not commence or complete the pre-opening or post-opening improvements of the Facility by
the dates specified in this Section, or 

          (2) you prematurely identify the Facility as a Chain Facility or begin operation under the System name
described in Schedule B in violation of Section 3.3 and you fail to either complete the pre-opening
Improvement Obligation or cease operating and/or identifying the Facility under the Marks and System
within five days after we send you written notice of default. 

          Time is of the essence for the Improvement Obligation. We may, however, in our sole discretion, grant
one or more extensions of time to perform any phase of the Improvement Obligation. You will pay us
a non-refundable extension fee of € 50.00 (fifty /00) per room for each day of any extension
of the deadline for completing pre-opening improvements. This fee will be payable to us after each
30 days of the extension. You will pay us the balance of the extension fee outstanding when the Facility
opens under the System 10 days after the Opening Date. The grant of an extension will not waive any
other default existing at the time the extension is granted. 

3.2  Improvement Plans.  You will create plans and specifications for the work described in Section 3.1 (based upon the
Territory System Standards and this Agreement) if we so request and submit them for our approval
before starting improvement of the Location. We will not unreasonably withhold or delay our approval,
which is intended only to test compliance with Territory System Standards, and not to detect errors
or omissions in the work of your architects, engineers, contractors or the like. Our review does
not cover technical, architectural or engineering factors, or compliance with federal, state or local
laws, regulations or code requirements. We will not be liable to your lenders, contractors, employees,
guests, others, or you on account of our review or approval of your plans, drawings or specifications,
or our inspection of the Facility before, during or after renovation or construction. Any material
variation from the Approved Plans requires our prior written approval. You will promptly provide
us with copies of permits, job progress reports, and other information as we may reasonably request.
We may inspect the work while in progress without prior notice.

3.3  Pre-Opening.   You may identify the Facility as a Chain Facility prior to the Opening Date, or commence
operation of the Facility under a Mark and using the System, only after first obtaining our approval
or as permitted under and strictly in accordance with the Territory System Standards Manual. If you
identify the Facility as a Chain Facility or operate the Facility under a Mark before the Opening
Date without our express written consent, then in addition to our remedies under Sections 3.1 and
11.2, you will begin paying the Royalty to us, as specified in Section 7.1, from the date you identify
or operate the Facility using the Mark. We may delay the Opening Date until you pay the Royalty accruing
under this Section.

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3.4  Operation.   You will operate and maintain the Facility continuously after the Opening Date on a year-round
basis as required by Territory System Standards and offer transient guest lodging and other related
services of the Facility (including those specified on Schedule B) to the public in compliance with
the law and Territory System Standards. You will keep the Facility in a clean, neat, and sanitary
condition. You will clean, repair, replace, renovate, refurbish, paint, and redecorate the Facility
and its FF&E as and when needed to comply with Territory System Standards. The Facility will
accept payment from guests by all credit and debit cards we designate in the Territory System Standards
Manual. You may add to or discontinue the amenities, services and facilities described in Schedule
B, or lease or subcontract any service or portion of the Facility, only with our prior written consent
which we will not unreasonably withhold or delay. Your front desk operation, telephone system, parking
lot, swimming pool and other guest service facilities may not be shared with or used by guests of
another lodging or housing facility.

3.5  Training.   You (or a person with executive authority if you are an entity) and the Facility’s
manager will attend the training programs described in Section 4.1 we designate as mandatory for
licensees or managers, respectively. You will train or cause the training of all Facility personnel
as and when required by Territory System Standards and this Agreement. You will pay for all travel,
lodging, meals and compensation expenses of the people you send for training programs, the cost of
training materials and other reasonable charges we may impose for training under Section 4.1. You
will direct the Facility staff to attend Property Opening Training and reimburse us for our expenses
for the training as discussed in Section 4.1.2.

3.6     Marketing.   You will participate in System marketing programs, including the Directory and the Reservation
System. You will obtain and maintain the computer and communications service and equipment we specify
to participate in the Reservation System. You will comply with our rules and standards for participation,
and will honor reservations and commitments to guests and travel industry participants. You may implement,
at your option and expense, your own local advertising. Your advertising materials must use the Marks
correctly, and must comply with Territory System Standards or be approved in writing by us prior
to publication. You will stop using any non-conforming, out-dated or misleading advertising materials
if we so request. 

3.6.1 You may participate in any regional marketing, training or management alliance or cooperative
of Chain licensees formed to serve the Chain Facilities in your area. We may assist the cooperative
collect contributions. You may be excluded from cooperative programs and benefits if you don’t
participate in all cooperative programs according to their terms, including making payments and contributions
when due.

3.7  Governmental Matters.  You will obtain as and when needed all governmental permits, licenses and consents required
by law to construct, acquire, renovate, operate and maintain the Facility and to offer all services
you advertise or promote. You will pay when due or properly contest all state and local payroll,
withholding, unemployment, beverage, permit, license, property, ad valorem and other taxes, assessments,
fees, charges, penalties and interest, and will file when due all governmental returns, notices and
other filings.

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3.8  Inspections and Audits.  You will permit our representatives to perform quality assurance inspections of the Facility
and audit your financial and operating books and records (including tax returns) particularly those
relating to the Facility and any related business, with or without prior notice of the inspection
or audit. Our inspections are solely for the purposes of checking compliance with Territory System
Standards and this Agreement and will be performed in accordance with the provisions of the Italian
and E.U. “Privacy” Laws. In consequence you have the right not to disclose any operating
books and records that in your opinion are not fitting those purposes and provisions. The inspections
and audits will commence during normal business hours, although we may observe Facility operation
and accounting activity at any time. You, the Facility staff and your other agents and employees
will cooperate with our inspectors and auditors in the performance of their duties. You will pay
us any underpayment of, and we will pay you or credit your Recurring Fee account for any overpayment
of, Recurring Fees discovered by an audit. If the Facility does not pass an inspection, you refuse
to cooperate with our inspectors or our auditors when they arrive for an audit at a time scheduled
at least 3 business days in advance or the audit reveals that you paid us less than 97% of the correct
amount of Recurring Fees for a fiscal year or longer, you will pay us the Audit Fee described in
Section 4.8, or the reasonable costs of travel, lodging and meal expenses for reinspection and any
reinspection fee we may impose. We may publish or disclose the results of quality assurance inspections
under the provision of the Italian and E.U. “Privacy” Laws. 

3.9  Reports and Accounting.  You will prepare and submit timely monthly reports containing the information we require about
the Facility’s performance during the preceding month. You will prepare and submit other reports
and information about the Facility as we may reasonably request from time to time or in the Territory
System Standards Manual. You will prepare and maintain any reports required under the Territory System
Standards Manual in the Facility’s property management or reservation computer system, including
the name and address of Facility guests, if collected, and send them to us or allow us to access
them by means of a telephone datalink. You will allow us access to the reports and data stored on
the Facility’s property management or reservation computer system via telephone, provided that
we will not unreasonably interfere with normal functioning of the property management or reservation
computer system. You will maintain accounting books and records in accordance with the Italian generally
accepted accounting principles, as amended, subject to this Agreement and other reasonable accounting
standards we may specify from time to time. You will prepare and submit to us if we so request your
annual and semi-annual financial statements. We do not require that your financial statements be
independently audited, but you will send us a copy of your audited statements if you have them audited
and we ask for them.

3.10  Insurance.   You will obtain and maintain during the Term of this Agreement the insurance coverage
required under the Territory System Standards Manual from insurers meeting the standards established
in the Manual. Unless we instruct you otherwise, your liability insurance policies will name us,
Days Inns of America, Inc., Cendant Corporation, Cendant Finance Holding Corporation, Cendant Global
Services, Inc., Cendant Global Services B.V., and their successors and assigns as additional insureds.

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3.11  Conferences.
    You (or your representative with executive authority if you are
  an entity) will attend each annual Chain conference and pay the Conference Fee
  we set for the Chain licensees, if and when we determine to hold an annual Chain
  conference. Mandatory recurrent training for licensees and managers described
  in Section 4.1.3 may be held at a conference. The Fee will be the same for all
  Chain Facilities that we license. You will receive reasonable notice of a Chain
  conference. 

3.12  Purchasing.   You will purchase or obtain certain items we designate as proprietary or that bear Marks,
such as signage, only from suppliers we approve. You may purchase any other items for the Facility
from any competent source you select, so long as the items meet or exceed Territory System Standards.

3.13  Good Will.   You will use reasonable efforts to protect, maintain and promote the name “Days Inn”
and its distinguishing characteristics, and the other Marks. You will not permit or allow your officers,
directors, principals, employees, representatives, or guests of the Facility to engage in conduct
which is unlawful or damaging to the good will or public image of the Chain or System. You will participate
in Chain-wide guest service and satisfaction guaranty programs we require in good faith for all Chain
Facilities. You will follow Territory System Standards for identification of the Facility and for
you to avoid confusion on the part of guests, creditors, lenders, investors and the public as to
your ownership and operation of the Facility, and the identity of your owners. 

3.14  Facility Modifications. You may materially modify, diminish or expand the Facility (or change its interior design, layout,
FF&E, or facilities) only after you receive our prior written consent, which we will not unreasonably
withhold or delay. You will pay our Rooms Addition Fee then in effect for each guest room you add
to the Facility. If we so request, you will obtain our prior written approval of the plans and specifications
for any material modification, which we will not unreasonably withhold or delay. You will not
open to the public any material modification until we inspect it for compliance with the Approved
Plans and Territory System Standards.

3.15  Courtesy Lodging. You will provide lodging at the “Employee Rate” established in the Territory System Standards
Manual from time to time (but only to the extent that adequate room vacancies exist) to our representatives
traveling on business, but not more than three standard guest rooms at the same time.

3.16  Minor Renovations. Beginning three years after the Opening Date, we may issue a “Minor Renovation Notice” to
you that will specify reasonable Facility upgrading and renovation requirements (a “Minor Renovation”)
to be commenced no sooner than 60 days after the notice is issued, having an aggregate cost for labor,
FF&E and materials estimated by us to be not more than the Minor Renovation Ceiling Amount. You
will perform the Minor Renovations as and when the Minor Renovation Notice requires. We will not
issue a Minor Renovation Notice within three years after the date of a prior Minor Renovation Notice,
or if the three most recent quality assurance inspection scores of the Facility averaged at least
425 points or equivalent and the most recent quality assurance inspection score for the Facility
was at least 400 points or equivalent when the Facility is otherwise eligible for a Minor Renovation.

4.   Our Operating and Service Obligations.  We will provide you with the following services and assistance:

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4.1  Training.   We will offer hospitality management training, property opening, recurrent training and
supplemental training.

4.1.1  Management Training.  Between 60 days before and 60 days after the projected Opening Date, we will provide (subject
to space availability), and you or a person with executive authority if you are an entity and a Facility
manager (usually the general manager) must complete, a training program to our satisfaction. The
training program will be held at a location in the Territory or in the United States we designate,
will not exceed two weeks in duration, and will cover such topics as Territory System Standards,
services available from us, and operating a Chain Facility. We may charge you a reasonable fee for
materials for each manager trainee. Any replacement general manager of the Facility must complete
the training program within the time specified in the Territory System Standards Manual. No tuition
will be charged for your first participation in this training but you must pay for your representative’s
travel, lodging, meals, incidental expenses, compensation and benefits. We may charge you reasonable
tuition for training for replacement general managers.

4.1.2  Property Opening Training.  We will provide at the Facility or another agreed location a “Property Opening Training”
program (at our discretion as to length and scheduling) to assist you in opening the Facility. There
is no tuition for the Property Training Program. However, you will provide our representatives with
lodging during the Program and pay us a fee of € 300.00 (three hundreds /00) on daily basis
to offset our representatives’ travel, meal and other out-of-pocket expenses. 

4.1.3 Recurrent Training.  We will provide training for you and the Facility’s manager if we determine that additional
training for licensees and managers is necessary from time to time. Training will be held in our
Territory or DIA’s U.S. training center or other locations. You will pay for your representative’s
travel, lodging, meals, incidental expenses, compensation and benefits for this training. This training
may be held in conjunction with a Chain conference.

4.1.4 Supplemental Training.  We may offer optional training programs without charge or for tuition. There is usually a tuition
charge for additional training which is provided to you or your staff at your request. We may offer
or sell to you video tapes, computer discs or other on-site training aids and materials, or require
you to buy them at reasonable prices. 

4.1.5 Licensee Orientation Training.  We will conduct, and you (or a person with executive authority if you are an entity) will attend
an orientation program to familiarize you with the System, the Chain, and our services in a location
we designate, before or within 30 days after the Opening Date. The program will be no longer than
three days. There will be no tuition charged but you will pay for the travel, lodging and meals of
the persons who attend the program. If you become the licensee of additional Chain Facilities after
you attend the program one time, attendance will be at your option.

4.1.6 We may charge
  you a reasonable cancellation fee if you cancel your training program commitments
  or reservations within 30 days (or such shorter period as we may specify) before
  the start of any training program at which you or your representative has a
  reservation. We may charge
  you tuition for your representatives to attend mandatory sessions other than
  those people we require to attend the training and fees for instructional materials.
  

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4.2  Reservation System.  We will operate and maintain (directly or by contracting with Global Services or an affiliate
or one or more third parties) a computerized Reservation System or such technological substitute(s)
as Global Services or DIA may determine, in their discretion. The Basic Reservation Charge for the
acquisition, development, support, equipping, maintenance, improvement and operation of the Reservation
System. We will provide software maintenance for the software we license to you to connect to the
Reservation System if your Recurring Fee payments are up to date. The Facility will participate in
the Reservation System, commencing with the Opening Date for the balance of the Term. We have the
right to provide reservation services to lodging facilities other than Chain Facilities or to other
parties. We will not offer callers to our general consumer toll free reservation telephone number
in the United States the opportunity to make reservations for other lodging chains. We may offer
any caller to our reservation telephone number in the Territory the opportunity to make reservations
for other lodging facilities if there is no space available, or there is no Chain Facility, at the
desired location of the caller.

4.3   Marketing.

4.3.1  We, Global Services and DIA will promote public awareness and usage of Chain Facilities
by implementing advertising, promotion, publicity, market research and other marketing programs,
training programs and related activities, and the production and distribution of publications and
Directories. These parties will determine in their discretion: (i) The nature and type of media placement;
(ii) The allocation (if any) among international, national, regional and local markets; and (iii)
The nature and type of advertising copy, other materials and programs. These parties or their affiliates
may be reimbursed for the reasonable direct and indirect costs, overhead or other expenses of providing
marketing services from Royalties or other fees collected for marketing. We are not obligated to
supplement or advance funds available from Chain licensees in the Territory to pay for marketing
activities. We do not promise that the Facility or you will benefit directly or proportionately from
marketing activities.

4.3.2  We may, at our discretion, implement or participate in special international, national,
regional or local promotional programs (which may or may not include the Facility) and may make available
to you (to use at your option) media advertising copy and other marketing materials for prices which
reasonably cover the materials’ direct and indirect costs.

4.3.3.  We will cause DIA to include the Facility in the Chain Directory after it opens if you
submit the information we request on time, and you are not in default under this Agreement at the
time we must arrange for publication. We will supply Directories to you for display at locations
specified in the Territory System Standards Manual or policy statements. We may assess you a reasonable
charge for the direct and indirect expenses (including overhead) of producing and delivering the
Directories on the same basis as we assess other Chain licensees in the Territory.

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4.4  Purchasing.
    We may offer optional assistance to you with purchasing items used
  at or in the Facility. Our affiliates may offer this service on our behalf.
  We may restrict the vendors authorized to sell proprietary or Mark-bearing items
  in order to control quality, provide for consistent service or obtain volume
  discounts. We will maintain and provide to you lists of suppliers approved to
  furnish Mark-bearing items, or whose products conform to Territory System Standards.

4.5  The System.   We will control and establish requirements for all aspects of the System in the Territory,
subject to Section 17.7.1. We may, in our discretion, change, delete from or add to the System, including
any of the Marks or Territory System Standards, in response to changing market conditions. We may,
in our discretion, permit deviations from Territory System Standards, based on local conditions and
our assessment of the circumstances.

4.6  Consultations and Standards Compliance.  We will assist you to understand your obligations under Territory System Standards by telephone,
mail, during quality assurance inspections, through the Territory System Standards Manual, at training
sessions and during conferences and meetings we conduct. We will provide telephone and mail consultation
on Facility operation and marketing through our representatives.

4.7  Territory System Standards Manual and Other Publications.  We will specify Territory System Standards in the Territory System Standards Manual, policy
statements or other publications. We will lend you one copy of the Territory System Standards Manual
promptly after we sign this Agreement. We will send you any Territory System Standards Manual revisions
and/or supplements as and when issued. We will send you all other publications for Chain licensees
in the Territory and all separate policy statements in effect from time to time. 

4.8  Inspections and Audits. We have the unlimited right to conduct unannounced quality assurance inspections of the Facility and
its operations, records and Mark usage to test the Facility’s compliance with Territory System
Standards and this Agreement, and the audits described in Section 3.8. We have the unlimited right
to reinspect if the Facility does not achieve the score required on an inspection. We may impose
a reinspection fee and will charge you for our costs as provided in Section 3.8. You will pay us
an “Audit Fee” of € 1,000.00 (one thousand /00) on daily basis when we invoice you
for an Audit Fee under Section 3.8. Effective any time after December 31, 2005 we may increase the
Audit Fee on a Territory-wide basis to cover any increases in our audit costs on the basis of the
fluctuation of Central Statistics Institute of Italy (ISTAT) Index, basis the last day of the month
of the Effective Date. Our inspections are solely for the purposes of checking compliance with Territory
System Standards and this Agreement and will be performed in accordance with the provisions of the
Italian and E.U. “Privacy” Laws. In consequence you have the right not to disclose any
operating books and records that in your opinion are not fitting those purposes and provisions. 

5.   Term.   The Term begins on the Effective Date and expires on the day prior to the fifteenth anniversary
of the Opening Date. Some of your duties and obligations will survive termination or expiration of
this Agreement. NEITHER PARTY HAS RENEWAL RIGHTS OR OPTIONS.

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6.
    Initial Fees.    

6.1  Application and Initial Fees.  You will pay us a non-refundable Initial Fee in the amount of € 7,600.00 (seven thousands
six hundreds /00) plus VAT, within sixty (60) days from the Effective Date.

7.   Recurring Fees and Interest.   

7.1  You
  will pay us certain “Recurring Fees” in currency ten days after the
  month in which they accrue, without billing or demand. Recurring Fees include
  the following:

7.1.1  A “Royalty” equal to one and two-half percent (2.5 %) plus VAT when due of Gross Room Revenues of the Facility
accruing during the calendar month, accrues from the earlier of the Opening Date or the date you
identify the Facility as a Chain Facility or operate it under a Mark until the end of the Term.

7.1.2  A “Marketing Contribution” equal to one percent (1 %) plus VAT of Gross
Room Revenues accruing during the calendar month, beginning when the Royalty does.

7.1.3 “Reservation System User Fee” including a “Basic Reservation Charge” for participation in and availability of the Reservation System as set forth in Schedule C,
and the charges and fees referred to in Schedule C or Section 4.2 of this Agreement, accrues from
the Opening Date until the end of the Term, including during suspension periods. We reserve the right
to increase or modify the Reservation System User Fees for all Chain Facilities, and to add other
fees and charges for new services, at our sole discretion as to amount or formula, from time to time,
but with at least 30 days prior written notice, by substituting a new Schedule C or otherwise, to
reflect changes in the fully allocated costs of providing Reservation System-related services, and
to add, drop or modify the types of reservation services we offer. You will also pay or reimburse
us for travel and other agent commissions paid for certain reservations at the Facility and a “GDS
Fee” levied to pay for reservations for the Facility originated or processed through the Global
Distribution System, the Internet and other reservation systems and networks. We may charge a reasonable
service fee for this service. Days Inn Facilities outside the Territory may be charged for reservation
service using a different formula. 

7.3  “Interest” is payable when you receive our invoice on any past due amount payable to us under this Agreement
at the rate of 1.5% per month or the maximum rate permitted by applicable law, whichever is less,
accruing from the due date until the amount is paid.

7.4  If a transfer occurs, your transferee or you will pay us our then current Application
Fee and a “Relicense Fee” equal to the Initial Fee we would then charge a new licensee for the Facility.

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8.  
  Indemnifications.   

8.1  Independent
  of your obligation to procure and maintain insurance, you will indemnify, defend
  and hold the Indemnitees harmless, to the fullest extent permitted by law, from
  and against all Losses and Expenses, incurred by any Indemnitee for any investigation,
  claim, action, suit,
  demand, administrative or alternative dispute resolution proceeding, relating
  to or arising out of any transaction, occurrence or service at, or involving
  the operation of, the Facility,
  any breach or violation of any contract or any law, regulation or ruling by,
  or any act, error or omission (active or passive) of, you, any party associated
  or affiliated with you or any of the owners, officers, directors, employees,
  agents or contractors of you or your affiliates, including when you are alleged
  or held to be the actual, apparent or ostensible agent of the Indemnitee, or
  the active or passive negligence of any Indemnitee is alleged or proven. You
  have no obligation to indemnify an Indemnitee for damages to compensate for
  property damage or personal injury if a court of competent jurisdiction makes
  a final decision not subject to further appeal that the Indemnitee engaged in
  willful misconduct or intentionally caused such property damage or bodily injury.
  This exclusion from the obligation to indemnify shall not, however, apply if
  the property damage or bodily injury resulted from the use of reasonable force
  by the Indemnitee to protect persons or property.

8.2  You will respond promptly to any matter described in the preceding paragraph, and defend
the Indemnitee. You will reimburse the Indemnitee for all costs of defending the matter, including
reasonable attorneys’ fees, incurred by the Indemnitee if your insurer or you do not assume
defense of the Indemnitee promptly when requested, or separate counsel is appropriate, in our discretion,
because of actual or potential conflicts of interest. We must approve any resolution or course of
action in a matter that could directly or indirectly have any adverse effect on us or the Chain,
or could serve as a precedent for other matters. 

9.  Your
  Assignments, Transfers and Conveyances.

9.1  Transfer
  of the Facility.  This Agreement is personal to you (and your owners
  if you are an entity). We are relying on your experience, skill and financial
  resources (and that of your owners and the guarantors, if any) to sign this
  Agreement with you. You may finance the Facility and grant a lien, security
  interest or encumbrance on it without notice to us or our consent. You may transfer
  this Agreement only with our prior written consent. If a Transfer is to occur,
  the transferee or you must give us prior written notice of any proposed Transfer with
  the procedures specified in Section 9.6. Transactions involving Equity
  Interests that are not Equity Transfers do not require our consent and are not
  Transfers.

9.3  Conditions.  If a Transfer is to occur, We may ask You, and your owners, a guarantee for the payment of all
amounts then owed to us and our affiliates by you, your owners, your affiliates, the transferee,
its owners and affiliates, under this Agreement or otherwise. If We ask for the above guarantee,
the transaction will not be effective until this conditions are satisfied. 

9.4  Permitted Transferee Transactions.  You may transfer an Equity Interest or effect an Equity Transfer to a Permitted Transferee without
obtaining our consent.

9.5  Attempted Transfers. Any transaction requiring our consent under this Section 9 in which our consent is not first obtained
shall be void, as between you and us. You will continue to be liable for payment and performance
of your obligations under this Agreement until we terminate this Agreement, all your financial obligations
to us are paid and all System identification is removed from the Facility.

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9.6  Notice of Transfers.  You will give us at least 30 days prior written notice of any proposed Transfer or Permitted
Transferee transaction. You will notify us when you sign a contract to Transfer the Facility and
10 days before you intend to close on the transfer of the Facility. We will respond to all requests
for our consent and notices of Permitted Transferee transactions within a reasonable time not to
exceed 30 days. You will notify us in writing within 30 days after a change in ownership of 25% or
more of your Equity Interests that are not publicly held or that is not an Equity Transfer, or a
change in the ownership of the Facility if you are not its owner. You will provide us with lists
of the names, addresses, and ownership percentages of your owner(s) at our request. 

10.   Our Assignments.  We may assign, delegate or subcontract all or any part of our rights and duties under this Agreement,
including by operation of law, without notice and without your consent. We will have no obligations
to you after you are notified that our transferee has assumed our obligations under this Agreement
except those that arose before we assign this Agreement.

11.   Default and Termination.

11.1  Default.   In addition to the matters identified in Section 3.1, you will be in default under this
Agreement if (a) you do not pay us when a payment is due, (b) you do not perform any of your other
obligations when this Agreement and the Territory System Standards Manual require, or (c) if you
otherwise breach this Agreement. If your default is not cured within ten days after you receive written
notice from us that you have not filed your monthly report, paid us any amount that is due or breached
your obligations regarding Confidential Information, or within 30 days after you receive written
notice from us of any other default (except as noted below), then we may terminate this Agreement
by written notice to you under Section 11.2. We will not exercise our right to terminate if you have
completely cured your default, or until any waiting period required by law has elapsed. In the case
of quality assurance default, if you have acted diligently to cure the default but cannot do so and
have entered into a written improvement agreement with us within 30 days after the failing inspection,
you may cure the default within 90 days after the failing inspection. We may terminate the License
if you do not perform that improvement agreement.

11.2  Termination.
    We may terminate the License, or this Agreement if the Opening Date
  has not occurred, effective when we send written notice to you or such later
  date as required by law or as stated in the default notice, when (1) you do
  not cure a default as provided in Section 11.1 or we are authorized to terminate
  under Section 3.1, (2) you discontinue operating the Facility as a “Days
  Inn”, (3) you do or perform, directly or indirectly, any act or failure
  to act that in our reasonable judgment is or could be injurious or prejudicial
  to the goodwill associated with the Marks or the System, (4) you lose possession
  or the right to possession of the Facility, (5) you (or any guarantor) suffer
  the termination of another license or franchise agreement with us or one of
  our affiliates, (6) you intentionally maintain false books and records or submit
  a materially false report to us, (7) you (or any guarantor) generally fail to
  pay debts as they come due in the ordinary course of business, (8) you, any
  guarantor or any of your owners or agents misstated to us or omitted to tell
  us a material fact to obtain or maintain this Agreement with us, (9) you receive
  two or more notices of default from
  us in any one year period (whether or not you cure the defaults), (10) a violation
  of Section 9 occurs, or a Transfer occurs before the relicensing process is
  completed, (11) you or any of your Equity Interest owners contest in court the
  ownership or right to franchise or license all or any part of the System or
  the validity of any of the Marks, (12) subject to applicable laws affecting
  the rights of creditors, you, any guarantor or the Facility is subject to any
  voluntary or involuntary bankruptcy, liquidation, dissolution, receivership,
  assignment, reorganization, moratorium, composition or a similar action or proceeding
  that is not dismissed within 60 days after its filing, or (13) you maintain
  or operate the Facility in a manner that endangers the health or safety of the
  Facility’s guests.

License Agreement Dozza - 11

11.3  Casualty and Condemnation.  

11.3.1  You will notify us promptly after the Facility suffers a Casualty that prevents you
from operating in the normal course of business, with less than 75% of guest rooms available. You
will give us information on the availability of guest rooms and the Facility’s ability to honor
advance reservations. You will tell us in writing within 60 days after the Casualty whether or not
you will restore, rebuild and refurbish the Facility to conform to Territory System Standards and
its condition prior to the Casualty. This restoration will be completed within 180 days after the
Casualty. You may decide within the 60 days after the Casualty, and if we do not hear from you, we
will assume that you have decided, to terminate this Agreement, effective as of the date of your
notice or 60 days after the Casualty, whichever comes first. If this Agreement so terminates, you
will pay all amounts accrued prior to termination and follow the post-termination requirements in
Section 13. You will not be obligated to pay Liquidated Damages if the Facility will no longer be
used as an extended stay or transient lodging facility after the Casualty. 

