Document:

Exhibit 10.1

 

MULTI-WELL PURCHASE AND SALE AGREEMENT

CONTINGENT UPON FUNDING 

 

This Agreement is by and between the Parties,
EF VC2, LLC, a Texas limited liability company with mailing address at 4900 Woodway Drive, Suite 600, Houston, Texas, 77056 (“EF
VC2”), and Northern Minerals and Exploration Ltd, a Nevada corporation with mailing address at 1301 Avenue M, Cisco, Texas
76437 (“Seller”).

 

Effective Date shall be March 20, 2015.

 

CONTENTS OVERVIEW

 

	RECITALS

	 	 
	DEFINITIONS

	 	 
	Article 1. 	SUBJECT PROPERTY	2
	Article 2.	 FUNDRAISING TERM & PURCHASE PRICE	3
	Article 3.	 DUE DILIGENCE	3
	Article 4.	 JOINT OPERATING AGREEMENT	4
	Article 5.	 DRILLING DEADLINE AND PAYMENT OF PURCHASE PRICE	4
	Article 6.	 SELLER TO OPERATE THE WELL	5
	Article 7.	 RECORDED ASSIGNMENT FROM SELLER TO EF VC2	6
	Article 8.	 TITLE FAILURE	6
	Article 9.	 ADDITIONAL INDEMNITIES	6
	Article 10.	 PREFERENTIAL RIGHT TO PURCHASE; SELLER CONSENT TO ASSIGN LESS THAN FULL WORKING INTEREST PURCHASED; SELLER RETENTION OF VOTING
RIGHTS FOR OPERATOR ELECTIONS	7
	Article 11.	 Notice	7
	Article 12.	 Amendments and Severability	7
	Article 13.	 Compliance	8
	Article 14.	 Headings	8
	Article 15.	 Governing Law and Venue	8
	Article 16.	 No Partnership Created	8
	Article 17.	 No Third Party Beneficiaries	8
	Article 18.	 Not to be Construed Against DrafteR	8
	Article 19.	 ENTIRE AGREEMENT	8
	Article 20.	 Counterpart Execution	9
	Article 21.	 CONFLICT OF AGREEMENTS	9
	Article 22.	 CORPORATE AUTHORITY	9

 

    	 

    	 

    

 

EXHIBIT SCHEDULE:

 

Seller Submitted Addendum, if any 

Exhibit “A” – Form Assignment to EF VC2 

Exhibit “B” – Leases forming Underlying Leasehold
Estate 

Exhibit “C” – Existing Joint Operating Agreements
or Wellbore Only JOA to be Executed Upon Completion and Assignment to Seller

Exhibit “D” – Authority for Expenditure and
Work Program

 

IT IS UNDERSTOOD THAT ANY REFERENCE TO “DRILLING”
IS INTENDED TO BE A REFERENCE TO RE-WORKING AND RE-COMPLETION OPERATIONS.

 

RECITALS:

 

WHEREAS Seller is an Oil and Gas Company
that seeks financing for a multi-well re-working project, and

 

WHEREAS EF VC2 is an entity that specializes
in acquiring interests in United States domestic oil and gas properties, and

 

WHEREAS EF VC2 seeks to make working
interest purchases with a price sufficient to cover re-working expenses no additional out-of-pocket payments over the life of the
wells excepting non-consent penalties under the applicable Joint Operating Agreement, and Seller is confident in its cost projections
and management ability, and is able to carry this risk.

 

NOW, therefore, in consideration of
the mutual covenants and promises set forth in this Agreement, to be kept and performed by the Parties, it is agreed as follows:

 

DEFINITIONS:

 

“Seller” is the party so
designated in the applicable active Joint Operating Agreement, or is a 75% working interest owner if there is no active Joint Operating
Agreement prior to Assignment of a wellbore interest to EF VC2. The Seller has primary responsibility for the management of the
operations involving the Subject Property (as defined below), including the scope and type of operations detailed in Exhibit “D”
attached hereto.

 

Article 1. SUBJECT PROPERTY:

 

		1.1.	The Subject Property of this Agreement is the following wells:

 

		1)	50% OF 8/8 Working Interest in the Wellbore Only of the J.E.
Richey, No. 1 Well, 42-083-32435 located in A-453 in Coleman County,
Texas, said working interest to reduce to 3/8 of 8/8 Working Interest upon payout of total price paid for
all three wells. Leasehold burdens shall not exceed 25%. Working Interest conveyed is not depth restricted. 

 

		2)	50% OF 8/8 Working Interest in the Wellbore Only of the J.E.
Richey, No. 3 Well, 42-083-33870 located in A-453 in Coleman County,
Texas, said working interest to reduce to 3/8 of 8/8 Working Interest upon payout of total price paid for
all three wells. Leasehold burdens shall not exceed 25%. Working Interest conveyed is not depth restricted. 

 

    	2

    	 

    

 

		3)	50% OF 8/8 Working Interest in the Wellbore Only of the Concho
Richey, No. 1 Well, 42-083-35690 located in A-453 in Coleman County,
Texas, said working interest to reduce to 3/8 of 8/8 Working Interest upon payout of total price paid for
all three wells. Leasehold burdens shall not exceed 25%. Working Interest conveyed is not depth restricted. 

 

1.3. The list of oil and gas leases
from which Seller derives its interest being sold shall be attached as Exhibit “B”.

 

Article 2. FUNDRAISING TERM & PURCHASE
PRICE:

 

2.1. EF VC2 shall have 60 total days
beginning seven days after the Effective Date, inclusive of federal holidays and weekends (the “Fundraising Term”),
to generate $180,000 U.S. Dollars (“the Purchase Price”) but if that date falls on a weekend or federal holiday,
the final day of the Fundraising Term shall be extended to the day immediately following.

 

2.2. If EF VC2 is unable to generate
the Purchase Price within the Fundraising Term, this Agreement terminates and no further obligations shall exist between the parties,
unless EF VC2 exercises its option to purchase a smaller portion of the Subject Property on a basis pro rata with the amount less
than $180,000 that it has raised.

 

2.3. If EF VC2 successfully generates
funding in the amount of the Purchase Price within the Fundraising Term, the parties shall remain bound to the terms of this Agreement.

 

Article 3. DUE DILIGENCE:

 

3.1. EF VC2 warrants that it has received
the Due Diligence Materials it has requested prior to the Effective Date.

 

3.2. EF VC2 does not warrant that it
deems the Due Diligence Materials as proof that wells are cleared for reworking and/or re-completion but simply
that it has received the materials provided to it from Seller.

 

3.3. Seller warrants that no additional
transactions after the date of the supplied title documents have been made reducing the working interest of Seller in any Permitted
Well or underlying leasehold position unless it has supplied EF VC2 with copies of said conveyances as part of the Due Diligence
Materials.

 

3.4. Seller warrants that it has obtained
all necessary consents to assign the underlying leasehold and warrants that it has obtained waivers of all preferential rights
to purchase the underlying leasehold when said preferential rights would be contractually prioritized over the rights of EF VC2.

 

3.5. Seller shall immediately notify
EF VC2 of any material changes in the facts contained in the Due Diligence Materials.

 

    	3

    	 

    

 

Article 4. JOINT OPERATING AGREEMENT:

 

4.1. If no Joint Operating Agreement
is in place for a well included in the Subject Property, the parties shall