11.3.2  You will notify us in writing within 10 days after you receive notice of any proposed
Condemnation of the Facility, and within 10 days after receiving notice of the Condemnation date.
This Agreement will terminate on the date the Facility or a substantial portion is conveyed to or
taken over by the condemning authority. 

11.4  Our Other Remedies. We may suspend the Facility from the Reservation System for any default or failure to pay or perform
under this Agreement, discontinue Reservation System referrals to the Facility for the duration of
such suspension, and may divert previously made reservations to other Chain Facilities after giving
notice of non-performance, non-payment or default. All Reservation System User Fees accrue during
the suspension period. We may deduct points under our quality assurance inspection program for your
failure to comply with this Agreement or Territory System Standards. Reservation service will be
restored after you have fully cured any and all defaults and failures to pay and perform. We may
omit the Facility from the Directory if you are in default on the date we must determine which Chain
Facilities are included in the Directory. You recognize that any use of the System not in accord
with this Agreement will cause us irreparable harm for which there is no adequate remedy at law,
entitling us to injunctive and other relief. We may litigate to collect amounts due under this Agreement
without first issuing a default or termination notice. Our consent or approval may be withheld if
needed while you are in default under this Agreement or may be conditioned on the cure of all your defaults.

License Agreement Dozza - 12

12.   Liquidated Damages.

12.1  Generally.
    If we terminate the License under Section 11.2, or you terminate
  this Agreement (except under Section 11.3 or as a result of our default which
  we do not cure within a reasonable time after written notice), you will pay
  us within 30 days following the date
  of termination, as Liquidated Damages, an amount equal to the sum of accrued
  Royalties and Basic Reservation Charges during the immediately preceding 24
  full calendar months (or the number of months remaining in the unexpired Term
  at the date of termination, whichever is less). If the Facility has been open
  for less than 24 months, then the amount shall be the average monthly Royalties
  and Basic Reservation Charges since the Opening Date multiplied by 24. You will
  also pay any applicable Taxes assessed on such payment. Liquidated Damages will
  not be less than the product of € 200.00 (two hundreds /00) multiplied
  by the number of guest rooms in the Facility. If we terminate this Agreement
  under Section 3 before the Opening Date, you will pay us within 10 days after
  you receive our notice of termination Liquidated Damages equal to one-half the
  amount payable for termination under Section 11.2. Liquidated Damages are paid
  in place of our claims for lost future Recurring Fees under this Agreement.
  Our right to receive other amounts due under this Agreement is not affected.

12.2  Condemnation
  Payments.  In the event a Condemnation is to occur, you will pay us
  the fees set forth in Section 7 for a period of one year after we receive the
  initial notice of condemnation described in Section 11.3.2, or until the Condemnation
  occurs, whichever is longer. You will pay us Liquidated Damages equal to the
  average daily Royalties and Basic Reservation Charges for the one year period
  preceding the date of your condemnation notice to us multiplied by the number
  of days remaining in the one year notice period if the Condemnation is completed
  before the one year notice period expires. This payment will be made within
  30 days after Condemnation is completed (when you close the Facility or you
  deliver it to the condemning authority). You will pay no Liquidated Damages
  if the Condemnation is completed after the one year notice period expires, but
  you must pay the fees set forth in Section 7 when due until Condemnation is
  completed. 

13.   Your Duties At and After Termination.  When the License or this Agreement terminates for any reason whatsoever:

13.1  System Usage Ceases.  You will immediately stop using the System to operate and identify the Facility. You will remove
all signage and other items bearing any Marks and follow the other steps detailed in the Territory
System Standards Manual for changing the identification of the Facility. You will promptly paint
over or remove the Facility’s distinctive System trade dress, color schemes and architectural
features.

13.2  Other
  Duties.  You will pay all amounts owed to us under this Agreement within
  10 days after termination. You will owe us Recurring Fees on Gross Room Revenues
  accruing while the Facility is identified as a “Days Inn”, including
  the Reservation System User Fees for so long as the Facility receives service
  from the Reservation System. We may immediately remove the Facility from the
  Reservation System and divert reservations as authorized in Section 11.4. We
  shall have the right, but not the obligation, to purchase some or all of the
  Facility’s Mark-bearing FF&E and supplies at the lower of their cost
  or net book value, with the right to set off their aggregate purchase price
  against any sums then owed us by you.

License Agreement Dozza - 13

13.3  Advance
  Reservations.  The Facility will honor any advance reservations, including
  group bookings, made for the Facility prior to termination at the rates and
  on the terms established when the reservations are made and pay when due all
  related travel agent commissions. 

13.4  Survival
  of Certain Provisions.  Sections 3.8 (as to audits, for 2 years after
  termination), 3.9 (as to information relating to the Term, for 2 years after
  termination), 3.13, 7 (as to amounts accruing through termination), 8, 11.4,
  12, 13, 15, 16 and 17 survive termination of the License and this Agreement,
  whether termination is initiated by you or us, even if termination is wrongful.

14.  Your
  Representations and Warranties.  You expressly represent and warrant
  to us as follows:

14.1  Quiet
  Enjoyment and Financing.  You own, or will own prior to commencing
  improvement, or lease, the Location and the Facility. You will be entitled to
  possession of the Location and the Facility during the entire Term without restrictions
  that would interfere with your performance under this Agreement, subject to
  the reasonable requirements of any financing secured by the Facility. You have,
  when you sign this Agreement, and will maintain during the Term, adequate financial
  liquidity and financial resources to perform you obligations under this Agreement.

14.2  This
  Transaction.  Neither we nor any person acting on our behalf has made
  any oral or written representation or promise to you that is not written in
  this Agreement on which you are relying to enter into this Agreement. You release
  any claim against us or our agents based on any oral or written representation
  or promise not stated in this Agreement. You and the persons signing this Agreement
  for you have full power and authority and have been duly authorized, to enter
  into and perform or cause performance of your obligations under this Agreement.
  You have obtained all necessary approvals of your owners, Board of Directors
  and lenders. Your execution, delivery and performance of this Agreement will
  not violate, create a default under or breach of any charter, bylaws, agreement
  or other contract, license, permit, indebtedness, certificate, order, decree
  or security instrument to which you or any of your principal owners is a party
  or is subject or to which the Facility is subject. Neither you nor the Facility
  is the subject of any current or pending merger, sale, dissolution, receivership,
  bankruptcy, foreclosure, reorganization, insolvency, or similar action or proceeding
  on the date you execute this Agreement and was not within the three years preceding
  such date, except as disclosed in the Application. You will submit to us the
  documents about the Facility, you, your owners and your finances that we request
  in the License Application (or after our review of your initial submissions)
  before or within 30 days after you sign this Agreement.

14.3  No
  Misrepresentations or Implied Covenants.  All written information you
  submit to us about the Facility, you, your owners, any guarantor, or the finances
  of any such person or entity, was or will be at the time delivered and when
  you sign this Agreement, true, accurate and complete, and such information contains
  no misrepresentation of a material fact, and does not omit any material fact
  necessary to make the information disclosed not misleading under
  the circumstances. There are no express or implied covenants or warranties,
  oral or written, between we and you except as expressly stated in this Agreement.

License Agreement Dozza - 14

15.   Proprietary Rights.

15.1  Marks and System. You will not acquire any interest in or right to use the System or Marks except under this Agreement.
You will not apply for governmental registration of the Marks, or use the Marks or our corporate
name in your legal name, but you may use a Mark for an assumed business or trade name filing. You
will sign and return to us or to DIA or Global Services, as you are instructed, any trademark
license or registered user agreement that may be requested from you from time to time.

15.2  Inurements.  All present and future distinguishing characteristics, improvements and additions to or associated
with the System by us, you or others, and all present and future service marks, trademarks, copyrights,
service mark and trademark registrations used and to be used as part of the System, and the associated
good will, shall be the property of Global Services or DIA and will inure to their benefit. No good
will shall attach to any secondary designator that you use.

15.3  Other Locations and Systems. We and our affiliates, Global Services and DIA, and their respective affiliates, each reserve the right
to own, in whole or in part, and manage, operate, use, lease, finance, sublease, franchise, license
(as licensor or licensee), provide services to or joint venture (i) distinctive separate lodging
or food and beverage marks and other intellectual property which are not part of the System, and
to enter into separate agreements with you or others (for separate charges) for use of any such other
marks or proprietary rights, (ii) other lodging, food and beverage facilities, or businesses, under
the System utilizing modified Territory System Standards, and (iii) a Chain Facility at or for any
location other than the Location. There are no territorial rights or agreements between the parties.
You acknowledge that we are affiliated with or in the future may become affiliated with other lodging
providers or franchise systems that operate under names or marks other than the Marks. We and our
affiliates may use or benefit from common hardware, software, communications equipment and services
and administrative systems for reservations, franchise application procedures or committees, marketing
and advertising programs, personnel, central purchasing, approved supplier lists, franchise sales
personnel (or independent franchise sales representatives), etc. 

15.4  Confidential
  Information. You will take all appropriate actions to preserve the confidentiality
  of all Confidential Information. Access to Confidential Information should be
  limited to persons who need the Confidential Information to perform their jobs
  and are subject to your general policy on maintaining confidentiality as a condition
  of employment or who have first signed a confidentiality agreement. You will
  not permit copying of Confidential Information (including, as to computer software,
  any translation, decompiling, decoding, modification or other alteration of
  the source code of such software). You will use Confidential Information only
  for the Facility and to perform under this Agreement. Upon termination (or earlier,
  as we may request), you shall return to us all originals and copies of the Territory
  System Standards Manual, policy statements and Confidential Information “fixed
  in any tangible medium of expression”. Your obligations under this subsection
  commence when you sign this Agreement and continue for trade secrets (including
  computer software we
  license to you) as long as they remain secret and for other Confidential Information,
  for as long as we continue to use the information in confidence, even if edited
  or revised, plus three years. We will respond promptly and in good faith to
  your inquiry about continued protection of any Confidential Information.

License Agreement Dozza - 15

15.5  Litigation.  You will promptly notify us of (i) any adverse or infringing uses of the Marks (or names or symbols
confusingly similar), Confidential Information or other System intellectual property, and (ii) or
any threatened or pending litigation related to the System against (or naming as a party) you or
us of which you become aware. We alone handle disputes with third parties concerning use of all or
any part of the System. You will cooperate with our efforts to resolve these disputes. We need not
initiate suit against imitators or infringers who do not have a material adverse impact on the Facility,
or any other suit or proceeding to enforce or protect the System in a matter we do not believe to
be material. 

16.   Relationship of Parties.   

16.1  Independence.  You are an independent contractor. You are not the legal representative or agent of Global Services,
DIA or us, and you have no power to obligate any of those parties for any purpose whatsoever. We
and you have a business relationship based entirely on and circumscribed by this Agreement. No partnership,
joint venture, agency, fiduciary or employment relationship is intended or created by reason of this
Agreement. You will exercise full and complete control over and have full responsibility for your
contracts, daily operations, labor relations, employment practices and policies, including, but not
limited to, the recruitment, selection, hiring, disciplining, firing, compensation, work rules and
schedules of your employees.

16.2  Joint Status.  If you comprise two or more persons or entities (notwithstanding any agreement, arrangement
or understanding between or among such persons or entities) the rights, privileges and benefits of
this Agreement may only be exercised and enjoyed jointly. The liabilities and responsibilities under
this Agreement will be the joint and several obligations of all such persons or entities.

17.  
  Legal Matters.

17.1  Partial Invalidity. If all or any part of a provision of this Agreement violates any applicable Law, such provision or
part will not be given effect. If all or any part of a provision of this Agreement is declared invalid
or unenforceable, for any reason, or is not given effect by reason of the prior sentence, the remainder
of the Agreement shall not be affected. However, if in our judgment the invalidity or ineffectiveness
of such provision or part substantially impairs the value of this Agreement to us, then we may at
any time terminate this Agreement by written notice to you without penalty or compensation owed by
either party.

17.2  Waivers,
  Modifications and Approvals.  If we allow you to deviate from this
  Agreement, we may insist on strict compliance at any time after written notice.
  Our silence or inaction will not be or establish a waiver, consent, course of
  dealing, implied modification or
  estoppel.  All modifications, waivers, approvals and consents of or under
  this Agreement by us must be in writing and signed by our authorized representative
  to be effective.

License Agreement Dozza - 16

17.3  Notices.   Notices will be effective if in writing and delivered by facsimile transmission with confirmation
original sent by registered mail, return receipt requested, to the appropriate party at its address
stated below or as may be otherwise designated by notice. Notices shall be deemed given on the date
delivered or date of attempted delivery, if refused.

	Your name:	Hospitalia S.p.a.
      - Attention: Mrs. Graziella Bortolazzi
	Your address: 	Via Francesco Sforza
      15, 20122 Milano, Italy 
	Your fax No.: 	+ 39 02 763 88 737
	 	 
	Our Name: 	Days Master Italia S.p.a.
      - Attention: Mr. Andrea Cesaretti 
	Our Address: 	Via Tripoli 185, 47900
      Rimini, Italy
	Our Fax No:  	+ 39 02 700 423 481

17.4  Remedies.   Remedies specified in this Agreement are cumulative and do not exclude any remedies available
at law or in equity. The non-prevailing party will pay all costs and expenses, including reasonable
attorneys’ fees, incurred by the prevailing party to enforce this Agreement or collect amounts
owed under this Agreement

17.5  Miscellaneous.  This Agreement will be governed by and construed under the laws of the Republic of Italy. This
Agreement is exclusively for the benefit of the parties. There are no third party beneficiaries.
No agreement between us and anyone else is for your benefit. The section headings in this Agreement
are for convenience of reference only. We may unilaterally revise Schedule C under this Agreement.
This Agreement, together with the exhibits and schedules attached, is the entire agreement (superseding
all prior representations, agreements and understandings, oral or written) of the parties about the
Facility.

17.6 
  Arbitration.  All controversies, disputes or claims arising in connection
  with, from or with respect to this Agreement, including those ones connected
  to its validity, interpretation, compliance and termination, shall be submitted
  for arbitration to a sole arbitrator jointly appointed by you and us or, in
  case of disagreement about the designation of the arbitrator, by the President
  of the Court of Rimini. The arbitrator shall judge the settlement under terms
  and procedures of Italian law under the rules of the paragraph 806 and following
  of the Italian c.p.c.. The fee of the arbitrator shall be those minimum provided
  by the arbitrator’s professional association. The arbitration proceeding
  shall have to be conducted in Rimini, Italy.

License Agreement Dozza - 17

17.7 
  Relationship To Master License. 

17.7.1  We
  have the authority to enter into this Days Inn System License Agreement with
  you because we are the Master Licensee for the Territory under the terms of
  a Master License Agreement (the “Master License Agreement”) dated
  as of June 1, 2000, between Global Services and us. We are also the licensee
  under a Trademark License Agreement between DIA and us, dated the same date.
  These Agreements give us the authority to franchise the Days Inn System in the
  Territory. Under the Master License Agreement, Global Services has the right
  to disapprove sites for Chain Facilities, disapprove plans and specifications
  for new construction
  Chain Facilities or renovation plans and improvements for conversion Chain Facilities,
  inspect Chain Facilities before opening and require improvements to be made
  before opening is authorized, change or modify the delivery of Reservation System
  Services, create and operate international marketing funds and provide the Directory,
  modify System Standards for all Chain Facilities, which will cause potential
  changes in the Territory System Standards that apply to the Facility and to
  you, create, modify and terminate Marks that you will be authorized to use,
  require you to sign authorized or registered user instruments or agreements
  and have the same recorded with appropriate government authorities, create and
  distribute confidential information, approve any changes to the form of License
  Agreement we use for Days Inn System franchises, require that we take action
  against defaulting licensees of Chain Facilities, cause us to demand compliance
  with all Territory System Standards, suspend reservation service to any Chain
  Facility in default under its License Agreement, restrict our ability to formulate
  modifications of this Agreement or enter into workout and forbearance agreements
  with licensees, require us to cause each Chain Facility to be equipped with
  a battery operated or hard-wired smoke and fire alarm system and secure guest
  room locking and building access systems and otherwise perform in accordance
  with the Master License Agreement. Global Services and its agents shall have
  right at any time during regular business hours to inspect the Facility jointly
  with our employees or agents, and to audit your books and records.

17.7.2  At
  the option of Global Services, it may acquire our rights under this Agreement
  if the Master License Agreement terminates, in which case it would assume our
  obligations to provide services to you under this Agreement and perform in our
  place. You agree that if that occurs, you will continue to perform under this
  Agreement and will honor all of its terms, covenants and conditions. If you
  are notified that this Agreement has been assumed by Global Services or its
  designee, you will promptly provide Global Services or the designee, at the
  address it gives you for communications, copies of all written modifications
  and agreements signed by both we and you for the effective performance of either
  party under this Agreement. No agreements or modifications not in writing and
  signed by both parties will be effective to modify the terms of this Agreement
  if it is assumed by Global Services or its designee. If we terminate the Master
  License Agreement because Global Services does not perform, Global Services
  or its designee will assume our obligations under this Agreement as franchisor.
  If you do not approve of the designee of Global Services for any reason, you
  may terminate this Agreement without penalty or payment of Liquidated Damages
  and giving written notice to Global Services that must be given within 30 days
  after you are notified by Global Services of the designee that it has assumed
  our obligations under this Agreement. Any amounts owed by us to you accruing
  from before any assumption of this Agreement by Global Services or its designee
  will be our responsibility and not the responsibility of Global Services.

License Agreement Dozza - 18

IN WITNESS WHEREOF,
  the parties have executed this Agreement as of the date first stated above.

WE:

  Days Master Italia
  S.p.a.
  

/s/ Andrea Cesaretti

  Title: President
  

YOU, as
  licensee:

  Hospitalia S.p.a.
  

/s/ Graziella
  Bortolazzi 

  Title: CEO

License Agreement Dozza - 19

APPENDIX
  A

DEFINITIONS

Agreement  means this License Agreement.

Application Fee  means the fee you pay when you submit your Application under Section 6. 

Approved Plans  means your plans and specifications for constructing or improving the Facility initially or
after opening, as approved by us under Section 3. 

Casualty  means destruction or significant damage to the Facility by act of God or other event beyond
your reasonable anticipation and control.

Chain  means the network of Chain Facilities worldwide.

Chain Facility  means a lodging facility we own, lease, manage, operate or authorize another party to operate
using the System and identified by the Marks in the Territory.

Condemnation  means the taking of the Facility for public use by a government or public agency legally authorized
to do so, permanently or temporarily, or the taking of such a substantial portion of the Facility
that continued operation in accordance with the Territory System Standards, or with adequate parking
facilities, is commercially impractical, or if the Facility or a substantial portion is sold to the
condemning authority in lieu of condemnation.

Conference Fee  means the fee we charge for your attendance at a conference for Chain Facilities and their licensees
when and if held, or the fee charged by DIA for the Days Inn Chain conference .

Confidential Information  means any trade secrets we own or protect and other proprietary information not generally known
to the lodging industry including confidential portions of the Territory System Standards Manual
or information we otherwise impart to you and your representatives in confidence. Confidential Information
includes the “Standards of Operation and Design Manual” and all other Territory System
Standards manuals and documentation, including those on the subjects of employee relations, finance
and administration, field operation, purchasing and marketing, the Reservation System software and
applications software.

Days Inn Facilities  means all facilities authorized to operate under the Days Inn System worldwide.

Design Standards  mean standards specified in the Territory System Standards Manual from time to time for design,
construction, renovation, modification and improvement of new or existing Chain Facilities, including
all aspects of facility design, number of rooms, rooms mix and configuration, construction materials,
workmanship, finishes, electrical, mechanical, structural, plumbing, HVAC, utilities, access, life
safety, parking, systems, landscaping, amenities, interior design and decor and the like for a Chain
Facility.

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DIA means Days Inns of America, Inc., its successors and assigns.

Directory  means the general purpose directory DIA publishes listing the names and addresses of Days Inn
Facilities.

Effective Date  means the date we insert in the Preamble of this Agreement after we sign it.

Equity Interests  shall include, without limitation, all forms of equity ownership of you, including voting stock
interests, partnership interests, limited liability company membership or ownership interests, joint
and tenancy interests, the proprietorship interest, trust beneficiary interests and all options,
warrants, and instruments convertible into such other equity interests. 

Equity Transfer  means any transaction in which your owners or you sell, assign, transfer, convey, pledge, or
suffer or permit the transfer or assignment of, any percentage of your Equity Interests that will
result in a change in control of you to persons other than those disclosed on Schedule B, as in effect
prior to the transaction. Unless there are contractual modifications to your owners’ rights,
an Equity Transfer of a corporation or limited liability company occurs when either majority voting
rights or beneficial ownership of more than 50% of the Equity Interests changes. An Equity Transfer
of a partnership occurs when a newly admitted partner will be the managing, sole or controlling general
partner, directly or indirectly through a change in control of the Equity Interests of an entity
general partner. An Equity Transfer of a trust occurs when either a new trustee with sole investment
power is substituted for an existing trustee, or a majority of the beneficiaries convey their beneficial
interests to persons other than the beneficiaries existing on the Effective Date. An Equity Transfer does not occur when the Equity Interest ownership among the owners of Equity Interests on the Effective Date
changes without the admission of new Equity Interest owners. An Equity Transfer occurs when you merge,
consolidate or issue additional Equity Interests in a transaction which would have the effect of
diluting the voting rights or beneficial ownership of your owners’ combined Equity Interests
in the surviving entity to less than a majority.

Facility  means the Location, together with all improvements, buildings, common areas, structures, appurtenances,
facilities, entry/exit rights, parking, amenities, FF&E and related rights, privileges and properties
existing at the Location on the Effective Date or afterwards.

FF&E  means furniture, fixtures and equipment.

FF&E Standards  means standards specified in the Territory System Standards Manual for FF&E and supplies
to be utilized in a Chain Facility.

Food and Beverage  means any restaurant, catering, bar/lounge, entertainment, room service, retail food or beverage
operation, continental breakfast, food or beverage concessions and similar services offered at the
Facility. 

Global Services  means Cendant Global Services B.V., its successors and assigns.

License Agreement Dozza - 21

Gross Room Revenues  means gross revenues attributable to or payable for rentals of guest rooms at the Facility, including
all credit transactions, whether or not collected, but excluding separate charges to guests for Food
and Beverage, room service, telephone charges, key forfeitures and entertainment; vending machine
receipts; and federal, state and local sales, occupancy and use taxes.

Improvement Obligation  means your obligation to either (i) renovate and upgrade the Facility, or (ii) construct and
complete the Facility, in accordance with the Approved Plans and Territory System Standards, as described
in Section 3. 

Indemnitees  means us, our direct and indirect parent, subsidiary and sister corporations, Cendant Corporation,
Cendant Finance Holding Corporation, Cendant Global Services, Inc., Cendant Global Services B.V.,
DIA and the respective officers, directors, shareholders, employees, agents and contractors, and
the successors, assigns, personal representatives, heirs and legatees of all such persons or entities.

Initial Fee  means the fee you are to pay for signing this Agreement as stated in Section 6.1. 

License  means the non-exclusive license to operate the type of Chain Facility described in Schedule
B only at the Location, using the System and the Mark we designate in Section 1. 

License Year  means the one-year period beginning on the Opening Date and each subsequent anniversary of the
Opening Date and ending on the day preceding the next anniversary of the Opening Date.

Liquidated Damages  means the amounts payable under Section 12, set by the parties because actual damages will be
difficult or impossible to ascertain on the Effective Date and the amount is a reasonable pre-estimate
of the damages that will be incurred and is not a penalty. 

Location  means the parcel of land and building situated at Via Monte del Re 43, Dozza (Italy), as more
fully described in Schedule A. 

Losses and Expenses  means all payments or obligations to make payments either (i) to or for third party claimants
by any and all Indemnitees, including guest refunds, or (ii) incurred by any and all Indemnitees
to investigate, respond to or defend a matter, including without limitation investigation and trial
charges, costs and expenses, attorneys’ fees, experts’ fees, court costs, settlement amounts,
judgments and costs of collection.

Maintenance Standards  means the standards specified from time to time in the Territory System Standards Manual for
repair, refurbishment and replacement of FF&E, finishes, decor, and other capital items and design
materials in Chain Facilities.

Marks  means, collectively (i) the service marks associated with the System published in the Territory
System Standards Manual from time to time including, but not limited to, the name, design and logo
for “Days Inn” and other marks (U.S. Reg. Nos.: 1,160,430; 1,160,431; 1,420,612; 1,469,518;
and 1,003,834) [local registration information] and (ii) trademarks, trade names, trade dress, logos
and derivations, and associated good will and related intellectual property interests.

License Agreement Dozza - 22

Marks Standards  means standards specified in the Territory System Standards Manual for interior and exterior
Mark-bearing signage, advertising materials, china, linens, utensils, glassware, uniforms, stationery,
supplies, and other items, and the use of such items at the Facility or elsewhere.

Minor Renovation  means the repairs, refurbishing, repainting, and other redecorating of the interior, exterior,
guest rooms, public areas and grounds of the Facility and replacements of FF&E we may require
you to perform under Section 3.16. 

Minor Renovation Ceiling Amount  means € 1,500.00 (one thousand five hundreds /00) per guest room.

Minor Renovation Notice  means the written notice from us to you specifying the Minor Renovation to be performed and
the dates for commencement and completion given under Section 3.16.

Opening Date  means the date on which we authorize you to open the Facility for business identified by the
Marks and using the System.

Operations Standards  means standards specified in the Territory System Standards Manual for cleanliness, housekeeping,
general maintenance, repairs, concession types, food and beverage service, vending machines, uniforms,
staffing, employee training, guest services, guest comfort and other aspects of lodging operations.

Permitted Transferee  means (i) any entity, natural person(s) or trust receiving from the personal representative
of an owner any or all of the owner’s Equity Interests upon the death of the owner, if no consideration
is paid by the transferee or (ii) the spouse or adult issue of the transferor, if the Equity
Interest transfer is accomplished without consideration or payment, or (iii) any natural person or
trust receiving an Equity Interest if the transfer is from a guardian or conservator appointed for
an incapacitated or incompetent transferor. 

Punch List  means the list of upgrades and improvements, that we deliver to you in a form substantially
similar to that attached as part of Schedule B, which you are required to complete under Section
3. 

Recurring Fees  means fees paid to us on a periodic basis, including without limitation, Royalties, Reservation
System User Fees, and other reservation fees and charges as stated in Section 7. 

Relicense Fee  means the fee your transferee or you pay to us under Section 7 when a Transfer occurs.

Reservation System User Fees  means the fees you pay to us, Global Services or DIA under Section 7 and Schedule C for reservation
services, including the Basic Reservation Charge and any other fees we charge for services provided
by or through the Reservation System.

License Agreement Dozza - 23

Reservation System   or “Central Reservation System” means the system for offering to interested
parties, booking and communicating guest room reservations for Chain Facilities described in Section
4.2.

Rooms Addition Fee  means the fee we charge you for adding guest rooms to the Facility. 

Royalty  means the monthly fee you pay to us for use of the System under Section 7.1. “Royalties”
means the aggregate of all amounts owed as a Royalty.

System  means the comprehensive system for providing guest lodging facility services under the Marks
as we, Global Services or DIA may specify which at present includes only the following: (a)
the Marks; (b) other intellectual property, including Confidential Information, Territory System
Standards Manual and know-how; (c) marketing, advertising, publicity and other promotional materials
and programs; (d) Territory System Standards; (e) training programs and materials; (f) quality assurance
inspection and scoring programs; and (g) the Reservation System.

Technology Standards  means standards specified in the Territory System Standards Manual for local and long distance
telephone communications services, telephone, telecopy and other communications systems, point of
sale terminals and computer hardware and software for various applications, including, but not limited
to, front desk, rooms management, records maintenance, marketing data, accounting, budgeting and
interfaces with the Reservation System to be maintained at the Chain Facilities.

Term  means the period of time during which this Agreement shall be in effect, as stated in Section
5. 

Termination  means a termination of the License under Sections 11.1 or 11.2 or your termination of the License
or this Agreement.

Territory  means the Republic of Italy, the Republic of San Marino and Vatican City, the area in which
we are licensed by Global Services to grant System licenses.

Territory System Standards  means the standards for the participating in the System published in the Territory System Standards
Manual, including but not limited to Design Standards, FF&E Standards, Marks Standards, Operations
Standards, Technology Standards and Maintenance Standards and any other standards, policies, rules
and procedures we promulgate about System operation and usage.

Territory System Standards Manual  means the Standards of Operation and Design Manual and any other manual we publish or distribute
specifying the Territory System Standards.

License Agreement Dozza - 24

Transfer
   means (1) an Equity Transfer, (2) you assign, pledge, transfer, delegate
  or grant a security interest in all or any of your rights, benefits and obligations
  under this Agreement, as security or otherwise without our consent as specified
  in Section 9, (3) you assign (other than as collateral security for financing
  the Facility) your leasehold interest in (if any), lease or sublease all or
  any part of the Facility to any third party, (4) you engage in the sale, conveyance,
  transfer, or donation of your right, title and interest in and to the Facility,
  (5) your lender or secured party forecloses on or takes possession of your interest
  in the Facility, directly or indirectly, or (6) a receiver or trustee is appointed
  for the Facility or your assets, including the Facility. A Transfer does not
  occur when you pledge or encumber the Facility to finance its acquisition or
  improvement, you refinance it, or you engage in a Permitted Transferee transaction.

“You” and “Your”  means and refers to the party named as licensee identified in the first paragraph of this Agreement
and its Permitted Transferees.

“We”, “Our” and “Us”  means and refers to Days Master Italia S.p.a., an Italian company with liability limited by
stock, its successors and assigns. 

License Agreement Dozza - 25

  SCHEDULE A

 (Description
  of Facility)

Address:

  Via Monte del Re,
  43 - 40050 (BO)  Dozza – Italy.

Rooms

  6 - Junior Suites with jacuzzi bathroom

  10 - Twin bedded rooms

  18 - king size

  4 - single rooms with french bed.

 All the rooms
  are furnished in style, with a panoramic view and are equipped with the following
  comforts: air conditioning, telephone, minibar, tv color satellite and wire
  radio.

Restaurant:
   

  Offers a cuisine which
  tends to re-discover the ancient flavours of the culinary traditions of Emilia
  Romagna, national and international, with a touch of creativeness of the gourmet
  wines. Rooms: 

Garden e Swimming-pool

Conference
  Center:

  The congress centre,
  made out of the nave of the ancient church, can seat up 200 people and is provided
  with the most important basic audio-visual equipment. For smaller meeting or
  workshops, the hotel also has more secluded rooms.

“Church”:
  Can seat up to 200 people in theatre style or 60 people in horseshoe style.

  Bar: Can seat up to
  60 people in theatre style or 35 people in horseshoe style.

  Sagrestia: Can seat
  up to 35/40 people in theatre style or 20 people in horseshoe style.

  Cenacolo: Can seat
  up to 30 people in theatre style or 15 people in horseshoe style.

  Library: Can seat up
  to 10 people arround a single table

License Agreement Dozza - 26

SCHEDULE
  B
	PART I:
    	YOUR OWNERS:
	 	 

	 	 Name 		Ownership Percentage	 	Type of Equity Interest	 
	 	
	 	
	 	
	 
	 	Bezzi Lidiana	 	26,10	%	Voting
      Stock Interest	 
	 	Cesaretti
      Alice	 	20,94	%	Voting Stock
      Interest	 
	 	Cesaretti
      Andrea	 	20,94	%	Voting Stock
      Interest	 
	 	Bortolazzi
      Graziella	 	1,04	%	Voting Stock
      Interest	 
	 	H2B Capital
      Limited, London	 	30,96	%	Voting Stock
      Interest	 
	 	Meschia Andrea	 	0,02	%	Voting Stock
      Interest	 
	 	 	 	
	 
	 	Total	 	100,00	%
	 	 	 	
	 

	 	 
	PART
      II:	THE FACILITY:
	 	 
	 	Primary designation
      of Facility: Days Inn Resort & Conference Center
	 	 
	 	Number of approved guest
      rooms: 38
	 	 
	 	Parking facilities (number
      of spaces, description): 60
	 	 
	PART III:	DESCRIPTION AND SCHEDULE
      OF RENOVATIONS TO BE 

      COMPLETED AS THE IMPROVEMENT OBLIGATION :

[Punch List
  attached as Schedule D]

License Agreement Dozza - 27

SCHEDULE
  C

 RESERVATION
  SYSTEM USER FEES

  PROPERTY TO
  PROPERTY INCENTIVE PROGRAM

  May 1998

                The
Basic Reservation Charge is equal to (i) One Percent (1.0%) of Gross Room Revenues. These amounts
are subject to adjustment every three years beginning in 2000 for changes in the cost of living in
the United States..

                The
GDS Fee described in Section 7 is €4.50 per gross reservation communicated through the Global
Distribution System and €3.50 per gross reservation booked through the Internet. The travel
agent commission described in Section 7 is 10% of the Gross Room Revenues generated by each reservation
originated by the agent. The general sales agent commission (also known as international sales office
commission) and the “property to property” incentive program sales commission payable to
another Days Inn Facility licensee, is 5% of the Gross Room Revenues generated by each reservation
originated in an area served by a general sales agent/international sales office or by the other
Days Inn Facility.

                If  the
number of guest complaints per 1,000 occupied roomnights about you or the Facility in a calendar
year exceed the “Annual Facility Allotment” we establish with the approval of the Board
of Directors of the Days Inn Franchisee Advisory Association, Inc., you will be charged a “First
Assessment” of US$10.00 for each additional complaint received during that year. You will be
contacted when the complaint is received and you will be responsible to resolve the complaint to
the satisfaction of the guest. If any complaint for which you have received a First Assessment is
not resolved to the satisfaction of the complaining guest within 30 days after referral to you and
the guest contacts us again to seek resolution, you will be charged a “Second Assessment”
of US$25.00, plus the costs we incur to settle the matter with the guest. The Annual Facility Allotment
will be not less than the average number of guest complaints received by us for all Chain Facilities
during the preceding calendar year per 1,000 occupied roomnights. You will be informed of your Annual
Facility Allotment when it is established. The amounts of the First and Second Assessments may be
changed on a Chain-wide basis at any time upon 60 days advance notice, with the approval of the Board.

                We
reserve the right to increase or modify the Basic Reservation Charge and any other Reservation System
User Fees for all Chain Facilities and to add other fees and charges for new services, at our sole
discretion as to amount or formula from time to time but with at least 30 days prior written notice,
to reflect changes in our fully allocated costs of providing Reservation System-related services,
and to add, drop or modify the types of reservation services offered.

                You
will receive an incentive commission equal to 5% of the Gross Room Revenues generated by a reservation
originated through the Facility’s Reservation System terminal. We may establish rules and procedures
for this program in the Manuals. Your incentive commissions are payable monthly in arrears. We may
use your incentive commission payments to offset amounts you owe us for Recurring Fees and other
charges, or owe our Affiliates for other fees and charges.

License Agreement Dozza - 28

SCHEDULE D

PUNCH LIST

	ALBERGO:Monte
      del Re 	 	TIPOLOGIA: Resort
      & Conference 
	Center 
      	 	 
	NUM.CAMERE: 38	 	 
	 	 	 
	 Denominazione:Monte
        del Re

        Indirizzo:40050
        Dozza /Bologna  Italy

        Città:
        Dozza (BO)
	 	 
	 	 	 
	GESTORE	 	 DIRETTORE VENDITE
	   Contatto: Andrea
      Cesaretti

      	 	 Contatto: Andrea Cesaretti
	 Telefono:+39-0542
      678400 	 	  Telefono: :+39-0542
	 678400	 	 

RESPONSABILE CONTROLLO
  QUALITA’

  Contatto:Aroosha Jahandari 

  Telefono:+39-0541
  388354

TEMPI DI ADEMPIMENTO

  Tutti i requisiti
  specificati nella presente punchlist devono essere soddisfatti prima
  della riapertura, che avverrà in data 01.03.04 come struttura Days
  Inn.

License Agreement Dozza - 29 

		 	AREA	 	VOCE	 	REQUISITI	 	DA

      COMPLETARE 

      ENTRO...	 	€
	 	 	
	 	
	 	
	 	
	 	

	1	 	ESTERNO	 	 
      SEGNALETICA	 	 La
      segnaletica appropriata deve essere apposta per vietare l’accesso al
      cantiere durante le operazioni di conversione. 	 	 Da
      fare durante i lavori di conversione.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	2	 	ESTERNO	 	SEGNALETICA	 	 La segnaletica
      Days Inn deve essere acquistata presso rivenditori precedentemente
      selezionati dal Franchisor. 	 	 Da
      fare con DaysInn entro 01.04.04 

      Chiedere il preventivo a Neon-Rimini.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	3	 	ESTERNO	 	SEGNALETICA	 	 Tutta
      la segnaletica ed i materiali contrassegnati da marchi di altre catene
      o società alberghiere devono essere rimossi .

       Non è consentita
      alcuna modifica per il riutilizzo degli stessi. 	 	 C’e
      gia una segnaletica fuori della porta . 

      Da togliere.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	4	 	ESTERNO	 	SEGNALETICA	 	 La segnaletica
      per l’accesso all’albergo e ai servizi offerti, dovrà essere
      ben visibile per consentire al cliente di muoversi agevolmente nella
      struttura.	 	 Da modificare
      entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	5	 	ESTERNO	 	PISCINA	 	 Se la
      struttura dispone di una piscina, 

      si richiedono obbligatoriamente: recinzione, equipaggiamento antinfortunistico,
      adeguata segnaletica, superficie anti scivolo, area con almeno 4 tavoli
      muniti di ombrelloni e 16 sedie. 

      Trampolini e scivoli sono proibiti. 	 	 Da verificare
      entro 01.05.04 con tutti equipaggiamento antinfortunistico .
      

      

      Trovare il fornitore d’equipaggiamento x il preventivo.	 	 

License Agreement
  Dozza - 30

	 6	 	 ESTERNO	 	 CASSONETTI
      PER

       L’IMMONDIZIA	 	 I
      cassonetti per l’immondizia devono essere nascosti alla vista dei clienti;
      qualora non sia possibile, predisporre apposite recinzioni.  

      I cassonetti devono essere chiusi per impedire la fuoriuscita di odori e
      per non attirare insetti. 	 	 E’ terribilmente

      visibile dalla struttura.

      

      Da spostare assolutamente entro 01.04.04	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 7	 	 ESTERNO	 	 MATERIALE
      

      PROMOZIONALE 

      E PUBBLICITARIO	 	 Qualsiasi
      materiale promozionale, pubblicitario, segnaletico relativo all’
      albergo deve sempre rispettare gli standard Days Inn. 	 	 Da
      fare con DaysInn. Entro 01.04.04	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 8	 	 ESTERNO	 	 MATERIALE

      PROMOZIONALE 

       E PUBBLICITARIO	 	 Il corretto
      utilizzo dei marchi registrati Days Inn è essenziale .

      Ai Franchisees viene
      pertanto richiesto di attenersi alle norme stabilite per cio’ che concerne
      i loghi, i colori e le caratteristiche tipografiche nella produzione ed
      utilizzo di segnaletica e di qualsiasi altra riproduzione grafica.

      E’ obbligatorio
      l’utilizzo del simbolo “R” laddove si utilizzino i loghi
      Days Inn.	 	 Da
      fare con DaysInn. Entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	  9	 	 ESTERNO	 	 MATERIALE

      PROMOZIONALE 

       E PUBBLICITARIO	 	 E’
      consentito l’utilizzo di espressioni quali “recentemente ristrutturato”.
      “camere rinnovate ”, “5 sunburst” ecc.	 	 Da fare
      entro 01.04.04	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 10	 	 ESTERNO	 	 TABELLONI

      PUBBLICITARI	 	 I tabelloni
      al di fuori della proprietà sono previsti con sfondo rosso.	 	 Da
      fare con

      DaysInn entro 01.04.04.	 	 

License Agreement
  Dozza - 31

	  	 	  	 	  	 	  	 	  	 	 
	 11	 	 ESTERNO	 	 MAGAZZINO 
      E 

      DEPOSITO MERCI	 	 

      I magazzini e i depositi merci devono essere ben organizzati e non visibili
      o accessibili ai clienti. Nessun materiale infiammabile deve essere immagazzinato
      in stanze che condividano un muro con una camera destinata ad un cliente
      dell’albergo.	 	 Non sono 
      organizzati:

      1)Deposito Housekeeping: con una lista delle merci e loro quantità
      

      3)Deposito Maintenance: con una lista delle merci e loro quantità
      e la data dell’uscità 

      2)Deposito Food & Beverage: da modificare al 100% 

      entro 01.04.04	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 12	 	 AREE

      COMUNI 	 	 SEGNALETICA
      

      INTERNA	 	 I
      cartelli  che indicano l’utilizzo obbligatorio delle scale
      in caso di incendio, devono essere apposti, accanto all’ascensore ad
      ogni piano.	 	 Da modificare
      tutte le segnaletiche d’emergenza Entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 13	 	 AREE

      COMUNI	 	 PORTE
      

      D’INGRESSO	 	 Il
      sistema di chiusura delle porte delle camere deve essere munito di serratura
      elettronica con carta magnetica. E’ previsto un meccanismo interno
      di chiusura quale catenaccio o chiavistello.	 	 Da
      fare assolutamente entro 01.04.04 Chiedere il preventivo a Sig. Milani 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 14	 	 AREE
      

      COMUNI	 	 ENTRATE

      PRINCIPALI	 	 Se
      l’albergo dispone di 2 entrate principali entrambe le porte d’ingresso
      devono essere munite di meccanismi elettronici di chiusura.. 	 	 Da fare
      assolutamente entro 01.04.04 Trovare il fornitore.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 15	 	 AREE

      COMUNI	 	 RISTORANTE	 	 Qualora
      l’albergo disponga di un servizio Ristorante tale servizio deve essere
      garantito durante le ore

      indicate nella Guida Days Inn e in altro materiale promozionale (per un
      minimo di quattro ore per pranzo e quattro ore per cena). 	 	 Da
      fare con DaysInn entro 01.04.04.	 	 

License Agreement
  Dozza - 32

	  	 	  	 	  	 	  	 	  	 	 
	  
      16	 	 AREE
      

      COMUNI	 	 SERVIZIO

      LAVANDERIA	 	 Particolare
      attenzione deve essere attribuita alle condizioni di muri, soffitto e pavimento,
      alle condizioni igieniche del locale e alla sicurezza e pulizia delle
      attrezzature.

      La lavanderia deve essere facilmente accessibile, dotata di adeguato sistema
      di ventilazione, del kit di pronto soccorso e dell’estintore.

      Si deve inoltre predisporre la procedura di registrazione degli oggetti
      smarriti e ritrovati .	 	 Da fare
      le modifiche entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 17	 	 AREE

      COMUNI	 	 DISTRIBUTORE
      DI

      GHIACCIO	 	 Un distributore
      di ghiaccio da approx.115 kg. è previsto per ogni 60 camere e deve
      essere posizionato in un punto facilmente raggiungibile. 

      Tale servizio è gratuito e deve essere garantito 24 ore su 24 .	 	 Da fare
      entro 01.04.04 Chiedere il preventivo a Gifar.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	  18	 	 AREE

      COMUNI	 	 DISTRIBUTORE

      AUTOMATICO	 	 Si richiede
      almeno un distributore automatico di bibite. L’installazione di un
      distributore di snacks è consigliata.	 	 Da fare
      soprattutto per l’esterno e la zona piscina entro 01.05.04 Trovare
      il fornitore.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 19	 	 CAMERE

      CLIENTI	 	 PROSPETTO

      INFORMATIVO 

      PER CAMERE	 	 Apporre
      ad ogni porta, un prospetto informativo, debitamente incorniciato riguardante
      il regolamento dell’albergo, le tariffe aggiornate, il check-out time
      ed il piano di evacuazione in caso di incendio.	 	 Non 
      ci sono. Da fare assolutamente entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 20	 	 CAMERE

      CLIENTI	 	 TAZZE	 	 Per ogni
      camera sono previste 3 tazze con logo Days Inn , sigillate in involucro
      igienico trasparente. Possono essere utilizzati anche bicchieri in vetro
      purchè sigillati o con coperchio. 	 	 Ci sono
      già quelle del Monte del Re.

      

      Da fare con DaysInn entro 01.04.04.	 	 

License Agreement
  Dozza - 33

	  	 	  	 	  	 	  	 	  	 	 
	 21	 	 CAMERE
      

      CLIENTI	 	 MODULO
      PER

      SUGGERIMENTI
 E
      VALUTAZIONI	 	 E’
      previsto un modulo con logo Days Inn per camera. L’indirizzo della
      società proprietaria o di gestione deve essere

      chiaramente riportato sul retro. La firma del Presidente deve essere recente.	 	 C’e
      già quello di Monte del Re.

      
 Da
      fare con DaysInn entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 22	 	 CAMERE

      CLIENTI	 	 RADIOSVEGLIA	 	 Il cliente  deve
      poter usufruire di un servizio sveglia telefonico e/o televisivo. Ogni camera

      dovrebbe anche essere munita di radiosveglia am/fm .	 	 La radio
      incassata c’e già pero non funziona in alcune camere.Verificare
      Entro 01.04.04.
       	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 23	 	 CAMERE
      

      CLIENTI	 	 LETTERA
      DI 

      BENVENUTO	 	 Dal
      1° Maggio 1999, in ogni camera deve essere presente la “Lettera
      di Benvenuto ”, su carta intestata Days Inn,; tale lettera dovrà
      essere posizionata sulla credenza o comunque in modo tale da poter essere
      vista dal cliente al momento del suo arrivo. 	 	 Da
      fare con

      DaysInn entro 

      01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 24	 	 CAMERE

      CLIENTI	 	 DAYS
      INN

      BUSINESS PLACE

       (WORK ZONE)	 	 Sono
      requisiti indispensabili : illuminazione ad alta intensità, lampada
      da scrivania, prese elettriche facilmente accessibili e possibilità
      di trasmissione dati, scrivania con ampio ripiano, telefono e radiosveglia.
      	 	 Da
      fare con  Days
      Inn entro 01.04.04. Se
      la struttura vuol diventare un Business Place.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 25	 	 CAMERE

      CLIENTI	 	 DAYS
      INN

      BUSINESS PLACE

       (WORK ZONE)	 	 La denominazione
      “Business Place” puo’ essere attribuita ad un albergo (e
      conseguentemente reclamizzata) solo previa certificazione da parte degli
      ispettori Days Inn .	 	 Da
      fare con DaysInn entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 26	 	 CAMERE

      CLIENTI	 	 CARTONCINO

      “NON

      DISTURBARE”	 	 Un cartoncino
      “Non Disturbare”con logo Days Inn deve essere disponibile
      in ogni camera.	 	 C’e
      già quello di Monte del Re. 

      

      Da fare con DaysInn entro 01.04.04.	 	 

License Agreement
  Dozza - 34

	  	 	  	 	  	 	  	 	  	 	 
	
      27	 	 CAMERE
      

      CLIENTI	 	
      PORTE	 	 Tutte
      le porte  (ad eccezione di quelle dei bagni, che possono essere
      internamente cave, se ciò è conforme alle regolamentazioni
      locali) devono essere solide e fonoassorbenti..	 	 Da fare
      assolutamente entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
      28	 	 CAMERE

      CLIENTI	 	
      CAMERE PER

      DISABILI	 	 Se nella
      guida Days Inn si segnala la disponibilità di camere per disabili,
      queste devono soddisfare i requisiti contenuti nel Planning & Design
      Standards Manual.	 	 Ci
      sono 2 camere disabili da modificare assolutamente per i problemi del passaggio
      della carrozzina. Entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
      29	 	 CAMERE
      

      CLIENTI	 	
      SECCHIELLO PER

      GHIACCIO	 	 Ogni camera
      deve disporre di un secchiello per ghiaccio da 1⁄2 litro munito
      di sacchetto usa e getta (l’utilizzo del logo non è obbligatorio
      ma consigliato).	 	 Da fare
      entro 01.04.04.	 	 

License Agreement
  Dozza - 35

	  	 	  	 	  	 	  	 	  	 	 
	  30	 	 CAMERE

      CLIENTI	 	 CASSETTE
      DI

      SICUREZZA	 	 Qualora
      l’albergo offra un servizio cassaforte a pagamento la seguente procedura
      deve essere rispettata :

      1- Al momento del check-in,al cliente devono essere comunicate le tariffe
      relative ai servizi addizionali. 

      2- Le copie dei documenti presentati al cliente devono riportare una
      dicitura che attesti che il cliente ha preso atto dell’esistenza di
      costi aggiuntivi relativi a imposte locali, all’utilizzo del servizio
      telefonico e delle cassette di sicurezza e al deposito cauzionale per la
      chiave.

      3- L’ospite dovrà firmare o siglare il documento.

      4- Se il cliente rifiuta l’addebito per l’utilizzo della
      cassetta di sicurezza, informarlo che l’eventuale non utilizzo del
      servizio implica un’automatica detrazione dell’importo al momento
      del check-out.Tale impegno,dovrà sempre essere onorato dall’albergatore
      qualora il cliente dichiari di non aver usufruito di tale servizio.	 	 Ci sono
      casseforti solo in 6 suite e il servizio è gratis. 

      

      Prendere la decisione di mettere la cassaforte in tutte le camere o no con
      Days Inn entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 31	 	 CAMERE

      CLIENTI	 	 CAMERE
      NON

      FUMATORI	 	 Il 50%
      delle camere dovrebbe essere destinato a non fumatori. Tali stanze devono
      essere sottoposte a pulizia attenta a rimuovere qualsiasi oggetto dedicato
      alle camere per fumatori e i segnali non fumatori devono essere apposti alla
      porta della camera e sulla carta di presentazione della camera.	 	 Non c’e
      distinzione fra le camere fumatori e non-fumatori. 

      Da dividere assolutamente entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 32	 	 CAMERE

      CLIENTI	 	 BLOCCO-NOTE,

      PENNA E MATITA	 	  In ogni
      camera è richiesto un blocco note con logo Days Inn sulla
      copertina (nei fogli interni è opzionale l’utilizzo del logo come
      per penne e matite).	 	 C’e
      già quello di Monte del Re.

      

      Da fare con DaysInn entro 01.04.04.	 	 

License Agreement
  Dozza - 36

	  	 	  	 	  	 	  	 	  	 	 
	 33	 	 CAMERE

      CLIENTI	 	 SPIONCINO	 	 Ogni porta
      d’ingresso delle camere deve essere munita di spioncino posto a 152
      cm dal pavimento. Nel caso di camere per disabili tale distanza dal pavimento
      sarà diversa (circa 106 cm) nel rispetto delle leggi vigenti .	 	 Da
      fare assolutamente entro 01.04.04 Trovare il fornitore.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 34	 	 CAMERE
      

      CLIENTI	 	 GANCIO

      APPENDIABITI	 	 Un gancio
      appendiabiti di acciaio inossidabile o cromato deve essere disponibile sul
      retro della porta del bagno.	 	 Da verificare
      se ci sono già.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 35	 	 CAMERE

      CLIENTI	 	 LETTO
      

      AGGIUNTIVO	 	 Ogni 30
      camere è disponibile un letto aggiuntivo: il costo dipende dal tipo
      di camera.	 	 Ci sono
      6 suite con divano-letto xo non esistono i letti aggiuntivi.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 36	 	 CAMERE

      CLIENTI	 	 RIVELATORE

       DI  FUMO	 	 E’
      obbligatorio un rivelatore di fumo a batteria in ogni camera.	 	 Da
      fare assolutamente entro 01.04.04 Trovare il fornitore.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 37	 	 CAMERE

      CLIENTI	 	 CONFEZIONE

      SHAMPOO

      PER BAGNO	 	 Ogni bagno
      deve essere rifornito di una confezione di shampoo con logo Days Inn.. 	 	 C’e
      già quello di Monte del Re.

      

      Da fare con DaysInn
      entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 38	 	 FRONT

      OFFICE	 	 AREA

      INFORMATION

      GUIDE 	 	 Presso
      il Front Desk deve essere sempre disponibile una guida della zona che
      offra informazioni relative a: ristoranti consigliati, stazioni di servizio,
      officine di riparazioni , farmacie e pronto soccorso, negozi, shopping center,
      attrazioni locali, etc. Il cliente deve poter disporre anche di cartine
      relative alla zona e di opuscoli vari contenenti indicazioni stradali per
      raggiungere le principali attrazioni. 	 	 C’e
      già quello di Monte del Re.

      

       Da fare con
      

      DaysInn entro 01.04.04.	 	 

License Agreement
  Dozza - 37

	  	 	  	 	  	 	  	 	  	 	 
	 39	 	 FRONT

      OFFICE	 	 GUIDA
      DAYS INN	 	 Gli
      elenchi aggiornati degli hotel Days Inn devono essere consultabili dal cliente
      nella hall; inoltre dovranno essere sempre disponibili e visibili i moduli di
      iscrizione al September Days.	 	 Da
      fare con 

      DaysInn entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 40	 	 FRONT

      OFFICE	 	 SERVIZIO
      FAX

      PER CLIENTI	 	 Tutte
      le proprietà devono offrire un servizio fax disponibile 24 ore
      su 24.	 	 Da
      fare assolutamente entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	  41	 	 FRONT

      OFFICE	 	 KIT
      DI PRONTO 

      SOCCORSO	 	 Il
      Front Desk e la lavanderia devono essere munite di un kit di pronto soccorso
      completo contenente antisettico,cerotti, collirio e crema per ustioni.

       Le norme locali
      prevalgono comunque su queste disposizioni.	 	 Da
      fare assolutamente entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 42	 	 FRONT

      OFFICE	 	 SEGNALETICA
      

      PER FRONT DESK	 	 Una
      targa con il simbolo Days Inn ed un cartello che indichi la disponibilità
      di camere per non-fumatori sono previste al Front Desk. 	 	 

      Non è necessario.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 43	 	 FRONT

      OFFICE	 	 OGGETTI

      SMARRITI	 	 Tutti
      gli oggetti smarriti dai clienti devono essere etichettati, riposti in luoghi
      sicuri e registrati sull’apposito registro contenente:

       •  
      la descrizione dell’ articolo

      •   la
      data ed il luogo di 

          ritrovamento

      •   il
      nome della persona che

          l’ha ritrovato.

       Gli oggetti
      dovranno essere conservati almeno per il numero di giorni previsti dalla
      legge. 	 	 Oggetti
      smarriti non di tanto valore sono tenuti nell’office di ogni piano.
      

      

      Da modificare il modo di conservazione entro 01.04.04.	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 44	 	 FRONT

      OFFICE	 	 FORMAZIONE

      GENERAL

      MANAGER	 	 E’
      fortemente consigliato che ogni General Manager sia iscritto al corso di
      formazione organizzato dal Days Inn Learning Center entro 30 giorni dall’assunzione
      e che partecipi al suddetto corso entro 120 giorni .	 	 Da
      fare con 

      DaysInn entro 01.04.04.	 	 

License Agreement
  Dozza - 38

	 	Location:
      Dozza

      Unit No.: 15058

RESERVATION
  SYSTEM ACCESS AGREEMENT

                This
“Agreement” is made and entered into as of 1 March, 2004 between between DAYS MASTER ITALIA
S.p.a., an Italian company with liability limited by stock, (“we”, “our” or “us”),
and HOSPITALIA S.p.a., an Italian company with liability limited by stock (“you” or “your”).
The definitions of all capitalized terms are found in Appendix A.

                Recitals.  We are the Master Licensee under the Master License Agreement. We have granted to you a license
to operate the Facility using the Brand System at a specified location, as provided in the Franchise
Agreement. We are authorized under the Master License Agreement to grant licenses to access the Central
Reservation System to franchisees under Franchise Agreements. Company has evolved its Central Reservation
System software so as to offer full access to its standard features over the Internet for authorized
users without the need for specialized applications software resident in computers at Chain Facilities.
This Agreement applies only to users authorized for access to the Central Reservation System under
a separate agreement such as the Franchise Agreement.

In consideration of the following mutual promises, we and you agree as follows:

                Section
1. PTU Access Regime. (a) Access to Central Reservation System. During the period of time you are authorized to access the Central Reservation System under the Franchise
Agreement, you may use a PTU to access the Central Reservation System over the Internet. Company
will establish, and you will receive from us a property specific USER ID and Password and a complete
instruction guide to access the CRS Software through the PTU. We specify the configuration and capability
of the PTU in Appendix B. Company or we may, from time to time, change your password and the security
features you need to access the Central Reservation System using the PTU. Company or we will notify
you if and when any such changes occur so that your access to the Central Reservation System using
the PTU will be uninterrupted.

                (b)
PTU. We recommend that you obtain the PTU from an Approved Vendor who will be obligated to meet the configuration
requirements as set forth in Appendix B. You may obtain the PTU from any other source. If you obtain
your PTU from any source other than an Approved Vendor, you must verify with us and to Company in
writing that your PTU meets our configuration requirements. We may modify our configuration requirements
from time to time.

License Agreement Dozza - 39 

                (c)  Security Procedures and Protocols.  We may establish and inform you in writing about security features and methods to prevent unauthorized
access to the CRS Software and
  the Central Reservation System. You will follow the commercially reasonable
  security procedures and protocols we establish. You shall not permit the PTU
  to be used to breach, attack, evade, destroy or invade the Central Reservation
  System in violation of the security procedures and protocols. You shall safeguard
  the User ID and Password we give you as a trade secret, revealed only to your
  employees on a need to know basis. You will immediately inform us if and when
  you believe that the User ID and Password have been lost, stolen, misappropriated
  or compromised and will follow our instructions regarding any replacement User
  ID and Password. We may incorporate in the CRS Software security features that
  disable or identify any computer other than the PTU that seeks access to the
  Central Reservation System.

                (d)  Internet Access.  You must obtain and maintain access to the Internet at the Facility for the PTU using an Internet
Service Provider (an “ISP”) we specify or approve. You will not be able to access the Central
Reservation System except on an emergency, temporary basis except over the Internet.

                Section
2. Fees & Taxes. You must pay us a Software License/Access Fee of € 2,500.00 (two thousands five hundreds /00)
plus VAT for the License for the access and use of the CRS Software.  We are under no obligation to provide access to the Central Reservation System by a User ID
and Password until you have concluded payment arrangements satisfactory to us. We may apply any amounts
received to any outstanding invoices in any order.

                Section
3. License of Access to CRS Software and Training Materials. We grant to you a non-transferable, non-exclusive License to access and use the CRS Software from
the PTU and any Training Materials, subject to the conditions and limitations in this Agreement,
so that you can participate in the Central Reservation System, effective during the term described
in Section 14. We will provide and you will have access to the standard versions of the CRS Software
and copies of the Training Materials we are then releasing at the time of installation, as such may
be modified, updated or replaced from the versions in use at the time this Agreement is fully executed.
The CRS Software and Training Materials may be used only in conjunction with the PTU at the Facility,
and for the sole purpose of obtaining the Service. If the PTU Hardware malfunctions, the Property
Software and Training Materials may be used on other substantially identical computer hardware we
approve on a temporary basis while the malfunction continues.

                Section
  4. Title to CRS Software and Training Materials. Title to and ownership
  of the CRS Software and Training Materials shall remain with us or those entities
  that have authorized us to sublicense and use them, free from any claim or right
  of yours or the holder of any security interest, lien or encumbrance on the
  Facility or any of your other property. You will take such steps as may be necessary
  to prevent any person from acquiring any rights in the CRS Software or Training
  Materials superior to our rights. If any person attempts to establish any legal
  right in the Software or Training Materials, you shall promptly notify us in
  writing. The CRS Software and Training Materials are proprietary to us and/or
  our licensor, if any. Neither you nor any other person will transfer, sublicense,
  modify, decompile, copy or, except to your employees as needed for the purposes
  of this License, disclose the CRS Software or Training Materials to any other
  person or entity, without our prior written consent. The CRS Software and Training
  Materials are subject to the confidential information
  provisions of the Franchise Agreement, which are incorporated by reference into
  this Agreement.

License Agreement Dozza - 40

                Section
5. Internet; Electronic Mail.  (a) Brand Information Source.  The Company will create and maintain on the internet or its own intranet accessible through
or over the internet the Brand Information Source, which will contain some or all of the following
topics accessible to you after you comply with the Company’s security access features, if any: Personnel
and Training Matters; General Manager Reference Guide; Purchasing Guide; System Standards Manuals;
Brand Standards Forms; Quality Assurance; Customer Service; Design and Construction; Sales, Marketing
& Public Relations; Brand Calendar; Reports and Yield Management; and Franchise Services. The
Company may modify, add, delete and replace topics from time to time at its discretion. 

                (b)  Electronic Mail.  You will be assigned an electronic mail address which will become active when you activate your
Internet service. You must maintain this mailbox and follow our instructions regarding electronic
mail from us or the Company. You recognize that electronic mail is an important means of communication
between we and you, and between the Central Reservation System and you, and you consent to receive
and agree to accept electronic mail from us or the Company sent to you as long as the Franchise Agreement
is in effect. You agree that you will not abuse the electronic mail system, violate any applicable
law, or send any defamatory, illegal, pornographic, obscene or offensive materials, and will not
knowingly or willfully transmit any electronic mail message that contains a computer virus, trojan
horse, worm, logic bomb or other device, file, attachment, program or message intended to disrupt
or affect the functioning or presentation of any computer or electronic system. 

                Section
6. CRS Software Enhancements and Modifications; PTU Changes. We may modify, enhance and rewrite the CRS Software from time to time. So long as you are not in
default under this Agreement or the Franchise Agreement, we will notify you of modifications to the
CRS Software in accordance with our Chain-wide plan. We may offer certain optional and mandatory
modifications, features, and enhancements for additional license fees, installation and training
charges, maintenance fees and other terms as we may establish. You will comply with our installation,
use and maintenance instructions regarding mandatory enhancements and modifications. As part of a
Chain-wide plan, we may change the configuration requirements from time to time, and you must obtain
additional or replacement Hardware or new or later versions of the Communications Software if necessary,
to access enhanced or modified versions of the CRS Software. As part of a Chain-wide plan, we may
require you to purchase additional or replacement communications hardware or software, additional
random access memory, or additional hard disk drive storage for your Hardware, and install the same
as part of the PTU to keep pace with changes in the required methods and means of communications
between Chain Facilities and the Central Reservation System, the Brand Information Source, and the
Email Network, and to improve the efficiency and functionality of the Software.

                Section
  7. Access to Information. You agree that your authorization to access
  information through the CRS Software is limited to information about your Facility,
  and to information of a general nature made available to authorized users of
  the CRS Software. Under no circumstances shall you attempt to gain access through
  the PTU, or by any other means,  to
  information stored on or available through the CRS or the Brand Information
  Source which you are not authorized to view or receive. You shall establish
  commercially reason security measures for the PTU that will prevent any unauthorized
  use of the PTU or attempt to access the Central Reservation System.

License Agreement Dozza - 41

                Section
8. Maintenance. (a) Hardware. You will obtain all maintenance, repairs or adjustments of Hardware from the manufacturer of the Hardware
or its authorized service providers. You will perform all user-required maintenance procedures specified
by the manufacturer of the Hardware as and when recommended or required, and will obtain required
maintenance from authorized service providers at recommended or required intervals. 

                (b)  CRS Software. So long as you are not in default under this Agreement or the Franchise Agreement, we will cause the
CRS Software to function in accordance with its documentation to enable communication between the
PTU and the Central Reservation System according to the standards, procedures and protocols we prescribe
in writing from time to time. 

                (c)  Hardware Failure. We will provide a toll-free telephone number for reporting PTU problems. In the event that you are
unable to interface with the Central Reservation System because of PTU malfunction, and you are not
in default of this Agreement or the Franchise Agreement, we will make good faith efforts to place
reservations at the Facility through the use of other means and/or facilities. 

                (d)  Communications.  We are not responsible for maintaining the connection between the PTU and your Internet Service
Provider (ISP), or any service interruptions or performance or access issues with the CRS Software
arising from the reliability or quality of service offered by your ISP. We will use commercially
reasonable efforts to assist you with resolving these issues but we do not warrant that such efforts
will be successful. We may, in our sole discretion, provide dial-up or other service on a temporary
basis.

                Section
9. Indemnification. You will indemnify and hold harmless us, the Company, and each of the respective affiliates, successors
and assigns, directors, officers and employees associated with the Company or us against all claims
of employees, agents, guests, and all other persons and entities, arising out of the operation, use
or non-use of the CRS Software. Neither the Company nor we shall be liable to you or any other person
or entity for personal injury or property loss, including but not limited to, damage to the Facility,
as a result of the operation, use or non-use of the CRS Software.

                Section
10. Software Warranties. We make the following warranties for the Software:

License Agreement Dozza - 42

                (a)  We
  warrant that following the Acceptance Date, the CRS Software will perform
  the functions and operations we specify when accessed from the PTU at the Facility
  (but no other hardware), using the ISP we specify, provided you follow our written
  instructions, install Property Software updates and modifications and make corrections
  as directed, and are not in default under this Agreement or the Franchise Agreement.
  Our sole obligation under this warranty shall be to remedy any nonperformance
  of the CRS Software within a reasonable
  time after you report it to us. WE DO NOT WARRANT IN ANY WAY THE PERFORMANCE
  OR FUNCTIONING OF THE CRS SOFTWARE UNLESS IT IS ACCESSED FROM A PTU CERTIFIED
  BY US OR AN APPROVED VENDOR. ALL WARRANTIES UNDER THIS SUBSECTION ARE CONTINGENT
  UPON PROPER USE OF THE PTU AND SHALL NOT APPLY IF YOU OR YOUR HARDWARE VENDOR
  WHO IS NOT AN APPROVED VENDOR FAIL TO COMPLY WITH THE PROVIDED INSTALLATION
  AND OPERATING INSTRUCTIONS, MAKE OR PERMIT THE UNAUTHORIZED ALTERATION OR REPAIR
  OF THE PTU, OR FAIL TO IMPLEMENT ALL UPDATES OR CORRECTIONS TO THE PTU ABOUT
  WHICH WE NOTIFY YOU.

                (b)  We
have the right to license access to the CRS Software to you under this Agreement and, to the best
of our knowledge, the CRS Software does not infringe any Intellectual Property Rights of any third
party.

                Section
11. No Liability for Information. NEITHER WE NOR THE COMPANY WILL BE LIABLE FOR ANY CLAIMS OR DAMAGES RESULTING FROM ANY INCORRECT
INFORMATION GIVEN TO US OR INPUT INTO THE CENTRAL RESERVATION SYSTEM BY ANY PERSON OTHER THAN US.
IN ADDITION, IF WE PERMIT YOU TO UTILIZE THE PTU AND/OR CENTRAL RESERVATION SYSTEM TO COMMUNICATE
WITH ANY PERSON BESIDES US, THE COMPANY, AN AFFILIATE OF OURS, OR OUR FRANCHISEES, NEITHER WE NOR
THE COMPANY SHALL BE LIABLE FOR THE INPUT, FORMAT, TRANSMISSION OR MANIPULATION OF ANY INFORMATION
SO COMMUNICATED, UNLESS IT IS AFFECTED DUE TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE COMPANY
OR US.

                Section
12. No Other Warranties. NEITHER WE NOR THE COMPANY MAKE ANY OTHER WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, INCLUDING, WITHOUT
LIMITATION, ANY WARRANTY ABOUT THE DESIGN OR CONDITION OF THE CRS SOFTWARE, ITS MERCHANTABILITY,
ITS FITNESS FOR ANY PARTICULAR PURPOSE, OR ITS CONFORMANCE TO THE PROVISIONS AND SPECIFICATIONS OF
ANY ORDER OR DOCUMENTATION RELATING THERETO.

                Section
13. Damage Limitation. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, IN NO EVENT SHALL WE, THE COMPANY OR
ANY RELATED PARTY BE LIABLE FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING,
BUT NOT LIMITED TO, LOST PROFITS OR REVENUES; AND FURTHERMORE, THE LIABILITY OF US AND THE COMPANY
FOR DAMAGES UNDER THIS AGREEMENT SHALL IN NO EVENT EXCEED THE AMOUNTS PREVIOUSLY PAID BY YOU TO US
FOR THE LICENSE UNDER THIS AGREEMENT.

                Section
  14. Term.  This Agreement will be effective from the date of execution
  by you and us and shall continue in full force and effect until expiration of
  the term of your license to operate the Facility under the Franchise Agreement,
  unless earlier terminated in accordance with this Agreement. The License of
  the CRS Software and Training Materials commences on the Acceptance Date and
  expires at the same time your license to operate the Facility
  under the Franchise Agreements terminates, unless earlier terminated in accordance
  with this Agreement.

License Agreement Dozza - 43

                Section
15. Your Default. If any one of the events described in Section 16 that gives us the right to terminate occurs, or
the CRS Software becomes inaccessible or fails to perform properly by your act or omission, or you
assign or transfer, or attempt to assign or transfer the right to access the CRS Software without
our consent, except as permitted under the Franchise Agreement, then to the extent permitted by applicable
law, we shall have the right to suspend the CRS Software maintenance service, while the default remains
uncured. We may suspend access by means of affecting your USER ID and Password, which may require
a new or modified User ID or Password if and when access to the Service resumes.

                Section
16. Termination. (a) We shall be entitled to terminate the License immediately: (a) If you violate or attempt to violate
Section 1, paragraph (c) or Section 5 of this Agreement; (b) If you default in a payment required
pursuant to this Agreement or any other agreement between you and us, and the default continues uncured
for a period of 10 days after we give you written notice of default; (c) If you default under any
other obligation under this Agreement, and the default continues uncured for a period of 30 days
after we give you written notice of default; (d) If the method of access to the CRS Software contemplated
by this Agreement is rendered obsolete in our sole judgment based upon technological advances or
improvements, changes in the Service or any other reason; or (e) If the license granted under the
Franchise Agreement expires or terminates for any reason and is not immediately replaced by an express
written agreement between you and us for a license to continue operation of the Facility with the Chain.

                (b)
If this Agreement terminates, you will immediately return the originals and all copies of the Training
Materials unencumbered to us. You will certify to us in writing that the original and all copies
have been returned or destroyed. YOU EXPRESSLY WAIVE ANY RIGHT TO NOTICE OF OR A HEARING WITH RESPECT
TO REPOSSESSION AND CONSENT TO ENTRY INTO THE FACILITY BY OUR AGENTS OR REPRESENTATIVES OR ANY PREMISES
WHERE THE TRAINING MATERIALS MAY BE LOCATED AND REMOVING THEM WITHOUT JUDICIAL PROCESS. If you fail
or refuse to permit the peaceable entry by our agents to take possession of any Training Materials
we own, you will be liable for rental of the Training Materials at the rate of $500.00 per week from
the date that we first attempt to retake it.

                Section
17. Additional Terms. (a) Costs and Expenses. The non-prevailing party will pay the costs and expenses incurred, including reasonable attorneys’
fees and the expenses of retaking the Software and Training Materials, incurred by the prevailing
party to enforce this Agreement.

                (b)  Other Relief. We may obtain the remedy of injunctive relief without the posting of a bond if you violate your obligations
regarding confidentiality, non-disclosure, transfer or limitations on Software use under this Agreement.

                (c)  Force
  Majeure. If performance by you or us is delayed or prevented because of
  strikes, inability to procure labor or materials, defaults of suppliers or subcontractors,
  delays or shortages of transportation, failure of power or telephone transmissions,
  restrictive governmental
  laws or regulations, weather conditions, or other reasons beyond the reasonable
  control of the party, then performance of such acts will be excused and the
  period for performance will be extended for a period equivalent to the period
  of such delay. Delays or failures to pay resulting from lack of funds will not
  be deemed delays beyond your reasonable control.

License Agreement Dozza - 44

                (d)  Notices. Notices will be effective if reduced to writing and delivered, by next day delivery service, with
proof of delivery, by facsimile transmission immediately followed by first class mailing of the original
material, or mailed by certified or registered mail, return receipt requested, to the appropriate
party at its address in this Agreement or to such party at such address as may be designated by notice
in accordance with this Section. Notices will be deemed given on the date delivered or date of attempted
delivery, if service is refused.

                (e)  Your Forms. We are not bound by any terms of your purchase order forms or notices of acceptance which attempt
to impose any conditions at variance with our terms and conditions included in this Agreement or
in our invoices, standards manuals, technical specifications or elsewhere. Our failure to object
to any provision contained in your printed form is not a waiver of any provision of this Agreement.

                (f)  Oral Modifications. This Agreement may not be amended, modified or rescinded except in writing, signed by both parties
and any attempt to do so shall be void and of no effect.

                (g)
Governing Law. This Agreement will be governed by and construed under the laws of the Republic of Italy. 

                (h)
Waiver. If either you or we fail to exercise any right or option at any time under this Agreement, such failure
will not be deemed a waiver of the exercise of such right or option at any other time or the waiver
of a different right or option. Termination of this Agreement by either we or you will not waive
your obligation to make any payments to us under this Agreement.

                (i)
Severability. If any provision of this Agreement is determined to be void or unenforceable, the provision shall
be deemed severed from the Agreement and the remainder of this Agreement shall continue in full force
and effect.

                (j)
Entire Agreement. This Agreement supersedes all prior oral and written agreements and understandings and constitutes
the entire Agreement between the parties with respect to the subject matter hereof.

                (k)
No Third Party Beneficiary. This Agreement is intended for the sole benefit and protection of the named parties, and no other
persons or entities shall have any cause of action or right to payments made or received under this
Agreement except for any owners of the CRS Software who have licensed or authorized us to sublicense
the same to you.

                (l)  Successors
  and Assigns. This Agreement shall inure to the benefit of and be binding
  upon the parties, their successors and permitted assigns. Notwithstanding the
  above, you may not assign this Agreement without our express written consent, except as permitted
  under the Franchise Agreement.

License Agreement Dozza - 45

                 (m) Arbitration. All controversies, disputes or claims arising in connection with, from or with respect to this Agreement,
including those ones connected to its validity, interpretation, compliance and termination, shall
be submitted for arbitration to a sole arbitrator jointly appointed by you and us or, in case of
disagreement about the designation of the arbitrator, by the President of the Court of Rimini. The
arbitrator shall judge the settlement under terms and procedures of Italian law under the rules of
the paragraph 806 and following of the Italian c.p.c.. The fee of the arbitrator shall be those minimum
provided by the arbitrator’s professional association. The arbitration proceeding shall have
to be conducted in Rimini, Italy.

                IN
WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date set forth
in the preamble to this Agreement,

WE:

  Days Master Italia
  S.p.a.

/s/ Andrea Cesaretti

  Title: President

YOU, as
  licensee:

  Hospitalia S.p.a.

/s/ Graziella
  Bortolazzi

  Title: CEO

	Your address:	Via Francesco Sforza
      15, 20122 Milano, Italy - Attention: Mrs. Graziella Bortolazzi
	Your fax No.:	+ 39 02 76388737

License Agreement Dozza - 46

APPENDIX
  A

“Acceptance Date” means the date that the PTU is tested successfully as set forth in Section 7 of this Agreement.

“Approved Vendor”  means a vendor of computer hardware that we identify as an Approved Vendor before your purchase
of hardware for the PTU.

“Brand Information Source”  means the electronic web site or portal maintained by or for us or the Company from which information
is available to Franchisees.

“Brand System”  means the business format franchise system and method of doing business defined under the Franchise
Agreement.

“Central Reservation System” means the computerized central reservation system that we maintain (directly or by subcontracting with
an affiliate or one or more third parties), pursuant to which the Service is provided to you.

“Chain Facilities” means the guest lodging facilities operating under the Brand System.

“Communications Software” means the software described on Exhibit A and any additional and replacement software we require to
be installed and maintained on the Hardware to facilitate the electronic mail, Internet connectivity
and capability, brand information source access and other functions.

“Company”  means Howard Johnson International, Inc., a corporation organized and existing under the laws
of the State of Delaware, U.S.A., which owns and operates the Brand System.

“CRS Software” means the computer programs resident at the Central Reservation System to which you will be provided
access to under this Agreement, and any substituted, modified, updated and enhanced versions, releases
and additions to previously delivered software pursuant to this Agreement that function to permit
access from the PTU at the Facility to the Central Reservation System and that may perform additional
functions.

“Email Network”  means the electronic mail system the Company establishes and maintains to enable electronic
communication between and among Chain Facilities, the Central Reservation System, the Company and
us.

“Facility” means the Brand System guest lodging facility which you are licensed to operate using the Brand System
under the Franchise Agreement.

“Franchise Agreement” means the License or Franchise Agreement between you and us granting to you the non-exclusive right
to operate the Facility under the Brand System.

“Hardware” means the computer hardware, including the operating system software, installed at the Facility you
obtain and dedicate to operation of the Property Software as part of the PTU that conforms to our
configuration requirements.

License Agreement Dozza - 47

“Installation Date” means the date on which a Franchisee has installed and begins operating the PTU.

“Intellectual Property” or “Intellectual Property Rights” means any patents, copyrights, trade secrets or similar property rights owned by any person or entity
in the CRS Software.

“License” means the non-transferable, non-exclusive right to access the CRS Software and use the Training Materials
granted to you under this Agreement.

“Licensee” means the person or entity set forth in the introductory paragraph of this Agreement, its successors
and assigns, only as permitted in the Franchise Agreement.

“Master License Agreement”  means the Master License Agreement between us, as Master Licensee and with Company, as the Master
Licensor, giving us the right to enter Franchise Agreements and operate the Brand System in the Territory.

“Master Licensor” means the party that licenses us to operate the Brand System in a specified Territory under the Master
License Agreement.

“Opening Date” means the date on which we authorize you to open the Facility for business identified by the Chain’s
service marks and under the Brand System.

“Property Software”  means the means the computer programs in object code form loaded on the Hardware at the Facility
including the Communications Software that meet the standards of this Agreement and that enable the
PTU to communicate with the CRS Software over the Internet. 

“PTU”  or “Property Terminal Unit” means the Hardware and Property Software located at the Facility that meets the standards of this
Agreement.

“Service”  means the basic service provided by the Central Reservation System for placing and receiving
lodging reservations within the Chain, as well as such other services as we may develop and provide
in the future, upon conditions including fees which we, in our sole discretion, may place in effect
under the Franchise Agreement.

“Training Materials” means the various training modules, written materials and audio and video tapes, as enhanced from time
to time, which are provided to instruct you in the utilization of the CRS Software.

“We, “our” or “us”  means Days Master Italia S.p.a., an Italian company limited by stock with office in Via Tripoli
185, 47900 Rimini, Italy, its successors and assigns.

License Agreement Dozza - 48

APPENDIX
  B

DESCRIPTION
  OF PTU

  HARDWARE CONFIGURATION
  REQUIREMENTS

  AND SOFTWARE
  FUNCTIONALITY

                Hardware. IBM (or compatible) PC 300 GL personal computer, with at least 32 MB RAM, 2 GB hard disk drive, 3.5“
disk drive; internal 12x CD ROM; Sound Card; Ethernet adapter (network card), 15” SVGA
color monitor, 56kb Courier modem ; Lexmark Optra K printer with cable, Windows 95/98; surge protector.
No other applications software should be loaded. 

                Communications Software. E-mail (Microsoft Outlook Express, Internet Browser/Capabilities - Microsoft Internet Explorer v
5.0. No other version of Internet Explorer should be used. 

                CRS Software Functionality. The CRS Software will provide the following minimum functions:

	•	Inventory
      Control
		 
	•	Maintenance
      of Rates
		 
	•	Setting of
      Allocations
		 
	•	Creation
      or adjustment of groups
		 
	•	Property
      to property reservations
		 
	•	Running of
      Reports (inventory, rate, group, arrival/departure/cancellation lists)
		 
	•	Retrieval
      of Messages
		 
	•	Reporting
      of Revenue
		 
	•	Update travel
      agent commissions
		 
	•	Create travel
      agent records

License Agreement Dozza - 49EXHIBIT 10.1

                       ASSET PURCHASE AND SALE AGREEMENT

                                    BETWEEN

     EACH PARTNERSHIP, each represented by its respective general partner,
                          OR CORPORATION IDENTIFIED
                        ON THE SIGNATURE PAGES HEREOF,

                            collectively as Sellers

                                      and

                          DELTA PETROLEUM CORPORATION,

                                  as Purchaser

                                     dated

                                 June 10, 2004

<PAGE>
                               TABLE OF CONTENTS

                                                                    Page

Article I Definitions ............................................   1
  1.1.  Specific Terms ...........................................   1
  1.2.  Other Terms ..............................................   7

Article II Sale and Purchase of the Assets .......................   8
  2.1.  The Assets ...............................................   8
  2.2.  The Excluded Assets ......................................   8
  2.3.  Effective Time ...........................................   8
  2.4.  Sellers' Representative ..................................   9

Article III Purchase Price .......................................   9
  3.1.  Base Purchase Price ......................................   9
  3.2.  Deposit ..................................................   9
  3.3.  Adjustments to the Base Purchase Price ...................   9
  3.4.  Like-Kind Exchange .......................................  11

Article IV Representations and Warranties ........................  11
  4.1.  Representations and Warranties of Sellers ................  11
  4.2.  Representations and Warranties of Purchaser ..............  15
  4.3.  Limitations on Covenants, Representations and
          Warranties and other Disclaimers .......................  16

Article V Title Matters ..........................................  17
  5.1.  Purchaser's Title Review .................................  17
  5.2.  Claims on Special Warranty of Title ......................  19
  5.3.  Title Defects ............................................  19

Article VI Title Adjustments .....................................  20
  6.1.  Title Defect Adjustments .................................  20
  6.2.  Increased Interests Adjustments ..........................  23
  6.3.  Casualty Loss ............................................  24

Article VII Covenants of Sellers .................................  24
  7.1.  Access to Records ........................................  24
  7.2.  Access to Wells and Lands ................................  25
  7.3.  Operations ...............................................  25
  7.4.  Cooperation ..............................................  26

Article VIII Covenants of Purchaser ..............................  26
  8.1.  Cooperation ..............................................  26
  8.2.  Legal Existence ..........................................  27
  8.3.  Confidentiality ..........................................  27

Article IX Conditions to Obligations of Seller ...................  27

                                    i

Article X Conditions to Obligations of Purchaser .................  28

Article XI Closing ...............................................  28

Article XII Assumption of Obligations, Indemnities ...............  30
 12.1. Purchaser Assumed Obligations .............................  30
 12.2. Other Obligations Not Assumed .............................  30
 12.3. Indemnification by Sellers ................................  30
 12.4. Indemnification by Purchaser ..............................  31
 12.5. Liability Limitations .....................................  31
 12.6. Indemnification Procedures ................................  34

Article XIII Environmental Matters ...............................  35
 13.1. Environmental Access and Liability ........................  35
 13.2. NORM ......................................................  36

Article XIV Termination of Agreement .............................  37
 14.1. Termination Events ........................................  37
 14.2. Liabilities Upon Termination ..............................  37
 14.3. Application of Deposit Upon Termination ...................  37

Article XV Arbitration ...........................................  38
 15.1. Binding Arbitration .......................................  38
 15.2. Governing Rules ...........................................  38
 15.3. Arbitrators ...............................................  38
 15.4. Conduct of Arbitration ....................................  38
 15.5. Costs of Arbitration ......................................  38

Article XVI Miscellaneous ........................................  39
 16.1.  Records ..................................................  39
 16.2.  Tax Prorations ...........................................  39
 16.3.  Post Closing Filings And Notifications ...................  39
 16.4.  No Sales Taxes ...........................................  39
 16.5.  Suspended Funds ..........................................  39
 16.6.  Notices ..................................................  40
 16.7.  Further Assurances .......................................  41
 16.8.  Choice of Law ............................................  41
 16.9.  Assignment ...............................................  41
 16.10. Binding Effect; Amendment; Severability ..................  41
 16.11. Counterparts .............................................  42
 16.12. Expenses and Fees ........................................  42
 16.13. Exhibits .................................................  42
 16.14. Exchange .................................................  42
 16.15. Third Party Beneficiaries ................................  42

                                      ii

                       ASSET PURCHASE AND SALE AGREEMENT

     THIS ASSET PURCHASE AND SALE AGREEMENT ("Agreement") is made and entered
into this [_____] day of June, 2004, by and between each partnership or
corporation identified on the signature pages hereof, [each partnership
represented by its general partner,] (each such partnership or corporation, a
"Seller" and collectively, "Sellers") and Delta Petroleum Corporation
("Purchaser").

     WHEREAS, Purchaser desires to purchase and each Seller desires to sell
certain right, title and interest in and to certain oil, gas and mineral
leases and associated assets and contract rights located in the State of Texas
and Louisiana; and

     WHEREAS, each Seller and Purchaser desires to set forth herein the terms
and provisions of their agreements and understandings.

     NOW, THEREFORE, in consideration of the foregoing, of the mutual promises
hereinafter set forth and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

                                   ARTICLE I
                                  DEFINITIONS

     1.1.  Specific Terms.  As used throughout this Agreement, including the
exhibits and schedules hereto, the following capitalized terms have the
meanings ascribed below.

     "AAA" has the meaning ascribed to such term in Section 15.2.

     "Affiliate" means, with respect to a specified Person, any other Person
that, directly or indirectly, controls, is controlled by or is under common
control with such Person; as used in this definition, "control" means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through
ownership of voting securities, by contract or otherwise.

     "Agreement" has the meaning ascribed to such term in the preamble.

     "Alpine" means Alpine Resources, Inc., a Texas corporation.

     "Asserted Adjustment Amount" has the meaning ascribed to such term in
Section 5.1(A).

     "Assets" means, except for the Excluded Assets, all of the right, title,
interest and estate, real or personal, recorded or unrecorded, movable or
immovable, tangible or intangible, of Sellers in and to the following:

     (A) The oil, gas and mineral leases (including all of the estates created
thereby or derived therefrom), all subleases and other leasehold, royalty,
overriding royalty, net profits, mineral fee, carried, and reversionary
interests described on Exhibit A (the "Leases"), and all wells (whether oil,

                                       1

gas, water, disposal, or any combination thereof) located on the lands subject
thereto or on lands pooled, unitized or communitized therewith (the "Lands"),
whether producing, shut-in, or abandoned and, whether such wells are described
on Exhibit A or not (the "Wells").

     (B) All presently existing and valid Communitization Contracts, insofar
and only insofar as they relate to the Leases.

     (C) All presently existing and valid Operating Contracts that relate to
the Assets, together with all Permits that relate to the Leases or the
ownership or operation of any thereof.

     (D)  All Easements that relate to the Leases.

     (E)  All Personal Property that relates to the Leases.

     (F)  All hydrocarbons produced from or attributable to the Leases at and
after the Effective Time and to the extent Sellers receive a Seller's Credit
therefore pursuant to Section 3.3, all oil or condensate in stock tanks and/or
line fill and inventory of plant products as of the Effective Time.

     (G)  All geological and geophysical data and information relating to the
Leases or Wells that Sellers have the right to transfer; provided, however, if
the transfer of such data requires the payment of a fee or a consent, such
data will only be included if Purchaser elects to pay such fee or acquires
such consent.

     (H)  That certain pipeline system in the Angleton South Field area
referred to as The Union Petroleum Pipeline (the "Pipeline System").

     "Assumed Obligations" has the meaning ascribed to such term in Section
12.1.

     "Base Purchase Price" has the meaning ascribed to such term in Section
3.1.

     "Claim" has the meaning ascribed to such term in Section 12.6(B).

     "Claim Notice" has the meaning ascribed to such term in Section 12.6(B).

     "Closing" has the meaning ascribed to such term in Section 11.1.

     "Closing Date" has the meaning ascribed to such term in Section 11.1.

     "Closing Purchase Price" has the meaning ascribed to such term in Section
11.1(B).

     "Code" means the Internal Revenue Code of 1986, as amended, and the
regulations thereunder.

     "Communitization Contracts" means oil, gas or mineral unitization,
pooling, operating and communitization agreements, declarations and orders,
and the units created thereby.

                                       2

     "Confidentiality Agreement" means that certain Confidentiality Agreement
dated [ ], 2004 executed by Purchaser.

     "Conveyance" has the meaning ascribed to such term in Section 2.3.

     "Decision Notice" has the meaning ascribed to such term in Section
6.1(G).

     "Defect Adjustment Amount" has the meaning ascribed to such term in
Section 6.1.

     "Defect Expert" has the meaning ascribed to such term in Section 6.1(G).

     "Defensible Title" has the meaning ascribed to such term in Section
5.3(B).

     "Deposit" has the meaning ascribed to such term in Section 3.2.

     "Dispute" has the meaning ascribed to such term in Section 15.1.

     "Easements" means rights of way, easements, servitudes and similar
arrangements.

     "Effective Time" means June 1, 2004, at 7:00 a.m. Central Time.

     "Encumbrance" means any lien, pledge, hypothecation, charge, mortgage,
deed of trust, security interest, encumbrance, equity, trust or other similar
burden.

     "Environmental Laws" means all Laws relating to (a) the control of any
pollutant or potential pollutant or protection of the air, water, land or the
environment, (b) solid, gaseous or liquid waste generation, handling,
treatment, storage, disposal or transportation, or (c) exposure to hazardous,
toxic, explosive, corrosive or other substances alleged to be harmful.
"Environmental Laws" shall include, but not be limited to, the following Laws:
(1) Comprehensive Environmental Response, Compensation and Liability Act, 42
U.S.C. SS 9601 et seq., (2) Toxic Substances Control Act, 15 U.S.C. SS 2601 et
seq., (3) Clean Water Act, 33 U.S.C. S 1251 et seq., (4) Safe Drinking Water
Act, 42 U.S.C. SS 300f-300j, (5) Clean Air Act, 42 U.S.C. S 7401 et seq., (6)
Solid Waste Disposal Act, 42 U.S.C. SS 6901 et seq., (7) Oil Pollution Act, 33
U.S.C. S 2701, et seq., (8) Federal Insecticide, Fungicide & Rodenticide Act,
7 U.S.C. S 136-136y, (9) Texas Water Code, Chapter 26, and (10) Texas Health
and Safety Code, Chapters 361, and 382.

     "Environmental Matters Notice Date" has the meaning ascribed to such term
in Section 13.2.

     "Excluded Assets" has the meaning ascribed to such term in Section 2.2.

     "Excluded Records" has the meaning ascribed to such term in Section 2.2.

     "Existing Contracts" means those contracts and other instruments of the
following types which are material to the operation or ownership of the
Assets: any and all surface leases, rights-of-way and easements; operating
agreements; consulting agreements; exploration agreements; oil, gas, liquids,
casinghead gas and condensate purchase, sales, processing, gathering,
treatment, compression, transportation and gas balancing agreements; farmout

                                       3

and farmin agreements; dry hole, bottom hole, acreage contribution, purchase
and acquisition agreements; area of mutual interest agreements; salt water
disposal agreements; servicing contracts; Communitization Contracts; Operating
Contracts; permits; licenses; servitudes; and all other similar contracts and
agreements and any amendments thereto relating to the Wells or Leases;
provided however, that the contracts and agreements set forth on Schedule
1.1(D) shall not be deemed to be Existing Contracts.

     "Final Cure Date" has the meaning ascribed to such term in Section
6.1(E)(ii).

     "Final Defect Notice Date" has the meaning ascribed to such term in
Section 5.1(A).

     "Final Settlement" has the meaning ascribed to such term in Section
3.3(C).

     "Final Settlement Date" has the meaning ascribed to such term in Section
3.3(C).

     "Final Settlement Statement" has the meaning ascribed to such term in
Section 3.3(C).

     "Hazardous Substances" means any hazardous or toxic substance, material
or waste regulated by any Environmental Law, including without limitation,
whether or not so regulated, petroleum, including crude oil or any fraction
thereof, any radioactive material, radon gas, polychlorinated biophenyls or
any asbestos in any form or condition.

     "Increased Interest" has the meaning ascribed to such term in Section
3.3(A)(2).

     "Increased Value" has the meaning ascribed to such term in Section 6.2.

     "Indemnified Party" has the meaning ascribed to such term in Section
12.6(A).

     "Indemnifying Party" has the meaning ascribed to such term in Section
12.6(A).

     "Law" means any applicable statute, law, ordinance, regulation, rule,
ruling, order, restriction, requirement, writ, injunction, decree or other
official act of or by any governmental authority in effect on the date hereof.

     "Liabilities" means any and all losses, claims, demands, suits, actions,
proceedings, payments, charges, judgments, assessments, liabilities, damages,
penalties, fines, costs and expenses, including legal and other expenses
incurred in connection with any dispute, claim, litigation or arbitration.

     "Material Adverse Change" or "Material Adverse Effect" means any material
adverse change in the condition or value of the Assets (other than change in
value based on the price of oil and/or gas) and , with respect to a Seller,
any material adverse change in the condition (financial or otherwise),
business, operations, properties, prospects, securities, assets or liabilities
of such Seller (taken as a whole), other than any change, circumstance or
effect relating to the economy in general, the price of oil or natural gas or
the industries in which such Seller operates.

                                       4

     "Material Contracts" has the meaning ascribed to such term in Section
4.1(I)(2).

     "Material Environmental Matters" has the meaning ascribed to such term in
Section 13.2.

     "Negative Imbalance" means, respectively as to each Well or other
property subdivision included in the Assets and without duplication, the
aggregate sum (expressed in MMBtus) of (i) the aggregate make-up, prepaid or
other volumes of oil, gas or other hydrocarbons that Sellers are obligated, as
of the Effective Time, on account of prepayment, advance payment, take-or-pay,
gas balancing or similar obligations, to deliver from the Well or other
property subdivision included in the Assets after the Effective Time without
then or thereafter being entitled to receive full payment therefor and (ii),
to the extent such obligations burden the Assets or Purchaser could incur any
liability therefor as a result of the transaction contemplated hereby and the
same are not covered by clause (i) above, the aggregate pipeline or processing
plant imbalances or overdeliveries for which Sellers are obligated to pay or
deliver oil, gas or other hydrocarbons or cash to any pipeline, gatherer,
transporter, processor, co-owner or purchaser in connection with any other
oil, gas or other hydrocarbons attributable to the Assets; provided, however,
that to the extent that the aggregate sum (expressed in MMBtus under clauses
(i) and (ii) above (less the sum of clauses (i) and (ii) of the definition of
Positive Imbalance) does not exceed 12,500 MMBtus, no Negative Imbalance shall
be deemed to exist.

     "Net Revenue Interest" or "NRI" means the share (expressed as a
percentage or decimal fraction) in and to all oil and gas produced and saved
from or attributable to a Property (and the proceeds attributable thereto).

     "Non-Waivable Claims" has the meaning ascribed to such term in Section
12.5(I).

     "NORM" has the meaning ascribed to such term in Section 12.1.

     "Operated Assets" has the meaning ascribed to such term in Section
4.1(H).

     "Operating Contracts" means contracts and agreements that relate to the
Assets, including as applicable, but not limited to, all presently existing
oil and gas sales agreements, purchase, transportation, gathering, exchange
and processing contracts, casinghead gas contracts, operating agreements,
joint venture agreements, farmin and farmout agreements, participation
agreements and exploration agreements.

     "Party" means any Seller or Purchaser and "Parties" means Sellers and
Purchaser together.

     "Permits" means all franchises, licenses, permits, approvals, consents,
certificates and other authorizations and other rights granted by governmental
authorities.

     "Permitted Encumbrances" means (A) the terms, conditions, restrictions,
exceptions, reservations, limitations and other matters contained in the
agreements, instruments and other documents which create a Seller's interest
in the Assets, provided that the same (i) do not reduce the NRI below that set

                                       5

forth in the asset schedule of the applicable Seller for the applicable
property or (ii) do not increase the Working Interest above that set forth in
the asset schedule of the applicable Seller for the applicable property
without a proportionate increase in the NRI for such property; (B) statutory
and conventional liens securing payments to operators, mechanics and
materialmen or others, payments of taxes or other claims or payment
obligations that are, in each case, not yet delinquent or, if delinquent, are
being contested in good faith in the normal course of business; (C) any
obligations or duties to any municipality or public authority with respect to
any franchise, grant, certificate, license or permit; including, but not
limited to, those required by Environmental Laws, (D) any easements,
rights-of-way, servitudes, permits and other rights in respect of surface
operations, pipelines or the like, and easements for pipelines, power lines
and other similar rights-of-way, and encroachments, on, over or in respect of
any of the Assets that do not, individually or in the aggregate, unreasonably
or materially interfere with the operation of the Leases or any Wells thereon
for exploration and production of hydrocarbons or related operations; (E) all
royalties, overriding royalties, net profits interests, production payments,
carried interests, reversionary interests, calls on production and other
burdens on or deductions from the proceeds of production that do not operate
to (i) reduce the NRI below that set forth in the asset schedule of the
applicable Seller for the applicable Property, or (ii) increase the Working
Interest above that set forth in the asset schedule of the applicable Seller
for the applicable Property without a proportionate increase in the NRI for
such Property; (F) conventional rights of reassignment prior to abandonment;
(G) the matters set forth on Schedule 1.1(f); and (H) any consents of any
third parties to the transfer or assignment of any Asset that could be
obtained in the ordinary course of business after Closing, or that if not
obtained would not be legal cause to cancel or terminate any Lease or Material
Contract.

     "Person" means any individual or entity, including, without limitation,
any corporation, limited liability company, partnership (general or limited),
joint venture, association, joint stock company, trust, unincorporated
organization or government (including any board, agency, political subdivision
or other body thereof).

     "Personal Property" means all personal property, improvements, machinery,
fixtures, lease and well equipment and material (including as applicable, but
not limited to, any tanks, boilers, buildings, flowlines, pipelines, fixtures,
machinery, injection facilities, saltwater disposal facilities, compression
facilities and other equipment, gathering systems, power lines, telephone and
telegraph lines, roads and other appurtenances).

     "Positive Imbalance" means, respectively as to each Well or other
property subdivision included in the Assets and without duplication, the
aggregate sum (expressed in MMBtus) of (i) the aggregate make-up, prepaid or
other volumes of oil, gas or other hydrocarbons that Sellers are entitled, as
of the Effective Time, on account of prepayment, advance payment, take-or-pay,
gas balancing or similar obligations, to receive from or to be credited to the
Well or other property subdivision included in the Assets after the Effective
Time without then or thereafter being obligated to make any payment therefor
and (ii) to the extent such entitlements run with the Assets and the same are
not covered by clause (i) above, the aggregate pipeline or processing plant
imbalances or underdeliveries for which Sellers are entitled to receive (or
otherwise be credited with) oil, gas or other hydrocarbons or cash from any

                                       6

pipeline, gatherer, transporter, processor, co-owner or purchaser in
connection with any oil, gas or other hydrocarbons attributable to the Assets;
provided, however, that to the extent that the aggregate sum (expressed in
MMBtus) under clauses (i) and (ii) above (less the sum of clauses (i) and (ii)
of the definition of Negative Imbalance) does not exceed 12,500 MMBtus, no
Positive Imbalance shall be deemed to occur.

     "Preliminary Settlement Statement" has the meaning ascribed to such term
in Section 3.3(C).

     "Property" means a Lease or Well or group of Leases or Wells to which a
NRI and WI are attributed in the asset schedules hereto.

     "Proportionate Share" means that portion of the Base Purchase Price which
is fairly applicable to a Property based on the Net Revenue Interest and/or
Working Interest for such Property set forth on Exhibit "A" hereto, whether
determined by agreement of the Parties, or pursuant to the provisions of
Section 6.1(G).

     "Purchaser" has the meaning ascribed to such term in the preamble.

     "Purchaser's Credits" has the meaning ascribed to such term in Section
3.3(B).

     "Purchaser Indemnified Parties" has the meaning ascribed to such term in
Section 12.3.

     "Qualified Intermediary" has the meaning ascribed to it in the Internal
Revenue Code of 1986, as amended.

     "Records" has the meaning ascribed to such term in Section 11.1.

     "Seller" and "Sellers" have the meaning ascribed to such terms in the
preamble.

     "Sellers Indemnified Parties" has the meaning ascribed to such term in
Section 12.4.

     "Sellers' Credits" has the meaning ascribed to such term in Section
3.3(A).

     "Threshold Amount" has the meaning ascribed to such term in Section
12.5(D).

     "Title Defect" has the meaning ascribed to such term in Section 5.3.

     "Title Defect Property" has the meaning ascribed to such term in Section
5.3.

     "Working Interest" or "WI" means the share (expressed as a percentage or
decimal fraction) of costs and expenses attributable to the maintenance,
development and operation of a Property.

     1.2.  Other Terms.  Other capitalized terms used in this Agreement and
not defined in Section 1.1 shall have the meanings ascribed to them throughout
this Agreement.

                                       7

                                  ARTICLE II
                        SALE AND PURCHASE OF THE ASSETS

     2.1.  Assets.  Subject to and upon all the terms and conditions
hereinafter set forth, each Seller, severally, covenants and agrees to sell to
Purchaser, and Purchaser covenants and agrees to buy from such Seller the
Assets, except for the Excluded Assets.

     2.2.  The Excluded Assets.  The Assets shall not include any of the
following (referred to herein as the "Excluded Assets"): (A) all overriding
royalty interests, royalty interests and mineral fee interests owned of record
by any Seller to the extent the exclusion of same does not result in any
Seller having a lesser Net Revenue Interest in any Property than the Net
Revenue Interest for such Property set forth in Exhibit A; (B) all trade
credits and all accounts, instruments and general intangibles (as such terms
are defined in the Uniform Commercial Code) attributable to the Assets with
respect to any period of time prior to the Effective Time; (C) all claims and
causes of action of any Sellers (i) arising from acts, omissions or events, or
damage to or destruction of property occurring and attributable to times prior
to the Effective Time, or (ii) arising under or with respect to any Assets
that are attributable to periods of time prior to the Effective Time
(including claims for adjustments or refunds), or (iii) with respect to any of
the Excluded Assets; (D) all rights and interests of any Sellers (i) under any
policy or agreement of insurance or indemnity, (ii) under any bond, or (iii)
to any insurance or condemnation proceeds or awards arising, in each case,
from acts, omissions or events, or damage to or destruction of property
occurring prior to the Effective Time; (E) all oil, gas or other hydrocarbons
produced and sold from the Leases with respect to all periods prior to the
Effective Time, together with all proceeds from or of such substances;  (F)
claims of any Seller for refunds of or loss carry forwards with respect to (i)
production or any other taxes attributable to any period prior to the
Effective Time, (ii) income or franchise taxes, or (iii) any taxes
attributable to the Excluded Assets; (G) subject to Section 6.3(B), all
amounts due or payable to any Seller as adjustments to insurance premiums
related to the Assets with respect to any period prior to the Effective Time;
(H) except to the extent Sellers receive an upward adjustment to the Base
Purchase Price for such matters, all proceeds, income or revenues (and any
security or other deposits made) attributable to (i) the Assets and relating
to any period prior to the Effective Time, or (ii) any Excluded Assets; (I)
all of Sellers' proprietary computer software, patents, trade secrets,
copyrights, names, trademarks, logos and other intellectual property; (J) all
documents and instruments (except title opinions pertaining to the Assets) of
Sellers that are protected by an attorney-client privilege; (K) a copy of all
geological or geophysical data or information, but not any proprietary
geophysical information, (L) any geological and geophysical data and
information that Sellers do not have the right to transfer or the transfer of
which requires the payment of a fee or a consent, if Purchaser does not pay
such fee or obtain such consent (the matters referred to in clauses (J), (K)
and (L) are referred to as the "Excluded Records"); and (L) all audit rights
with respect to any period prior to the Effective Time; provided, however,
that the exercise of such audit rights does not impair, infringe, impinge on,
or otherwise adversely affect Purchaser's audit or other acquired rights.

     2.3.  Effective Time.  At Closing, each Seller shall convey its Assets to
Purchaser subject to the Permitted Encumbrances and without any covenant,
representation or warranty of title or otherwise express, implied or

                                       8

statutory, other than those set forth in this Agreement and a special warranty
of title, as provided in the form of Conveyance attached hereto as Exhibit C
(the "Conveyance"), and effective as of the Effective Time.

     2.4.  Sellers' Representative.  Each of the Sellers hereby appoints
Alpine as its representative, with full power and authority to act on its
behalf with respect to any matter under this Agreement, including without
limitation receipt of the Deposit, receipt of the Closing Purchase Price,
Title Defect matters, pre- and post-Closing adjustments to the Base Purchase
Price, and giving and receiving notices.

                                  ARTICLE III
                                PURCHASE PRICE

     3.1.  Base Purchase Price.  The purchase price to be paid by Purchaser
for the Assets shall be One Hundred Twenty-Two Million Five Hundred Thousand
U.S. DOLLARS ($122,500,000) (the "Base Purchase Price").  The Base Purchase
Price shall be reduced or increased based on the adjustments to be made
pursuant to Section 3.3 and as otherwise provided for in this Agreement.

     3.2.  Deposit.  Contemporaneously with the execution of this Agreement,
Purchaser shall deposit with J.P. Morgan Trust Company an amount equal to ten
percent (10%) of the Base Purchase Price (to be held in an interest bearing
account) (the "Deposit").  If the Closing occurs, the Deposit shall be applied
to the Closing Purchase Price to be paid by Purchaser at the Closing.  If the
Closing does not occur, the Deposit shall be applied as provided in Article
XIV.

     3.3.  Adjustments to the Base Purchase Price.  The Base Purchase Price
shall be adjusted as follows:

     (A)   The Base Purchase Price shall be adjusted upward by the following
("Sellers' Credits"):

           (1)  the amount of all prepaid expenditures reasonably incurred and
paid by Sellers (including, without limitation, royalties, overriding
royalties, other payment out of production burdening the Leases, rentals and
other charges, ad valorem, property, production, excise, severance, sales or
use, and any other taxes based upon or measured by the ownership of property
or the production of hydrocarbons or the receipt of proceeds therefrom) which
are  attributable to the operation of the Leases after the Effective Time;

           (2)  an amount equal to the Increased Value determined and
permitted in accordance with Section 6.2 for an higher Net Revenue Interest,
lesser Working Interest, or proportionately higher Working Interest and Net
Revenue Interest in the same property to which any Seller owns Defensible
Title, notice of which has been given by such Seller to Purchaser on or before
the Final Defect Notice Date (an "Increased Interest").  To be effective, such
notice of Increased Interest shall be in writing and shall include (i) a
description of the Increased Interest, (ii) the basis for which such Seller

                                       9

believes the ownership interest in such property has increased, and (iii) the
Seller's proposed adjustment to the Base Purchase Price to account for such
Increased Interest;

           (3)  an amount equal to (i) the Positive Imbalances multiplied by
(ii) $ 3.00 per Mcf;

           (4)  the value of (i) all merchantable oil or condensate in stock
tanks and/or line fill located on the Lands as of the Effective Time that is
attributable to the Assets, such value to be based upon the price paid by the
purchaser to Sellers for same, if applicable, or, if not, at the price in
effect for each field as of the Effective Time, less severance, sales, or
other similar taxes and transportation fees deducted by the purchaser of such
oil or condensate, such oil to be measured based upon the gauge reports of the
stock tanks located on the Lands at  the Effective Time by the operators of
the Wells and (ii) the market value as of the date hereof of all Sellers'
inventory of natural gas and gas plant products attributable to the Lands on
the Effective Time; and

           (5)  any other amount agreed upon by Sellers and Purchaser.

     (B)   The Base Purchase Price shall be adjusted downward by the following
("Purchaser's Credits"):

           (1)  the aggregate of all Defect Adjustment Amounts, calculated in
accordance with Article VI;

           (2)  an amount equal to (i) the Negative Imbalances multiplied by
(ii) $3.00 per Mcf; and

           (3)  any other amount agreed upon by Sellers and Purchaser.

     (C)  No later than three (3) days prior to Closing, Sellers shall furnish
Purchaser with an estimated accounting (the "Preliminary Settlement
Statement") showing the estimated amount of Sellers' Credits and the estimated
amount of Purchaser's Credits, subject to being finally adjusted within one
hundred twenty (120) days after the Closing as hereinafter provided.  An
estimated credit due Sellers shall increase the Base Purchase Price by that
amount and an estimated credit due Purchaser shall reduce the Base Purchase
Price by that amount.  Within ninety (90) days after Closing, Sellers shall
provide to Purchaser, for Purchaser's concurrence, an accounting (the "Final
Settlement Statement") of the actual amounts of Sellers' Credits and
Purchaser's Credits for the adjustments set out in this Section 3.3.
Purchaser shall have the right for thirty (30) days after receipt of the Final
Settlement Statement to audit and take exception to such adjustments.  If
Purchaser and Sellers are unable to agree upon the amount of such post-Closing
adjustments within twenty (20) business days after the end of such 30 day
period, the accounting firm of KPMG LLP shall conduct an audit of the Final
Settlement Statement and determine the post-Closing adjustment amount.  The
decision of such independent accounting firm shall be binding upon Sellers and
Purchaser and the fees and expenses of such independent accounting firm shall
be borne one-half by Sellers and one-half by Purchaser.  The date upon which
such agreement is reached shall be herein called the "Final Settlement Date".
Within five (5) business days after the Final Settlement Date, those credits
agreed upon by Purchaser and Sellers (or determined by KPMG LLP) shall be

                                       10

netted and the final settlement amount shall be paid in cash by the Party
owing same, via wire transfer as directed in writing by the receiving Party
(the "Final Settlement").

     3.4.  Like-Kind Exchange.  Purchaser and Sellers each consent to the
other party's assignment of its rights and obligations under this Agreement to
its Qualified Intermediary in connection with effectuation of a like-kind
exchange.  However, Purchaser and Sellers acknowledge and agree that any
assignment of this Agreement to a Qualified Intermediary does not release
either party from any of their respective liabilities and obligations to each
other under this Agreement.

                                  ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

     4.1.  Representations and Warranties of Sellers.  Each Seller, severally
as to itself, and severally with respect to the Assets owned by it as
reflected on the exhibits and schedules hereto, represents and warrants to
Purchaser as follows (to the extent any of the representations and warranties
contained in this Section 4.1 are limited by the phrase "to Seller's
knowledge", such phrase shall mean the actual knowledge of any current officer
of Alpine; provided, however, that neither Alpine nor Seller shall  be
required to have conducted any investigation in connection with the making of
these representations and warranties):

     (A)   Organization and Standing. It is a limited partnership or
corporation duly organized validly existing and in good standing under the
Laws of its state of organization and it is duly qualified to conduct its
business in each state in which the Lands relevant to its Assets are located
or where such qualification is required by Law to conduct business or own
property located in such state, except in each case where the failure to so
qualify would not result in a Material Adverse Effect.

     (B)   Entity Power; No Conflicts. It has all requisite power and
authority to carry on its business as presently conducted, to enter into this
Agreement, and to perform its obligations under this Agreement.  The
consummation of the transactions contemplated by this Agreement will not
violate or be in conflict with (a) any provision of such Seller's partnership
agreement, articles of incorporation or other governing documents; (b) except
for any Permitted Encumbrances affecting any Asset or a group of Assets
(rather than a Seller as a whole), any agreement or instrument to which such
Seller is a party or by which it or any of its Assets are bound; or (c) any
judgment, order, ruling or decree applicable to such Seller or any Law
applicable to such Seller.

                                       11

     (C)   Authority.  The execution, delivery and performance of this
Agreement and the transactions contemplated hereby have been duly and validly
authorized by all requisite partnership or corporate action on the part of
such Seller.

     (D)   Binding Obligation.  This Agreement has been duly executed and
delivered on behalf of such Seller, and all documents and instruments required
hereunder to be executed and delivered by such Seller shall have been duly
executed and delivered. This Agreement does, and such documents and
instruments shall, constitute legal, valid and binding obligations of such
Seller enforceable in accordance with their terms, subject to the effects of
bankruptcy, insolvency, reorganization, moratorium and similar laws, as well
as to principles of equity.

     (E)   Litigation. Schedule 4.1(E) sets forth each instance in which any
Seller (i) is subject to any outstanding claim, demand, judgment, injunction,
order, decree, ruling binding upon or otherwise affecting its interests in the
Assets or (ii) is a party to (or, to Seller's knowledge, its Assets are
affected by) any suit, action or other proceeding pending or, to Seller's
knowledge, threatened, before any court or governmental authority.

     (F)   Brokers or Finders.  Other than Petroleum Place Energy Advisors,
neither such Seller nor any of its Affiliates has employed any broker, finder,
consultant or intermediary in connection with the transactions contemplated by
this Agreement who would be entitled to a broker's, finder's or similar fee or
commission in connection therewith or the consummation thereof or if the
Closing does not occur.  Any fees owed to or claimed by Petroleum Place Energy
Advisors shall be the sole responsibility of Seller.

     (G)   Environmental Matters.  Except as identified on Schedule 4.1(G), as
of the date hereof, no actual or written notice, demand or complaint has been
received by such Seller from any governmental authority with respect to any
material violation of any Environmental Law applicable to its Assets, which
have not been remedied to the satisfaction of such governmental authority.

     (H)   Wells in Suspense.  With respect to the Assets operated by Seller
or any Affiliate of Seller (the "Operated Assets") and to Seller's knowledge
with respect to all other Assets, except as set forth on Schedule 4.1(H),
there are no producing Wells comprising part of such Seller's Assets for which
(i) such Seller or its authorized agent is not being paid directly for all
production attributable thereto without the furnishing of indemnity, other
than the customary indemnity contained in division orders, transfer orders or
gas sales contracts or (ii) any portion of proceeds attributable to such
Seller's interest are being held in suspense by a purchaser.

                                       12

     (I)   Contracts and Commitments.

           (1)  Except as provided on Schedule 4.1(I), (A) there are no
outstanding Authority for Expenditures or other commitments that exist, as of
the date of this Agreement, that will require the payment by Purchaser (if the
Closing occurs) after the Effective Time for any drilling or reworking
operations or obligations related to any of the Assets of $75,000 or more for
any one commitment or $500,000 or more, in the aggregate, for all commitments,
and (B) Sellers have not incurred any prepaid expenses attributable to the
period after the Effective Time exceeding $500,000 in the aggregate relating
to the Assets.

           (2)  Schedule 4.1(I) contains a complete list of all Material
Contracts related to the Assets to which such Seller is a party or, to
Seller's knowledge, by which any of the Assets are bound. Such Seller is not,
and to its knowledge, no other party to any Material Contract is, in material
default under any such Material Contracts.  For purposes of this Agreement,
"Material Contracts" shall mean a contract, agreement or similar arrangement
which:

                (a)  is with any Seller or any Affiliate of any Seller;

                (b)  is a contract for the sale, purchase, processing or
transportation of, or creates a purchase option, right of first refusal or
call on, any oil, gas or other hydrocarbons produced from or attributable to
the Assets, except those sales, purchase, processing or transportation
agreements which can be terminated by Sellers and their assigns upon not more
than thirty-one (31) days notice without penalty or detriment to Sellers and
their assigns;

                (c)  creates any area of mutual interest or an obligation not
to compete with respect to the acquisition by any Seller or its assigns of any
interest in any oil, gas or other hydrocarbons, lands or assets;

                (d)  is a contract or agreement which involves expenditures or
receipts of $50,000 or more in any calendar year, excluding (i) Leases, (ii)
joint operating agreements, (iii) unitization or pooling agreements, (iv)
participation, joint venture, partnership, farmout, farmin or similar
agreements and (v) contracts for the sale, purchase, processing or
transportation of oil, gas or other hydrocarbons;

                                       13

                (e)  evidences an obligation to pay the deferred purchase
price of property or services, except accounts payable arising in the ordinary
course of business;

                (f)  evidences a lease or rental of any land, building or
other improvements or portion thereof, excluding (i) the Leases and (ii)
surface leases not material to the ownership, use, maintenance or operation of
the Assets, or any part thereof; or

                (g)  joint operating agreement, unitization agreement, pooling
agreement, farmout agreement, farmin agreement, participation agreement, joint
venture agreement, partnership agreement or similar agreement.

           (3)  To such Seller's knowledge, no purchaser of natural gas under
the Existing Contracts related to its Assets (A) is having its take of natural
gas curtailed (other than seasonal curtailment), or (B) has given notice
(either written or verbal) that it desires to amend any of the Existing
Contracts related to its Assets with respect to price or quantity of
deliveries under take-or-pay provisions.

     (J)   Compliance with Laws.  Except as set forth on Schedule 4.1(J) and
except with respect to Environmental Laws, which are addressed exclusively in
Section 4.1(G), Sellers are in compliance in all material respects with all
Laws in any way affecting or relating to the Operated Assets and, to Seller's
knowledge, Sellers are in compliance in all material respects with all Laws in
any way affecting or relating to the Assets which are not Operated Assets.

     (K)   Imbalances.  Except as set forth on Schedule 4.1(K), no Negative
Imbalances or Positive Imbalances exist.

     (L)   Taxes.  Sellers have paid all taxes on or relating to the Assets,
or any production or revenues attributable thereto, which are currently due
and payable as required by Law prior to delinquency, without limiting the
rights and obligations of the Parties under Sections 16.2 and 16.4.

     (M)   Insurance.  Schedule 4.1(M) contains a true and complete list of
all policies of insurance which are maintained by Sellers and which cover or
relate to any of the Assets and which would reasonably be expected to be the
basis for a claim made to an insurer contemplated by Section 6.3(B).

     (N)   Well Status.  Except as set forth in Schedule 4.1(N), there are no
Wells included in the Operated Assets (or, to Seller's knowledge, with respect
to Wells operated by others) that (a) any Seller is obligated by Law or
contract to currently plug and abandon or (b) are subject to exceptions to a
requirement to plug and abandon issued by a governmental authority.

                                       14

     (O)   Status of Sellers.  No Seller is a "public-utility company" or a
"holding company," or a "Subsidiary Company" of a "holding company," or an
"affiliate" of a "holding company" within the meaning of the Public Utility
Holding Company Act of 1935, as amended, or is otherwise subject to regulation
under or the restrictions of such act.  No Seller is an "investment company"
or a company "controlled" by an "investment company" within the meaning of the
Investment Company Act of 1940, as amended, or is otherwise subject to
regulation under the restrictions of such act.

     (P)   No Tax Partnership.  Except as disclosed on Schedule 4.1(P), the
Assets are not subject to any tax partnership agreement or provisions
requiring a partnership income tax return to be filed under Subchapter K of
Chapter 1 of Subtitle A of the Code.

     (Q)   Bankruptcy.  There are no bankruptcy, reorganization or arrangement
proceedings pending against, being contemplated by, or to the knowledge of any
Seller, threatened against any Seller.

     4.2.  Representations and Warranties of Purchaser.  Purchaser represents
and warrants to Sellers as follows:

     (A)   Organization and Standing.  Purchaser is a corporation duly
organized, validly existing and in good standing under the laws of the State
of Delaware and is or prior to Closing will be duly qualified to carry on its
business in the states in which the Assets are located.

     (B)   Entity Power; No Conflicts.  Purchaser has all requisite power and
authority to carry on its business as presently conducted, to enter this
Agreement and the other documents and agreements contemplated hereby, and to
perform its other obligations under this Agreement and the other documents and
agreements contemplated hereby.  The consummation of the transactions
contemplated by this Agreement will not violate, or be in conflict with, any
provision of Purchaser's certificate of incorporation or other governing
documents, or any material agreement or instrument to which Purchaser is a
party or by which it is bound or any judgment, decree, order, statute, rule or
regulation applicable to Purchaser.

     (C)   Authority.  The execution, delivery and performance of this
Agreement and the transactions contemplated hereunder have been duly and
validly authorized by all requisite corporate action on the part of Purchaser.

     (D)   Binding Obligation.  This Agreement constitutes, and all documents
and instruments required hereunder to be executed and delivered by Purchaser
at Closing will constitute, legal, valid and binding obligations of Purchaser
in accordance with their respective terms, subject to bankruptcy and other
similar laws of general application with respect to creditors.

                                       15

     (E)   No Bankruptcy Proceedings.  There are no bankruptcy, reorganization
or arrangement proceedings pending, being contemplated by, or to the actual
knowledge of the officers of Purchaser, threatened against Purchaser.

     (F)   Qualification.  Purchaser is now, and after Closing shall continue
to be, qualified to own the Assets in all jurisdictions where any Assets to be
purchased by Purchaser hereunder are located, and the consummation of the
transactions contemplated hereby will not cause Purchaser to be disqualified
as such an owner or to exceed any acreage limitation imposed by any law,
statute, rule or regulation.

     (G)   Availability of Funds.  Purchaser has arranged to have available by
the Closing Date sufficient funds to enable Purchaser to pay in full the
Closing Purchase Price, together with all costs and expenses relative thereto,
and otherwise to perform its obligations under this Agreement.

     (H)   Experienced Investor.  Purchaser is an experienced and
knowledgeable investor in oil and gas properties and has the financial and
business expertise to evaluate the merits and risks of the transactions
contemplated by this Agreement.  In entering into this Agreement, Purchaser
has relied solely on the express representations, warranties, and covenants of
Sellers in this Agreement, its independent investigation of, and judgment with
respect to, the Assets and the advice of its own legal, tax, economic,
environmental, engineering, geological and geophysical advisors.

     (I)   Investment Intent.  Purchaser is acquiring the Assets for its own
account and not with the intent to make a distribution thereof within the
meaning of the Securities Act of 1933 (and the rules and regulations
pertaining thereto) or a distribution thereof in violation of any other
applicable securities laws.

     (J)   Brokers or Finders.  The Purchaser has not employed any broker,
finder, consultant or intermediary in connection with the transactions
contemplated by this Agreement who would be entitled to a broker's, finder's
or similar fee or commission in connection therewith or the consummation
thereof or if the Closing does not occur for which any Seller will have any
liability.

     4.3.  LIMITATIONS ON COVENANTS, REPRESENTATIONS AND WARRANTIES AND OTHER
DISCLAIMERS.  THERE ARE NO COVENANTS, REPRESENTATIONS OR WARRANTIES THAT
EXTEND BEYOND THE FACE OF THIS AGREEMENT.  THE EXPRESS COVENANTS,
REPRESENTATIONS AND WARRANTIES OF SELLERS AND PURCHASER CONTAINED IN THIS
AGREEMENT ARE EXCLUSIVE AND ARE IN LIEU OF, AND SELLERS AND PURCHASER, AS
APPLICABLE, EXPRESSLY DISCLAIM AND NEGATE, AND SELLERS AND PURCHASER, AS
APPLICABLE, HEREBY WAIVE, ALL OTHER COVENANTS, REPRESENTATIONS AND WARRANTIES,
EXPRESS, IMPLIED, STATUTORY OR OTHERWISE. AS EXAMPLES AND FOR THE AVOIDANCE OF
DOUBT, BUT WITHOUT LIMITATION OF THE FOREGOING, EXCEPT AS EXPRESSLY PROVIDED
IN ARTICLE IV OF THIS AGREEMENT AND THE SPECIAL WARRANTY OF TITLE TO THE

                                       16

ASSETS CONTAINED IN THE CONVEYANCE, THE ASSETS SHALL BE CONVEYED AND ACCEPTED
PURSUANT HERETO WITHOUT ANY OTHER REPRESENTATION OR WARRANTY, WHETHER EXPRESS,
IMPLIED, STATUTORY OR OTHERWISE, WITH RESPECT TO (A) THE QUANTITY, QUALITY,
CONDITION, SIZE, WEIGHT, SERVICEABILITY, CONFORMITY TO SAMPLES OF MODELS, (B)
ANY OTHER ASPECT OR CONDITION OF THE ASSETS, ALL OF WHICH SHALL BE CONVEYED BY
SELLERS TO PURCHASER AS IS, WHERE IS, AND WITH ALL FAULTS AND DEFECTS AND IN
THEIR PRESENT CONDITION AND STATE OF REPAIR AND WITHOUT ANY COVENANTS,
REPRESENTATIONS OR WARRANTIES, WHATSOEVER OF MERCHANTABILITY OR OF FITNESS FOR
A PARTICULAR PURPOSE, (C) THE ACCURACY OR COMPLETENESS OF ANY DATA, REPORTS,
RECORDS, PROJECTIONS, INFORMATION OR MATERIALS NOW, HERETOFORE OR HEREAFTER
FURNISHED OR MADE AVAILABLE TO PURCHASER BY, ON BEHALF OF OR AT THE DIRECTION
OF SELLERS IN CONNECTION WITH THIS AGREEMENT INCLUDING, WITHOUT LIMITATION,
THAT RELATIVE TO PRICING ASSUMPTIONS,  QUALITY, QUANTITY OR VOLUMES OF
HYDROCARBON RESERVES (IF ANY) ATTRIBUTABLE TO THE ASSETS OR THE ABILITY OR
POTENTIAL OF THE ASSETS TO PRODUCE HYDROCARBONS, (D) THE PHYSICAL AND
ENVIRONMENTAL CONDITION OF THE ASSETS, BOTH SURFACE AND SUBSURFACE, INCLUDING
BUT NOT LIMITED TO CONDITIONS SPECIFICALLY RELATED TO THE PRESENCE, RELEASE OR
DISPOSAL OF  HAZARDOUS SUBSTANCES, SOLID WASTES, ASBESTOS AND OTHER MAN MADE
FIBERS, OR NATURALLY OCCURRING RADIOACTIVE MATERIALS,  IT BEING AGREED BY
PURCHASER THAT ANY AND ALL SUCH DATA, RECORDS, REPORTS, PROJECTIONS,
INFORMATION AND OTHER MATERIALS (WRITTEN OR ORAL) FURNISHED OR OTHERWISE MADE
AVAILABLE OR DISCLOSED TO PURCHASER HAVE BEEN AND WILL BE PROVIDED TO
PURCHASER AS A CONVENIENCE AND SHALL NOT CREATE OR GIVE RISE TO ANY LIABILITY
OF OR AGAINST SELLERS AND ANY RELIANCE ON OR USE OF THE SAME SHALL BE AT
PURCHASER'S SOLE RISK TO THE MAXIMUM EXTENT PERMITTED BY LAW, (E) THE
OWNERSHIP OR OPERATION OF THE ASSETS OR ANY PART THEREOF AND (F) THE ACCURACY
OR COMPLETENESS OF ANY REPORT, ASSESSMENT OR OTHER MATERIAL PURPORTING TO
ASSESS OR ALLOCATE PRODUCTION, RESERVES OR VALUE TO ANY ASSETS. SELLERS AND
PURCHASER ACKNOWLEDGE THAT THE WAIVERS AND DISCLAIMERS IN THIS SECTION 4.3 ARE
CONSPICUOUS.

                                   ARTICLE V
                                 TITLE MATTERS

     5.1.  Purchaser's Title Review.

           (A)  Purchaser shall have until June 29, 2004 (the "Final Defect
Notice Date") to notify Sellers in writing of any matters which, in
Purchaser's reasonable opinion, constitute Title Defects with respect to
Sellers' title to all or any portion of the Properties.  For all purposes of
this Agreement (except, subject to Section 5.1(B), for each Seller's special
warranty of title to be contained in the Conveyance which will continue

                                       17

thereafter and will not be affected thereby), Purchaser shall be deemed to
have waived any Title Defects which Purchaser fails to assert as Title Defects
by written notice given to Sellers on or before the Final Defect Notice Date.
To be effective, Purchaser's written notice of a Title Defect must include (i)
a brief description of the matter constituting the asserted Title Defect; (ii)
its assertion of its Proportionate Share applicable to each affected Property,
and (iii) the claimed reduction in the Base Purchase Price attributable
thereto (the "Asserted Adjustment Amount").  At the request of any Seller,
Purchaser shall also provide such Seller with all supporting documents in
Purchaser's possession reasonably necessary for such Seller (or a title
attorney or examiner hired by such Seller) to verify the existence of such
asserted Title Defect.  Without limiting Purchaser's rights to otherwise
assert Title Defects hereunder, Purchaser agrees to make a good faith effort
to give Alpine written notice of all Title Defects discovered by Purchaser as
promptly as reasonably possible after the discovery by Purchaser. All costs
and expenses incurred by Purchaser in conducting its title review shall be the
obligation of Purchaser.  In addition, Purchaser shall promptly furnish the
appropriate Seller with written notice of any Increased Interest discovered by
Purchaser.

     (B)   In addition to the rights of Sellers provided in Section 6.1(E),
Sellers shall have until the Final Cure Date, at their cost and expense, if
they so elect, but without obligation, to cure all or any portion of Title
Defects.  If a Title Defect is (i) waived in writing by Purchaser, (ii) cured
(in a manner acceptable to a reasonable purchaser of oil and gas properties)
within such time or (iii) discovered by Purchaser prior to the Final Defect
Notice Date and not timely asserted, it shall be deemed a Permitted
Encumbrance hereunder.

     (C)   From and after the Final Defect Notice Date and until the Final
Cure Date, Purchaser shall permit any Seller and its representatives at
reasonable times during normal business hours to examine in Purchaser's
offices all such files and title opinions and make copies of any of the
instruments, agreements or other information contained therein related to any
asserted Title Defects.

     (D)   Notwithstanding anything herein provided to the contrary, if a
Title Defect exists by virtue of the existence of a lien or encumbrance which
is not a Permitted Encumbrance, Seller shall be deemed to have cured such
Title Defect in the event that prior to the Final Cure Date, Seller (i)
discharges such lien or encumbrance or (ii) pays to Purchaser an amount
sufficient to discharge such lien or encumbrance in those circumstances, if
any, in which Seller is unable after diligent effort to determine or locate
the party or parties to whom such payment is owing.

                                       18

     5.2.  Claims on Special Warranty of Title.

     (A)   If Purchaser receives written notice of any claim covered by the
special warranty of title set forth in the Conveyance, it shall promptly give
Sellers written notice thereof in accordance with Section 16.6.

     (B)   Sellers' Conveyance to Purchaser covering the Assets shall provide
that recourse for breach of the special warranty to be set forth in the
Conveyance shall be limited to a return of the Proportionate Share of the Base
Purchase Price (as may be adjusted in this Agreement) applicable to such
Properties with respect to which the warranty has been breached, without
interest thereon.

     (C)   Provided same have not been taken into account as an offset to any
sums required to be paid by Sellers to Purchaser resulting from Title Defects
or in Sellers' Credits (or otherwise utilized as an adjustment to the Purchase
Price), all Increased Interests (less the amount of any Defect Adjustment
Amount not utilized to adjust the Base Purchase Price) shall be taken into
account as an offset to any sums required to be paid by Sellers to Purchaser
resulting from a breach of the special warranty set forth in the Conveyance.

     (D)   Upon resolution of any claim asserted by Purchaser against any
Seller resulting from a breach of the special warranty set forth in the
Conveyance, Purchaser and Sellers agree to execute and record in the
appropriate records of the jurisdiction in which such Asset is located a
corrective instrument which evidences what Net Revenue Interest and Working
Interest in and to such Asset, if any, was conveyed by such Seller to
Purchaser pursuant to such Conveyance.

     (E)   Sellers' Conveyance to Purchaser covering the Assets shall provide
that Purchaser shall have no recourse for breach of the special warranty set
forth in the Conveyance with respect to any individual lien, charge,
encumbrance, contract, agreement, instrument, obligation, defect or
irregularity of any kind whatsoever that does not reduce the value of the
Asset affected thereby in the hands of Purchaser by more than $30,000.00.

     5.3.  Title Defects.  For the purpose of this Agreement, a "Title Defect"
shall mean a deficiency in one (or more) of the following with respect to any
Property, other than a Permitted Encumbrance:

     (A)   The applicable Seller's title to such Property is subject to an
outstanding mortgage, deed of trust, lien or security interest or other
Encumbrance.

     (B)   The applicable Seller's title to such Property is not Defensible
Title.  "Defensible Title" as used herein means with respect to a Property,
such title, that (i) entitles such Seller, throughout the duration of the
estate, to receive not less than the Net Revenue Interest for such Property
set forth in Exhibit A, and (ii) obligates such Seller, through the duration
of the estate, to pay costs and expenses relating to such Property in an
amount not greater than the Working Interest for such Property set forth in
Exhibit A.

                                       19

     (C)   All royalties, rentals, Pugh clause payments, shut-in gas payments
and other payments due with respect to such Property have not been properly
and timely paid.

     (D)   The applicable Seller is in default under the material terms of any
Leases, farm-out agreements or other contracts or agreements respecting such
Property which could (1)prevent such Seller from receiving the proceeds of
production attributable to such Seller's interest therein, or (2)result in
cancellation of such Seller's interest therein.

     (E)   The terms, conditions, restrictions, exceptions, reservations,
limitations and other matters contained in the agreements, instruments and
other documents which create a Seller's interest in the Assets which are not
customary in the industry and materially impair the use, value or operation of
the Asset affected.

Any Property affected by a Title Defect shall be deemed to constitute a "Title
Defect Property."

                                  ARTICLE VI
                   TITLE ADJUSTMENTS TO THE BASE PURCHASE PRICE

     6.1.  Title Defect Adjustments.  Purchaser and Sellers shall, with
respect to each Title Defect Property, attempt to agree upon an appropriate
adjustment to the Base Purchase Price (the "Defect Adjustment Amount") to
account for such matters, in accordance with the following principles:

     (A)   If the Title Defect is a mortgage, lien, encumbrance or other
charge which is liquidated in amount, then the adjustment would be the amount
necessary to be paid to remove the Title Defect from the affected Property.

     (B)   If the Title Defect results from any Seller having a lesser Net
Revenue Interest in a Property than the Net Revenue Interest specified
therefor in Exhibit A, the Defect Adjustment Amount shall be equal to the
product obtained by multiplying the Proportionate Share of such Property by a
fraction, the numerator of which is the reduction in the Net Revenue Interest
and the denominator of which is the Net Revenue Interest specified for such
Property in Exhibit A.  If the Title Defect results from any Seller having a
greater Working Interest in a Property than the Working Interest specified
therefor in Exhibit A, the Defect Adjustment Amount shall be equal to the
discounted value of the increase in the costs and expenses forecasted with
respect to such Property for the period from and after the Effective Time
which is attributable to such increase in a Seller's Working Interest.  No
Defect Adjustment Amount shall be allowed on account of and to the extent that
an increase in a Seller's Working Interest in a Property has the effect of
proportionately increasing such Seller's Net Revenue Interest in such
Property.

                                       20

     (C)   If the Title Defect represents an obligation, encumbrance, burden,
discrepancy or charge upon or other defect in title to the affected Property
of a type not described in paragraphs (A) or (B) above, the adjustment amount
shall be determined by taking into account the Proportionate Share of the
Property so affected, the portion of the Property affected by the Title
Defect, the legal effect of the Title Defect, the potential economic effect of
the Title Defect over the life of the affected Property and such other factors
as are necessary to make a proper evaluation of the value of the Title Defect.

     (D)   Notwithstanding any other provision contained herein, the aggregate
adjustment attributable to the effect of all Title Defects related to a given
Property (other than those described in Section 6.1(A)) shall not exceed the
Proportionate Share of such Property.

     (E)   Should the Parties be unable to agree upon an appropriate
adjustment in light of the factors set forth in this Section 6.1, then Sellers
shall have the right prior to Closing to elect to either (i) refer the matter
for arbitration in accordance with the provisions of Section 6.1(G) below, in
which case, subject to Section 6.1(F), the price to be paid at Closing shall
be reduced by the average of Sellers' and Purchaser's estimates of the
diminution in the value of the Property affected thereby resulting from such
Title Defect (based in part on each Party's assertion of the applicable
Proportionate Share), or (ii) exclude the interest of Sellers in the Property
affected thereby from the transaction contemplated hereby, in which case the
Base Purchase Price will be reduced by the Proportionate Share of the Property
affected thereby asserted by Purchaser and such Property will become an
Excluded Asset.  Notwithstanding anything herein provided to the contrary,
Sellers shall have the right on or before 90 days following the Closing Date
(the "Final Cure Date") to cure (in a manner acceptable to a reasonable
purchaser of oil and gas properties) any Title Defect not cured by Sellers on
or before the Closing Date which relate to a Property that was either conveyed
to Purchaser at the Closing or excluded from the sale of Assets pursuant to
Section 5.1(B).  If any such Title Defect is so cured by Sellers, Purchaser
agrees to promptly pay to Sellers the amount, if any, by which the Base
Purchase Price was reduced at the Closing on account of such Title Defect, and
contemporaneously with such payment, Sellers and Buyer will execute and
deliver to each other the documents that would have been executed and
delivered in connection with the sale of such Assets at the Closing.

     (F)   Notwithstanding the foregoing, if the aggregate Base Purchase Price
reduction (less the amount of any adjustment for Increased Value not utilized
to increase the Base Purchase Price) attributable to the interest of all
Sellers which would result from the above provided for procedure (whether
determined at Closing or pursuant to the arbitration pursuant to Section
6.1(G) below) does not exceed 2% of the Base Purchase Price, then the Base
Purchase Price shall not be adjusted, and if pursuant to the provisions above
set forth, a Property or Properties were to be excluded from the transaction,
none of the Properties which would be excluded by such procedure shall be

                                       21

excluded.  If the Base Purchase Price reduction attributable to the interest
of all Sellers which would result from the above provided for procedure
exceeds 2% of the Base Purchase Price, the Base Purchase Price shall be
adjusted by the amount by which such reduction exceeds 2% of the Base Purchase
Price.  The Base Purchase Price shall not be adjusted for a particular Title
Defect unless the value of such Title Defect exceeds $30,000.

     (G)   If Sellers or Purchaser are unable to agree as to whether a Title
Defect exists,  the Proportionate Share allocable to an affected Property or
the value to be attributable to a Title Defect prior to Closing, and Seller
has not elected to exclude the affect that Property pursuant to the provisions
of Section 6.1(E) above, then either Purchaser or Seller may elect to refer
the matter to be resolved by a Defect Expert ("Defect Expert"), to be selected
by Purchaser and Seller.  Such Defect Expert shall be an attorney or other
party with not less than 15 years experience in the oil and gas industry such
that he or she is considered an expert in the subject matter pertinent to such
Title Defect. The Defect Expert may enlist the advice of either Ryder Scott
Company or Huddleston & Company, Inc. with respect to any valuation issues and
any other experts as such Defect Expect shall deem reasonably necessary.
Within 10 business days after referral of such matter to the Defect Expert,
each of Purchaser and Seller shall deliver to each other and to the Defect
Expert a notice setting forth in adequate detail the issues to be determined
by the Defect Expert and the decision (on a word for word basis) that such
party desires the Defect Expert to make with respect to the issues being
determined (the "Decision Notice"). Within two (2) business days after giving
of the two Decision Notices, the Parties shall attend a meeting with the
Defect Expert at a mutually acceptable time and place to discuss fully the
content of such Decision Notice and based thereon whether either or both wish
to modify their Decision Notices in any way. Any such modifications shall be
discussed, so that when each party finalizes its Decision Notice, it shall do
so with full knowledge of the content of the other parties' final Decision
Notice. The finalization of such Decision Notices and the delivery of same by
each party to the other shall occur at such meeting unless by mutual agreement
they agree to have one or more additional meetings for such purposes. The
Defect Expert shall be required to adopt a decision set forth in either
Decision Notice and shall have no power to reach any other result. Such Defect
Expert shall adopt a decision that in his or her judgment is more fair and
equitable and in conformity with the principles set forth in Sections 6.1(A)
through (D), his or her opinion of the Proportionate Share of the affected
Property, the likelihood of its economic effect on the affected Property and
such other reasonable and customary standards as are applicable to the
situation. The decision, to be made in writing and signed by the Defect Expert
shall determine such dispute. Such decision shall be made, signed and
delivered to the parties at the meeting unless otherwise agreed by the
parties. The expenses of the Defect Expert and any other expert retained by
the Defect Expert shall be borne one-half by Sellers and one-half by Purchaser
except that such party shall pay fees and expenses of its counsel, witnesses
and employees. The determination and award of the Defect Expert shall be final
and binding upon the parties and judgment may be entered thereon in any court
of competent jurisdiction upon the application therefore of either party.

                                       22

Within five (5) business days from the execution of such decision, any payment
resulting from the decision shall be made, together with interest on the
amount of such payment at the rate of six percent (6 %) per annum.

     (H)   Notwithstanding anything to the contrary herein, if the sum of the
Asserted Adjustment Amounts for the matters constituting asserted Title
Defects exceeds ten percent (10%) of the Base Purchase Price, Sellers and
Purchaser shall each have the right to terminate this Agreement upon written
notice to the other Party.

     6.2.  Increased Interests Adjustments.  Seller shall be entitled to an
upward adjustment in the Base Purchase Price for any Increased Interest to the
extent contemplated by the terms of this Section 6.2.  The "Increased Value"
for a Property on account of an Increased Interest shall be determined as
follows:

           (1)  if the Increased Interest results from a Seller having a
greater Net Revenue Interest in a Property than the Net Revenue Interest
specified therefor in the Exhibit A, the Increased Value shall be equal to the
product obtained by multiplying the Proportionate Share of such Property by a
fraction, the numerator of which is the increase in the Net Revenue Interest
and the denominator of which is the Net Revenue Interest specified for such
Property in Exhibit A.

           (2)  If the Increased Interest results from a Seller having a
lesser Working Interest in a Property than the Working Interest specified
therefor in Exhibit A, the Increased Value shall be equal to the discounted
value of the decrease in the costs and expenses forecasted in the Reserve
Report with respect to such Property for the period from and after the
Effective Time which is attributable to such decrease in a Seller's Working
Interest.  No Increased Interest shall be allowed on account of and to the
extent that a decrease in a Seller's Working Interest in a Property has the
effect of proportionately decreasing such Seller's Net Revenue Interest in
such Property.

                                       23

If Purchaser agrees with the Increased Value proposed by Sellers in their
notice of Increased Interest as set forth in Section 3.3(A)(3), then subject
to the immediately following sentence, the Base Purchase Price shall be
adjusted by such amount to account for such matter; and (b) if Purchaser
disagrees with the Increased Value proposed by Sellers in their notice of
Increased Interest, the Parties shall engage in good faith negotiations in an
attempt to agree upon an appropriate adjustment to the Base Purchase Price for
such matter; provided that if the Parties are unable to reach agreement upon
an appropriate adjustment after 10 calendar days, then the matter shall be
resolved in accordance with the provisions of Section 6.1(E) and 6.1(G)
(subject to the limitations in Sections 6.1(F)).  If the aggregate Base
Purchase Price increase attributable to the interest of all Sellers which
would result from the above provided for procedure (whether determined at
Closing or pursuant to the arbitration pursuant to Section 6.1(G) above) (less
the amount of any Defect Adjustment Amount not utilized to decrease the Base
Purchase Price) does not exceed 2% of the Base Purchase Price, then the Base
Purchase Price shall not be adjusted.  If the Base Purchase Price increase
attributable to the interest of all Sellers which would result from the above
provided for procedure exceeds 2% of the Base Purchase Price, the Base
Purchase Price shall be adjusted by the amount by which such increase exceeds
2% of the Base Purchase Price.  The Base Purchase Price shall not be adjusted
for a particular Increased Interest unless the value of such Increased
Interest exceeds $30,000.

     6.3.  Casualty Loss.  If prior to Closing, an Asset is damaged or
destroyed by fire or other casualty:

     (A)   at Sellers' option, such Asset shall be deleted from this Agreement
and shall become an Excluded Asset and Purchaser shall be entitled to a
downward adjustment in the Base Purchase Price equal to the allocated value of
such Asset as determined in the same manner as Defect Adjustment Amounts set
forth in Section 6.1; or

     (B)   if the Parties agree in writing, such Asset shall not be deleted
from this Agreement, the Base Purchase Price shall not be adjusted, and
Purchaser shall be entitled to all claims under insurance policies or other
claims with respect to such damage or destruction.

                                  ARTICLE VII
                              COVENANTS OF SELLERS

     7.1.  Access to Records.  Each Seller shall make a good faith effort to
give Purchaser and its attorneys and other authorized representatives at any
reasonable times prior to Closing, at Purchaser's sole cost, risk and expense,
and at such Seller's office, access to the Records to the extent in the
possession of such Seller.  No Seller shall have any obligation to provide
Purchaser access to any data or information which such Seller cannot legally
provide because of third party restrictions on such Seller, provided that such
Seller shall exercise reasonable efforts (at no expense to such Seller) to
cause such third parties to waive such restrictions.  No Seller shall have any
obligation to obtain any title opinions, abstracts of title or other title
information not in such Seller's possession.  Purchaser recognizes and agrees
that all materials made available to it (whether pursuant to this Section 7.1
or otherwise) in connection with the transactions contemplated hereby are made
available to it as an accommodation, and without any representation, warranty
or covenant of any kind as to the accuracy and completeness of such materials,
except as expressly set forth in Article IV.

                                       24

     7.2.  Access to Wells and Lands.  From and after execution of this
Agreement, Sellers shall exercise reasonable commercial efforts to provide
Purchaser access to the Wells and Lands to allow Purchaser to conduct such
physical and operational examinations as Purchaser deemed necessary.  Such
access shall be coordinated among Sellers and Purchaser, and to the extent a
Property is operated by a third party, with the applicable operator.
Purchaser's access to the Wells and Lands for the purposes of, and the conduct
of environmental due diligence shall be governed by the provisions of Article
XIII.  Without in any way limiting the Parties respective rights under Section
13.1, without the prior written consent of Sellers, Purchaser shall not
conduct soil and water tests and borings or other tests.

     Upon the occurrence of the Closing, but without in any way limiting any
Seller's liability for any breach by it of any representation or warranty
contained in this Agreement (to the extent same survives the Closing),
Purchaser shall be deemed to have acknowledged that it has been provided
access to all the Assets, including without limitation the Wells and Lands,
and that it has conducted and satisfied itself with respect to any such
physical, environmental and operational examinations.

     Purchaser waives and releases all claims against each Seller, its parent
or subsidiary companies or other affiliates, and its and their directors,
officers, employees and agents, for injury to, or death of, persons or for
damage to property arising in any way from the conduct of the investigations
and examinations contemplated by this Section 7.2 (or the exercise of rights
of access under Sections 7.1 and/or 13.1) or the conduct of its employees,
agents or contractors in connection with such investigations and examinations
(or the exercise of such rights of access).  Purchaser shall indemnify each
Seller, its parent and subsidiary companies and other affiliates, and its and
their directors, officers, employees and agents from and against any and all
claims, actions, liabilities, losses, damages, costs or expenses (including
court costs and attorney fees for a defense to be provided by Purchaser, but
not otherwise, unless Purchaser fails to provide a timely defense) whatsoever
arising out of the exercise of such rights of investigation and examination
(or exercise of such rights of access), including without limitation, pursuant
to Section 13.1(B). THE FOREGOING RELEASE AND INDEMNIFICATION SHALL APPLY
WHETHER OR NOT SUCH CLAIMS, ACTIONS, CAUSES OF ACTION, LIABILITIES, DAMAGES,
LOSSES, COSTS, OR EXPENSES ARISE OUT OF (i) NEGLIGENCE (INCLUDING SOLE
NEGLIGENCE, SINGLE NEGLIGENCE, CONCURRENT NEGLIGENCE, ACTIVE NEGLIGENCE, OR
PASSIVE NEGLIGENCE, BUT EXPRESSLY NOT INCLUDING GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT) OF SELLER OR ANY OTHER INDEMNIFIED PARTY, OR (ii) STRICT
LIABILITY.

     7.3.  Operations.  During the period from the date of this Agreement
through the Closing, each Seller shall continue to conduct its business in the
ordinary course consistent with past practice. No Seller shall enter into or
assume any contract or commitment that is not in the ordinary course of
business as heretofore conducted, and each Seller shall carry on its business
and operate its assets as a reasonably prudent operator.  Notwithstanding the

                                       25

foregoing, subject to existing contractual obligations, no Seller shall
conduct, or commit to participate in, any operation on the Assets included
herein and owned, leased or operated by such Seller, or lands pooled or
unitized therewith, without Purchaser's prior written consent, which shall not
be unreasonably withheld.  However, any Seller may take such steps and incur
such expenses as (i) are attributable to the period of time prior to the
Effective Time; (ii) do not exceed $50,000 net to Sellers' interest with
respect to any individual operation or  $500,000 in the aggregate, (iii) are
necessary to maintain in effect Seller's rights to any Asset or (iv) that such
Seller deems necessary in its sole discretion to deal with an emergency to
safeguard any part of the Assets without first consulting with the Purchaser.
As soon as possible after taking such action contemplated by clauses (iii) or
(iv) above, such Seller shall advise the Purchaser of such action.  In
addition to the foregoing, each Seller covenants that from the date hereof to
the Closing Date, except (a) as expressly provided herein, (b) as required by
any Existing Contract or (c) as otherwise consented to in writing by the
Purchaser, such Seller will:

          (A)(i)  not sell, dispose of, encumber, relinquish or otherwise
alienate any of the Assets (other than relinquishments resulting from the
expiration of leases that such Seller has no right or option to renew or sale
of production in the ordinary course of business); (ii) not waive, compromise
or settle any material right or claim which would otherwise form a part of or
relate to the Assets (for the purpose of this clause the term "material" shall
mean any right or claim which would reasonably be expected to have a value in
excess of $50,000); or (iii) not terminate, materially amend or extend any
Material Contract, or allow any Material Contract to lapse, terminate or
otherwise expire, other than in accordance with its terms;

          (B)  to the extent reasonably available, maintain in effect
insurance providing insurance coverage substantially similar to the insurance
maintained in effect by such Seller with respect to the Assets owned by such
Seller on the date of this Agreement; and

          (C)  give prompt written notice to the Purchaser of any notice of
default (or written threat of default) with respect to any Material Contract
related to the Assets owned by such Seller or to the extent received or given
by such Seller.

     7.4.  Cooperation.  Prior to Closing Sellers shall cooperate with
Purchaser to assist Purchaser in carrying out the agreements of Purchaser
hereunder.  Sellers shall cooperate with Purchaser to cause to be prepared the
documents listed in Sections 11.1(I) and 11.1(K).

                                 ARTICLE VIII
                             COVENANTS OF PURCHASER

     8.1.  Cooperation.  Prior to Closing, Purchaser shall cooperate with
Sellers to assist Sellers in carrying out the agreements of Sellers hereunder.
Purchaser shall cause to be prepared the documents listed in Sections 11.1(I)
and 11.1(K).

                                       26

     8.2.  Legal Existence.  Purchaser shall maintain its legal status, and
shall assure that as of the Closing Date, it will not be under any material
legal or contractual restriction that would prohibit or delay the timely
consummation of the transactions contemplated herein.

     8.3.  Confidentiality.  Purchaser acknowledges that, pursuant to its
right of access to the Records, Purchaser will become privy to confidential
information of each Seller and that communication of such confidential
information to third parties (unless such communication of information is
authorized in writing by such Seller prior to disclosure) could cause
irreparable injury to such Seller if the transactions contemplated in this
Agreement are not consummated.  Notwithstanding the foregoing provisions of
this Section 8.3, Purchaser shall continue to be bound by the Confidentiality
Agreement.

     8.4.   Non-Solicitation.  For a period of one year from the Closing Date,
Purchaser will not, directly or indirectly, without the prior written consent
of Sellers, solicit for employment any employee or consultant of any Seller or
any subsidiaries of any Seller (other than any person working in the field)
with whom Purchaser has had contact or who became known to Purchaser in
connection with Purchaser's consideration of the transaction evidenced by this
Agreement.  Notwithstanding the foregoing, so long as Purchaser is not in
breach of the immediately preceding sentence, Purchaser shall be free to hire
any employee or consultant of any Seller or any subsidiary of any Seller.

                                  ARTICLE IX
                      CONDITIONS TO OBLIGATIONS OF SELLER

     The obligations of each Seller under this Agreement are subject to the
satisfaction at or prior to the Closing Date, of the following conditions:

     9.1.   The representations and warranties of Purchaser contained in this
Agreement shall be true and correct in all material respects at and as of the
date of the Closing Date.

     9.2.   Purchaser shall have performed and complied with, or caused the
performance of and compliance with, in all material respects, all the
obligations, terms, conditions, and agreements required by this Agreement to
be performed or complied with by Purchaser on or prior to the Closing Date.

     9.3.   As of the Closing Date, no suit, action or other proceeding
(excluding any such matter initiated by any Seller or any of its Affiliates)
shall be pending or threatened before any court or governmental agency seeking
to restrain or prohibit the Closing or seeking damages in connection with the
consummation of this Agreement.

     9.4.   Seller shall have received a certificate dated as of the Closing
Date, executed by a duly authorized officer of Purchaser, to the effect that
to such officer's knowledge, the conditions set forth in Sections 9.1 and 9.2
have been satisfied.

     9.5.   Purchaser shall have complied with each of its obligations under
Section 11.1.

                                       27

                                   ARTICLE X
                     CONDITIONS TO OBLIGATIONS OF PURCHASER

     The obligations of Purchaser under this Agreement are subject to the
satisfaction, at or prior to the Closing Date, of the following conditions:

     10.1.  The representations and warranties of each Seller contained in
this Agreement shall be true and correct in all material respects at and as of
the Closing Date.

     10.2.  Each Seller will have performed and complied with, or caused the
performance and compliance with, in all material respects, all the
obligations, terms, conditions, and agreements required by this Agreement to
be performed or complied with by such Seller on or prior to the Closing Date.

     10.3.  As of the Closing Date, no suit, action or other proceeding
(excluding any such matter initiated by Purchaser or any of its Affiliates)
shall be pending or threatened before any court or governmental agency seeking
to restrain or prohibit the Closing or seeking damages in connection with the
consummation of this Agreement.

     10.4.  Purchaser shall have received a certificate from each Seller dated
as of the Closing Date, executed by, in the case of a Seller that is a
partnership, a duly authorized officer of the General Partner of such Seller,
and in the case of a Seller that is a corporation, a duly authorized officer
of such Seller, to the effect that to such officer's knowledge, the conditions
set forth in Sections 10.1 and 10.2 with respect to such Seller have been
satisfied.

     10.5.  Each Seller shall have complied with each of its obligations under
Section 11.1.

                                  ARTICLE XI
                                    CLOSING

     11.1.  The closing of the purchase and sale (the "Closing") shall be held
on June 30, 2004 (the "Closing Date") at the offices of Akin, Gump, Strauss,
Hauer & Feld, LLP in Houston, Texas 77002, or at such other place as Sellers
may designate, or at such other time and place as Sellers and Purchaser may
mutually agree in writing.  Should Purchaser be prevented from wiring the
Purchase Price funds at Closing by reason of the closing of the Federal
Reserve Bank or interruption to the fed funds wire due to acts or forces
beyond the control of the parties hereto, Purchaser's obligation to Close
shall be extended until the reopening of the affected Federal Reserve Bank or
the fed funds wire.  At Closing the following will occur:

     (A)   Each Seller shall execute, acknowledge and deliver to Purchaser the
Conveyances.

     (B)   Sellers shall execute and deliver to Purchaser the Preliminary
Settlement Statement which was delivered to Purchaser by Sellers in accordance
with Section 3.3(C) reflecting each adjustment pursuant to Section 3.1 as
applied at the Closing Date, each of which shall be calculated using the best
information available as of the date or dates immediately preceding the
Closing and the resulting Closing Purchase Price (the "Closing Purchase
Price").

                                       29

     (C)   Purchaser shall deliver to Sellers by means of a completed Federal
Funds wire transfer to the account designated by Alpine an amount equal to the
Closing Purchase Price less the Deposit (plus the Return on Deposit earned
thereon as contemplated by Section 3.2).

     (D)   Sellers shall execute (and, where required, acknowledge) and
deliver to Purchaser forms of conveyance or assignment as required by the
applicable authorities for transfers of interests in state or federal leases
included in the Assets.

     (E)   Each Seller shall deliver to Purchaser, subject to the terms of the
Leases and Existing Contracts, possession of the Assets effective as of the
Effective Time.

     (F)   Each Seller shall execute and deliver to Purchaser the certificate
described in Section 10.4.

     (G)   Purchaser shall execute and deliver to Sellers the certificate
described in Section 9.4.

     (H)   Each Seller shall execute and deliver to Purchaser an Affidavit of
Non-foreign Status, substantially in the form attached as Exhibit D hereto.

     (I)   Each Seller shall execute and deliver to Purchaser letters in lieu
of division orders relating to the Assets owned by it in form reasonably
necessary to authorize purchasers of production to pay Purchaser.

     (J)   Sellers shall execute and deliver to Purchaser such other documents
as may be reasonably necessary to convey the Assets to Purchaser in accordance
with the terms and provisions of this Agreement if requested by Purchaser not
less than 2 days prior to Closing.

     (K)   Purchaser shall (a) furnish to any Seller such evidence (including,
without limitation, evidence of satisfaction of all applicable bonding
requirements) as such Seller may reasonably require that Purchaser is
qualified with the applicable governmental authorities to succeed such Seller
as the owner and, where applicable, the operator of the Assets; and (b) with
respect to properties where Purchaser becomes operator, execute and deliver to
each Seller appropriate evidence reflecting change of operator as required by
all applicable governmental authorities.  If necessary, Purchaser shall
execute and deliver to Sellers such forms as Sellers may reasonably request
for filing with the applicable authorities to reflect Purchaser's assumption
of plugging and abandonment liabilities with respect to the Wells.

                                       29

     As promptly as reasonably possible following the Closing, Seller shall
make available for delivery to Purchaser at Sellers' offices all lease files
and contracts, land files, well files, gas and oil sales, production and
balancing files, gas processing files, division order files, abstracts, title
opinions, land surveys, geologic and geophysical data and information, logs,
maps, engineering data and reports, excluding the Excluded Records, insofar as
the same are directly related to the ownership or use of the Assets (the
"Records").

                                  Article XII
                      Assumption of Obligations, Indemnities

     12.1.  Purchaser Assumed Obligations.  At Closing, without limiting
Purchaser's remedies as set forth in Sections 12.2 and 12.3 below, Purchaser
shall assume the following (the "Assumed Obligations"): (a) all environmental
obligations or liabilities of Sellers relating to the Assets that are
attributable to the ownership or operation of the Assets to the extent (i)
occurring prior to or on or after the Effective Time, or (ii) relating to
events occurring or conditions existing prior to or on or after the Effective
Time, including without limitation, (1) the obligations to, in accordance with
all applicable laws and agreements, (i) plug and abandon (and restore the
surface) or remove and dispose of all Wells, platforms, structures, flowlines,
pipelines, and the other equipment and Personal Property now or hereafter
located on the Lands or included in the Assets (regardless of when such well,
platform, structure, flow lines, pipeline and other equipment and Personal
Property was drilled or placed on the Lands), (ii) cap and bury all flow lines
and other pipelines now or hereafter located on the Lands or included in the
Assets and (iii) dispose of naturally occurring radioactive material ("NORM")
and all other substances, chemicals or wastes now or hereafter located on the
Lands; (b) all obligations and liabilities arising from or in connection with
any gas production, pipeline, storage, processing or other imbalance
attributable to substances produced from the Lands on or after the Effective
Time; (c) obligations under all Existing Contracts accruing or attributable to
the period on or after the Effective Time; (d) all obligations and liabilities
relating to the Assets that are attributable to the ownership or operation of
the Assets to the extent occurring after the Effective Time; and (e) the
obligation to account for the net profits interests related to the Assets
accruing after the Effective Time, if any, which are set forth on Schedule
12.1.

     12.2.  Other Obligations Not Assumed.  Except as set forth in Section
12.1, Purchaser does not assume any other obligations relating to the Assets.

     12.3.  Indemnification by Sellers.  Subject to the limitations set forth
in this Agreement, after the Closing, each Seller shall pay on a current
basis, and shall indemnify, save, hold harmless, discharge, defend and release
Purchaser, all of its Affiliates, successors and permitted assigns, and all of
its and their respective partners, shareholders, directors, officers,
employees, agents and representatives (collectively "Purchaser Indemnified
Parties") from and against any and all Liabilities arising from, based upon,
related to or associated with (a) the Excluded Assets, (b) the breach or
inaccuracy of any representation, warranty, covenant or agreement of any
Seller made in this Agreement, to the extent and limited to the time period
during which the same survives the Closing, and (c) the fees of any advisors,
brokers or finders retained or engaged by any Seller in connection with the
transactions contemplated in this Agreement.

                                       30

     12.4.  Indemnification by Purchaser.  Subject to the limitations set
forth in this Agreement, after the Closing, Purchaser shall pay on a current
basis, and shall indemnify, save, hold harmless, discharge, defend and release
each Seller, all of its Affiliates, successors and permitted assigns, and all
of its and their respective partners, shareholders, directors, officers,
employees agents and representatives (collectively "Sellers Indemnified
Parties") from and against any and all Liabilities arising from, based upon,
related to or associated with (a) any Assumed Obligation, (b) the breach or
inaccuracy of any representation, warranty, covenant or agreement of Purchaser
made in this Agreement, and (c) the fees of any advisors, brokers or finders
retained or engaged by Purchaser in connection with the transactions
contemplated in this Agreement.

     12.5.  Liability Limitations.

     (A)    After Closing, any assertion by Purchaser that any Seller is
liable under the terms of the indemnities provided by Section 12.3(b) must be
made by Purchaser in writing and must be given to such Seller on or prior to
90th day after the Closing Date (except as set forth in paragraph (B) below).
Any notice to such Seller shall state the facts known to Purchaser that give
rise to such notice in sufficient detail to allow such Seller to evaluate the
assertion.

     (B)    The representations and warranties of the Parties in Article IV
and the covenants and agreements of the Parties in Article VII and Article
VIII, and the corresponding representations and warranties given in any
certificates delivered at the Closing, as applicable, shall survive the
Closing for a period of ninety (90) days, provided, however, that the
representations and warranties set forth in Section 4.1(H),  (I) and (N) shall
terminate at and shall not survive the Closing.  The remainder of this
Agreement shall survive the Closing without time limit except as may otherwise
be expressly provided herein but subject to the applicable statutes of
limitations and similar Laws.  Subject to Section 12.5 (C), representations,
warranties, covenants, and agreements shall be of no further force and effect
after the date of their expiration.

     (C)    The indemnities in Sections 12.3(b) and 12.4(b) shall terminate as
of the termination date, if any, of each respective representation, warranty,
covenant, or agreement that is subject to indemnification, except in each case
as to matters for which a specific written claim for indemnity has been
delivered to the Indemnifying Party on or before such termination date.  The
indemnities in Sections 7.2, 12.3(a) and (c), 12.4 (a) and (c), and 16.4 shall
continue without time limit, but subject to the applicable statutes of
limitations and similar Laws.

     (D)    None of the Purchaser Indemnified Parties shall be entitled to
assert any right to indemnification hereunder or to otherwise seek any damages
or other remedies for or in connection with (a) the inaccuracy of any
representation or warranty of any Seller contained in or related to this
Agreement or in any other agreement, instrument, document or certificate

                                       31

executed or delivered in connection with this Agreement (other than the
special warranty of title set forth in the Conveyance); (b) the breach of, or
failure to perform or satisfy any of the covenants of any Seller set forth in
or related to this Agreement or in any other agreement, instrument, document
or certificate executed or delivered in connection with this Agreement (other
than those set forth in Article XVI hereof); or (c) any liabilities otherwise
arising in connection with or with respect to the transactions contemplated in
this Agreement, except as set forth in Section 14.2; until the aggregate
amount of the Liabilities for such misrepresentations and breaches actually
suffered by Purchaser exceeds Five Million Dollars ($5,000,000) (the
"Threshold Amount"); provided however, once such amount exceeds the Threshold
Amount, the Purchaser Indemnified Parties will be entitled to recover all
amounts to which they are entitled in excess of the Threshold Amount. The Base
Purchase Price shall not be adjusted for a particular claim for indemnity
under this Agreement unless the value of such claim exceeds $30,000.

     (E)    Notwithstanding anything contained in this Article XII to the
contrary, Sellers' maximum liability for any claims for indemnity under this
Agreement shall be limited to Five Million Dollars ($5,000,000). Sellers shall
have no liability hereunder for breach of any representation or warranty of
any Seller to the extent Purchaser discovers prior to the Closing Date that
such representation or warranty is untrue.

     (F)    NONE OF THE PURCHASER INDEMNIFIED PARTIES NOR THE SELLERS
INDEMNIFIED PARTIES SHALL BE ENTITLED TO RECOVER FROM SELLERS OR PURCHASER,
RESPECTIVELY, FOR ANY LOSSES, COSTS, EXPENSES, LIABILITIES OR DAMAGES ARISING
UNDER THIS AGREEMENT, OR IN CONNECTION WITH OR RESPECT TO THE TRANSACTIONS
CONTEMPLATED IN THIS AGREEMENT, ANY AMOUNT IN EXCESS OF THE ACTUAL
COMPENSATORY DAMAGES, COURT COSTS AND REASONABLE ATTORNEY FEES, SUFFERED BY
SUCH PARTY.  PURCHASER ON BEHALF OF EACH OF THE PURCHASER INDEMNIFIED PARTIES
AND SELLER ON BEHALF OF EACH OF THE SELLERS INDEMNIFIED PARTIES WAIVES ANY
RIGHT TO RECOVER PUNITIVE, SPECIAL, EXEMPLARY AND CONSEQUENTIAL DAMAGES
ARISING IN CONNECTION WITH OR WITH RESPECT TO THE TRANSACTIONS CONTEMPLATED IN
THIS AGREEMENT.  This Section 12.5(F) shall not limit the right of either the
Purchaser Indemnified Parties or the Sellers Indemnified Parties to recover
punitive, special, exemplary and consequential damages paid to a third party
pursuant to a claim that is otherwise indemnifiable under this Agreement.

                                       32

     (G)   Each Person entitled to indemnification hereunder or otherwise to
damages in connection with the transactions contemplated in this Agreement
shall take all reasonable steps to mitigate all losses, costs, expenses and
damages after becoming aware of any event or circumstance that could
reasonably be expected to give rise to any losses, costs, expenses and damages
that are indemnifiable or recoverable hereunder or in connection herewith.

     (H)   The amount of any Liabilities for which any of the Purchaser
Indemnified Parties or Sellers Indemnified Parties is entitled to
indemnification or other compensation under this agreement or in connection
with or with respect to the transactions contemplated in this Agreement shall
be reduced by any corresponding (a) tax benefit recognized or (b) insurance
proceeds realized by such party under any relevant insurance arrangements.

     (I)   Except for liabilities based on actual fraud and other remedies
that, in each case, may not be waived by the operation of law to the extent
that such may not be waived or limited ("Non-Waivable Claims"), if the Closing
occurs, the sole and exclusive remedy of the Purchaser Indemnified Parties
with respect to the purchase and sale of the Assets, including without
limitations, the breaches of representations, warranties, covenants and
agreements, and the affirmations of such representations, warranties,
covenants and agreements contained in the certificate delivered pursuant to
Section 10.4, shall be pursuant to the express indemnification provisions of
this Article XII.  If the Closing occurs, Purchaser on behalf of each of the
Purchaser Indemnified Parties shall be deemed to have waived or limited to the
fullest extent permitted under applicable Law, any and all rights, claims and
causes of action (other than those relating to Non-Waivable Claims) it may
have against any Seller or any of its Affiliates arising under or based on any
federal, state or local statute, law, ordinance, rule or regulation or common
law (this sentence does not limit claims under the express indemnification
provisions of this Agreement).  Except for the remedies contained in Section
12.4 and any other remedies available to Purchaser at law or in equity that
has not been waived herein, Purchaser releases, remises and forever discharges
Sellers Indemnified Parties from any and all suits, legal or administrative
proceedings actions, damages, losses, costs, liabilities, interest, or causes
of action, whatsoever, in law or equity, know or unknown, which Purchaser
might now or subsequently may have, based on, relating to or arising out of
this Agreement, even if caused in whole or in part by the negligence (whether
sole, joint or concurrent), strict liability, or other legal fault of any
released person or entity.  For the avoidance of doubt, the foregoing
includes, without limitation, any rights under agreements between any Seller
and any Affiliate of any Seller to the extent such Seller/Affiliate agreements
are disclosed on any Schedule hereto.

     (J)   WAIVER OF CONSUMER RIGHTS.  TO THE EXTENT APPLICABLE TO THE ASSETS
OR ANY PORTION THEREOF, PURCHASER HEREBY WAIVES ITS RIGHTS UNDER THE
PROVISIONS OF THE TEXAS DECEPTIVE TRADE PRACTICES CONSUMER PROTECTION ACT,
CHAPTER 17, SUBCHAPTER E, SECTIONS 17.41 THROUGH 17.63, INCLUSIVE (OTHER THAN

                                       33

SECTION 17.555, WHICH IS NOT WAIVED), OF THE TEXAS BUSINESS & COMMERCIAL CODE
(A LAW THAT GIVES CONSUMERS SPECIAL RIGHTS AND PROTECTIONS). AFTER
CONSULTATION WITH AN ATTORNEY OF ITS CHOICE, PURCHASER VOLUNTARILY CONSENTS TO
THIS WAIVER.

     12.6.  Indemnification Procedures.

     (A)    For purposes of this Section 12.6, the term "Indemnifying Party"
when used in connection with particular Liabilities shall mean the party or
parties having an obligation to indemnify another party or parties with
respect to such Liabilities pursuant to this Article XII. The term
"Indemnified Party" when used in connection with particular Liabilities shall
mean the party or parties having the right to be indemnified with respect to
such Liabilities by another party or parties pursuant to this Article XII.

     (B)    To make a claim for indemnification under this Article XII (a
"Claim"), an Indemnified Party shall notify the Indemnifying Party of the
Claim, including the specific details thereof and specific basis therefor (the
"Claim Notice").  In the event that the Claim is based upon a claim by a third
party against the Indemnified Party, the Indemnified Party shall provide its
Claim Notice promptly after the Indemnified Party has actual knowledge of the
Claim and shall enclose a copy of all papers (if any) served with respect to
the Claim; provided that the failure of any Indemnified Party to give notice
of a Claim as provided in this Section 12.6(B) shall not relieve the
Indemnifying Party of its obligations under Section 12.6(B), except to the
extent such failure results in insufficient time being available to permit the
Indemnifying Party to effectively defend against the Claim or otherwise
prejudices the Indemnifying Party's ability to defend against the Claim.  In
the event that the Claim is based upon an inaccuracy or breach of a
representation, warranty, covenant or agreement, the Claim Notice shall
specify the representation, warranty, covenant or Agreement that was
inaccurate or breached.

     (C)    The Indemnifying Party shall have 30 days from its receipt of the
Claim Notice to (i) cure the Liabilities complained of or (ii) assuming that
it has admitted in writing its liability for such Claim, notify the
Indemnified Party whether it elects to initially assume the defense of such
Claim.  The Indemnified Party is authorized, prior to Seller's election to
assume such defense, to file any motion, answer or other pleading that it
shall deem necessary or appropriate to protect its interests or those of the
Indemnifying Party and that is not prejudicial to the Indemnifying Party.
Nothing contained herein shall limit an Indemnified Party's right to elect to
terminate such defense after a reasonable time following notice to the
Indemnified Party of such election.

                                       34

     (D)    If the Indemnifying Party elects to assume such defense, it shall
have the right and obligation to diligently defend, at its sole cost and
expense, the Claim.  The Indemnifying Party shall have full control of such
defense and proceedings, including any compromise or settlement thereof.  The
Indemnified Party may, at its sole cost and expense, participate in, but not
control, any defense or settlement of any Claim controlled by the Indemnifying
Party pursuant to this Section 12.6.  An Indemnifying Party shall not, without
the written consent of the Indemnified Party, (i) settle any Claim or consent
to the entry of any judgment with respect thereto which does not include an
unconditional written release of the Indemnified Party from all liability in
respect of such Claim or (ii) settle any Claim or consent to the entry of any
judgment with respect thereto in any manner that may materially and adversely
affect the Indemnified Party (other than as a result of money damages covered
by the indemnity).

     (E)    If the Indemnifying Party does not elect to assume such defense
(or after having elected to assume such defense, thereafter elects to
terminate such defense or fails to diligently defend same), then the
Indemnified Party shall have the right to defend against the Claim with
counsel of the Indemnified Party's choosing.  If, at the time of a proposed
settlement, the Indemnifying Party has not admitted its liability, the
Indemnified Party shall send written notice to the Indemnifying Party of such
proposed settlement and the Indemnifying Party shall for 10 days following
receipt of such notice, have the right to (iii) admit in writing its liability
for the Claim and (iv) if liability is so admitted, reject, in its reasonable
judgment, the proposed settlement.

     (F)    With respect to a Claim that does not involve a third party claim,
if the Indemnifying Party disputes its responsibility with respect to such
Claim, there shall be deemed to be a dispute which shall be resolved in
accordance with Article XV.

                                 ARTICLE XIII
                            ENVIRONMENTAL MATTERS

     13.1.  Environmental Access and Liability.

     (A)    No Seller makes any warranty or representation, express, implied,
statutory or otherwise, with respect to the environmental condition any of the
Assets, including without limitation the Wells and Lands, other than those set
forth in Section 4.1(G).  Purchaser's sole and exclusive remedy with respect
to environmental matters shall be limited to termination of this Agreement as
provided in Section 14.1(D) or termination of this Agreement for a breach of
the representation and warranty set forth in Section 4.1(G) as provided in
Section 14.3(B).

                                       35

     (B)    Sellers, to the extent they have such rights, shall cause
Purchaser to be provided immediate and uninterrupted access to the Assets for
the purpose of conducting, at Purchaser's option, an environmental assessment
(not to exceed a Phase I environmental assessment) (an "Assessment") of all or
any portion of the Assets to be conducted by any of Purchaser's employees or
contractors of its choosing.  The Assessment shall be conducted at the sole
risk, cost and expense of Purchaser and shall be subject to the provisions of
Section 7.2, including the indemnity provisions thereof.  Except for the
Assessment, Purchaser shall not conduct any activities related to any
environmental assessment, including without limitation, soil and water tests,
and boring and other tests.

     13.2.  Termination for Material Environmental Matter.  Purchaser shall
have until 5:00 pm Central clock time on June 23, 2004 (the "Environmental
Matters Notice Date") to notify Sellers in writing of any matters which in
Purchaser's reasonable opinion, constitute Material Environmental Matters.
Purchaser's written notice shall include a detailed description of the matters
asserted as Material Environmental Matters.

The term "Material Environmental Matters" shall mean one or more obligations
under any Environmental Laws (i) for which Purchaser shall have aggregate
liability after Closing in excess of two percent (2%) of the Base Purchase
Price and (ii) that arise in connection with any activities or operations (or
their omission) that occurred or were conducted on, or in connection with the
Assets, on or prior to the Environmental Matters Notice Date (including
without limitation, storage, transportation or disposal of Hazardous
substances).

If Purchaser asserts Material Environmental Matters, Sellers shall have the
right to terminate this Agreement in accordance with Article XIV.

Purchaser shall have the right to terminate this Agreement if there exists
Material Environmental Matters, provided, however if Sellers dispute the
existence of Material Environmental Matters, there shall be a Dispute to be
resolved in accordance with the procedure set forth in Article XV.  If
Purchaser elects to terminate this Agreement on the basis of Material
Environmental Matters, and it is subsequently determined under Article XV that
Material Environmental Matters did not exist, then such termination by
Purchaser shall constitute a breach of this Agreement.

     13.3.  NORM.  It is expressly recognized that the land covered by the
Leases with surface facilities and production equipment located thereon,
having been used in connection with oil and gas production activities, may
contain NORM as a result of these operations.  Accordingly, lands, surface
facilities, and production equipment transferred herein are transferred with
the restriction that they will be used only in connection with oil and gas
producing activities associated with these Leases, and will not be
subsequently transferred for unrestricted use unless and until the
concentrations of NORM associated therewith are below the levels specified as
allowable for unrestricted transfer as set forth in any regulations, and
subsequent amendments thereto.  Additionally, Purchaser agrees to comply with
all laws and regulations applicable to said lands, surface facilities, and
production equipment relating to NORM.

                                       36

                                 ARTICLE XIV
                           TERMINATION OF AGREEMENT

     14.1.  Termination Events.  This Agreement and the transactions
contemplated hereby may be terminated upon written notice from the Party
electing to terminate this Agreement, in the following instances and in no
other instances:

     (A)    By Sellers if the conditions set forth in Article IX are not
satisfied in all materials respects or waived by Sellers as of the Closing
Date.

     (B)    By Purchaser if the conditions set forth in Article X are not
satisfied in all material respects or waived by Purchaser as of Closing Date.

     (C)    By Sellers or Purchaser in accordance with Section 6.1(H).

     (D)    By Sellers if Purchaser asserts Material Environmental Matters or
by Purchaser if there exist Material Environmental Matters, as provided in and
subject to Section 13.2 .

     (E)    By a non breaching Party pursuant to Section 14.3(B).

     14.2.  Liabilities Upon Termination.  If this Agreement is terminated
pursuant to this Article XIV, subject to Sections 3.2 and 14.3, all
obligations of the Parties under this Agreement will terminate, and no Party
will have any further liability to the other Party, except that, subject to
Section 14.3(B) below, (i) such termination will be without prejudice to any
claim which any Party may have against the other Party for breach of this
Agreement that occurred prior to the date of termination; and (ii) nothing
herein shall relieve any Party from liability for its willful failure to
satisfy any conditions to Closing required to be satisfied by it.

     14.3.   Application of Deposit Upon Termination.

     (A)     If this Agreement is terminated as a result of a material breach
by Purchaser of its obligations hereunder, Sellers shall be entitled to all
remedies available at law, and, in addition, to retain the entire Deposit and
shall not be obligated to return any portion thereof to Purchaser, not as a
penalty but as partial compensation for damages, without limiting or waiving
any other damages it may be entitled to at Law.  If this Agreement is
terminated for any other reason, Sellers shall return the sum of the Deposit
and an amount equal to the Return on Deposit from the date of the execution of
this Agreement through and including the date on which the Deposit is returned
to Purchaser within 10 days after written notice from the Party electing to
terminate this Agreement is given.  The foregoing shall not limit the right of
any Party to seek any equitable remedy available to it to enforce the rights
of such Party under this Agreement.

                                       37

     (B)     Notwithstanding anything contained herein to the contrary, if
this Agreement is terminated as a result of a material breach of a Party's
representations and warranties under Article IV (i) the only remedy available
to the non-breaching Party is termination of this Agreement and (x) retention
of the entire Deposit by Sellers, or (y) prompt return to Purchaser of the
Deposit, as applicable, as such Party's sole and exclusive remedy for such
breach by the other Party, and (ii) all obligations of the Parties under this
Agreement will terminate, with no Party having any further liability to the
other Party.

                                  ARTICLE XV
                                  ARBITRATION

     15.1.  Binding Arbitration.  On the request of any Party, whether made
before or after the institution of any legal proceeding, any action, dispute,
claim or controversy of any kind now existing or hereafter arising between the
Parties in any way arising out of, pertaining to or in connection with this
Agreement (a "Dispute") shall be resolved by binding arbitration in accordance
with the terms hereof. Any Party may, by summary proceedings, bring an action
in court to compel arbitration of any Dispute.

     15.2  Governing Rules.  Any arbitration shall be administered by the
American Arbitration Association (the "AAA") in accordance with the terms of
this Section 15.2, the Commercial Arbitration Rules of the AAA, and, to the
maximum extent applicable, the Federal Arbitration Act.  Judgment on any award
rendered by an arbitrator may be entered in any court having jurisdiction.

     15.3.  Arbitrators.  Any arbitration shall be conducted before one
arbitrator. The arbitrator shall be a disinterested Person who is
knowledgeable in the subject matter of the Dispute selected by agreement
between the Parties.  If the Parties cannot agree on an arbitrator within
thirty (30) days after the request for arbitration, then any Party may request
the AAA to select an arbitrator.  The arbitrator may engage engineers,
accountants or other consultants that the arbitrator deems necessary to render
a conclusion in the arbitration proceeding.

     15.4.  Conduct of Arbitration.  To the maximum extent practicable,
arbitration proceedings hereunder shall be concluded within one hundred eighty
(180) days of the filing of the Dispute with the AAA.  Arbitration proceedings
shall be conducted in Houston, Texas. Arbitrators shall be empowered to impose
sanctions and to take such other actions as the arbitrators deem necessary to
the same extent a judge could impose sanctions or take such other actions
pursuant to the Federal Rules of Civil Procedure and Law.  At the conclusion
of any arbitration proceeding, the arbitrator shall make specific written
findings of fact and conclusions of law.  The arbitrator shall have the power
to award recovery of all costs and fees to the prevailing Party.  Each Party
agrees to keep all Disputes and arbitration proceedings strictly confidential
except for disclosure of information required by Law.

     15.5.  Costs of Arbitration.  All fees of the arbitrator and any
engineer, accountant or other consultant engaged by the arbitrator shall be
paid one-half by Purchaser and one-half by Sellers unless otherwise awarded by
the arbitrator.

                                       38

                                  ARTICLE XVI
                                 MISCELLANEOUS

     16.1.  Records.  Purchaser shall retain all of the Records for a period
of at least five (5) years after the Closing and upon request, shall make such
Records available for Sellers to review and photocopy at any time during
normal business hours.  The obligations of Purchaser pursuant to the
Confidentiality Agreement shall continue with respect to the confidentiality
and non-disclosure of information that relates to the period prior to the
Closing Date.

     16.2.  Tax Prorations.  Ad valorem, property, production, severance or
similar taxes for the Assets shall be prorated between Purchaser and Seller as
of the Effective Time.  If the actual taxes are not known on the Closing Date,
Sellers' share of such taxes shall be determined by using (i) the rates for
the year prior to the year in which the Closing occurs, with appropriate
adjustments for any known and verifiable changes thereto, and (ii) the
assessed values for the year in which Closing occurs.

     16.3.  Post Closing Filings And Notifications.  Promptly after Closing,
Purchaser, at its costs, shall (a) record the Conveyances and other
assignments of the Assets executed at the Closing in all applicable real
property records, (b) send notices to vendors supplying goods and services for
the Assets of the assignment of the Assets to Purchaser and, if applicable,
the designation of Purchaser as the operator thereof (c) seek all consents
required in connection with the transfer of the Assets to Purchaser not
obtained by Closing and give all notices that are necessary under the terms of
the Leases or Existing Contracts in connection with the transfer of the
Assets, (d) prepare, file all appropriate forms required or necessary in
connection with the transfer of the Assets with the Texas Railroad Commission
or other applicable governmental authorities, (e) post all required bonds in
connection with the ownership or operation of the Assets and (f) send all
applicable transfer orders or letters in lieu provided that Purchaser shall
have reviewed and approved same.  Purchaser, at its cost, shall provide copies
of the foregoing to the Sellers.

     At Closing, each Seller (or such Seller's Affiliate that is the operator)
shall give all required notices under applicable Operating Contracts.

     16.4.  No Sales Taxes.  No sales, transfer or similar tax will be
collected at Closing from Purchaser in connection with this transaction.  If,
however, this transaction is later deemed to be subject to sales, transfer or
similar tax, for any reason, Purchaser agrees to be solely responsible, and
shall indemnify and hold Sellers Indemnified Parties harmless, for any and all
sales, transfer or other similar taxes (including related penalty, interest or
legal costs) due by virtue of this transaction or the Assets transferred
pursuant hereto and Purchaser shall remit such taxes at that time.  Each
Seller agrees that it will cooperate with Purchaser, and Purchaser agrees to
cooperate with each Seller, in demonstrating that the requirements for
exemptions from such taxes have been met.

     16.5.  Suspended Funds.  All third party funds held by Sellers in
suspense will be retained by Sellers at Closing and Sellers shall remain
responsible for the administration and payment of such suspended funds.

                                       39

     16.6.  Notices.  All notices, requests, demands, claims or other
communications required or permitted to be given under this Agreement shall be
in writing, and any notice, request, demand, claim or other communication
hereunder shall be deemed to have been duly given if delivered by personal
delivery, confirmed facsimile, or registered or certified U.S. mail, postage
prepaid and shall be considered to have been given on the date of receipt.
For purposes of notice, the addresses of the Parties shall, until changed as
hereinafter provided, be as follows:

            Purchaser:     Delta Petroleum Corporation
                           475 Seventeenth Street, Suite 1400
                           Denver, CO 80802
                           Attention:  Roger A. Parker, President
                           Telephone:  303-293-9133
                           Facsimile:  303-298-8251

            with a copy (which shall not constitute notice) to:

                           Krys Boyle, P.C.
                           600 Seventeenth Street, Suite 2700
                           South Tower
                           Denver, CO 80802
                           Telephone:  303-893-2300
                           Facsimile:  303-893-2882

            Sellers:       Alpine Resources, Inc.
                           1201 Louisiana Street
                           Suite 3310
                           Houston, Texas 77002
                           Attention:  Dennis Ferstler
                           Facsimile:  (713) 951-0079

            with a copy (which shall not constitute notice) to:

                           Akin, Gump, Strauss, Hauer & Feld, LLP
                           711 Louisiana Street, Suite 1900
                           Houston, Texas 77002
                           Attention:  Mr. Jack Langlois
                           Facsimile:  (713) 236-0822

     Any Party may send any notice, request, demand, claim, or other
communication hereunder to the intended recipient at the address set forth
above using any other means (including expedited courier, messenger service,
ordinary mail, or electronic mail), but no such notice, request, demand,
claim, or other communication will be deemed to have been duly given unless
and until it actually is received by the intended recipient.  Any Party may
change the address to which notices, requests, demands, claims, and other
communications hereunder are to be delivered by giving the other Party written
notice in the manner set forth in this Section 16.6.

                                       40

     16.7.  Further Assurances.  Sellers and Purchaser agree that they will,
upon request, deliver, or will cause to be executed, acknowledged and
delivered, all such documents of further assurance as may be reasonably
required for the assigning, transferring, granting, conveying and confirming
to Purchaser, or reducing to possession by Purchaser of, any of the Assets and
do, perform and take such further actions, as may be necessary or appropriate
to carry out the intent of the transactions provided for in this Agreement.
Each Party shall bear its own costs in connection with the preparation or
filing of any such documents of further assurance.  If monies are received by
any Party which, under this Agreement, belong to another Party, the same shall
immediately be paid over to the proper Party.  If an invoice or other evidence
of an obligation is received which under the terms of this Agreement is
partially the obligation of a Seller and partially the obligation of
Purchaser, then the Parties shall consult each other and each shall promptly
pay its portion of such obligation to the obligee.  Purchaser will assist
Sellers with collection of any accounts receivable accrued prior to the
Closing Date by sending out demand letters on behalf of Sellers as reasonably
requested by Sellers.  This provision shall not require any Party to incur
costs and expenses other than minimal costs and expenses.

     16.8.  Choice of Law.  THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS WITHOUT GIVING EFFECT TO ANY
PRINCIPLES OF CONFLICTS OF LAWS WHICH WOULD MAKE THE LAWS OF ANOTHER
JURISDICTION APPLICABLE.  THE VALIDITY OF THE VARIOUS CONVEYANCES AFFECTING
THE TITLE TO REAL PROPERTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE JURISDICTION IN WHICH SUCH PROPERTY IS SITUATED.  THE
REPRESENTATIONS AND WARRANTIES CONTAINED IN SUCH CONVEYANCES AND THE REMEDIES
AVAILABLE BECAUSE OF A BREACH OF SUCH REPRESENTATIONS AND WARRANTIES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT AND
THE LAWS OF THE STATE OF TEXAS WITHOUT GIVING EFFECT TO THE PRINCIPLES OR
CONFLICTS OF LAWS WHICH WOULD MAKE THE LAWS OF ANOTHER JURISDICTION
APPLICABLE.

     16.9.  Assignment.  No Party may assign or otherwise transfer,
voluntarily or involuntarily, any or all of its rights, interest, title or
obligations under this Agreement without the express prior consent of the
other Parties, and any such purported assignment or transfer shall be
ineffective as to the other Parties. Unless otherwise agreed to by all
Parties, if consent to an assignment or transfer is given, the transferring
Party shall remain responsible and primarily liable, and a transferee shall
become responsible and primarily liable, for all obligations, liabilities and
other expenses arising from or related to this Agreement.  Notwithstanding
anything to the contrary above, any Seller's rights under this Agreement may
be assigned to a Qualified Intermediary for the purpose of completing a
tax-deferred exchange pursuant to Section 16.14.

     16.10.  Binding Effect; Amendment; Severability.  This Agreement, the
Conveyances, the Ratification Agreement and the other transfer documents
contain the entire agreement and understanding between the Parties with
respect to the purchase and sale of the Assets or other transactions
contemplated herein. This Agreement may not be amended except in writing,
signed by each Party whose rights or obligations would or could reasonable be
expected to be adversely affected by the same. In the event any term or
provision of this Agreement is determined to be invalid or unenforceable, such
invalidity or unenforceability thereof shall not affect the remaining terms
and provisions of this Agreement.

                                       41

     16.11.  Counterparts.  This Agreement may be executed in any number of
counterparts and each counterpart shall be deemed to be an original
instrument, but all such counterparts shall constitute but one instrument.

     16.12.  Expenses and Fees.  Each Party shall be solely responsible to pay
the fees and expense of its own counsel, accountants, finders/brokers and
other experts incident to the negotiation and preparation of this Agreement
and consummation of the transactions contemplated hereby.

     16.13.  Exhibits.  The Exhibits referred to in this Agreement are hereby
incorporated in this Agreement by this reference and constitute a part of this
Agreement.  Each Party has received a complete set of Exhibits as of the
execution of this Agreement. All references to any Exhibit hereto which is
supplemented or amended in accordance with Section 16.10 shall for all
purposes after the Closing be deemed to be a reference to such Exhibit as so
supplemented or amended.

     16.14.  Exchange.  Purchaser hereby acknowledges that Sellers may desire
to structure the conveyance of the Assets as part of a tax deferred exchange
under Section 1031 of the Code. Each Seller's rights under this Agreement may
be assigned to a qualified intermediary (as defined in the Code) for the
purpose of completing such an exchange.  Purchaser agrees to reasonably
cooperate with each Seller and the qualified intermediary and execute all
documents, conveyances or other instruments necessary to effectuate such an
exchange, and Sellers shall indemnify and hold Purchaser harmless from any
cost or expense incurred by it in complying with this Section 16.14.

     16.15.  Third Party Beneficiaries.  Any agreements herein contained
(express or implied) shall be only for the benefit of the Parties and their
respective legal representatives, successors and assigns and shall not inure
to the benefit of any other entity or individual. It is the intention of the
Parties that no entity or individual shall be deemed a third party beneficiary
of this Agreement except to the extent such third party is expressly given
rights herein.

                 [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

                                       42

     IN WITNESS THEREOF, Purchaser and Sellers have duly executed this
Agreement as of the day and year first above written.

                                    SELLERS:

                                    EMPIRE ENERGY, LTD.

                                    By:  Alpine Resources, Inc.,
                                         General Partner

                                    By: /s/ Dennis F. Ferstler
                                          Dennis F. Ferstler
                                          President

                                    EMPIRE ENERGY III, LTD.

                                    By:   Alpine Resources, Inc.,
                                          General Partner

                                    By: /s/ Dennis F. Ferstler
                                          Dennis F. Ferstler
                                          President

                                    UNION PETROLEUM LTD.

                                    By:   Alpine Resources, Inc.,
                                          General Partner

                                    By: /s/ Dennis F. Ferstler
                                          Dennis F. Ferstler
                                          President

                                    UNION INVESTMENTS, LTD.

                                    By:   Alpine Energy Corp.
                                          General Partner

                                    By: /s/ Dennis F. Ferstler
                                          Dennis F. Ferstler
                                          President

                      (signatures continued on next page)

                                      1

                                    ALPINE ENERGY CORP.

                                    By: /s/ Dennis F. Ferstler
                                          Dennis F. Ferstler
                                          President

                                    PURCHASER:

                                    DELTA PETROLEUM CORPORATION

                                    BY: /s/ Roger A. Parker
                                    NAME:  Roger A. Parker
                                    TITLE: President / CEO

                                     2

                        LIST OF EXHIBITS AND SCHEDULES

Exhibits
--------

   A         Assets
   C         Form of Conveyance
   D         Form of Affidavit of Non-Foreign Status

Schedules
---------

 1.1(d)      Existing Contracts
 1.1(f)      Permitted Encumbrances
 4.1(E)      Litigation
 4.1(G)      Environmental Matters
 4.1(H)      Wells in Suspense
 4.1(I)      Commitments and Material Contracts
 4.1(J)      Exceptions to Compliance with Laws
 4.1(K)      Imbalances
 4.1(M)      Insurance
 4.1(N)      Well Status
 4.1(O)      Current Plugging and Abandonment Obligations
 4.1(P)      Tax Partnerships
 12.1        Net Profits Interests

                                     1

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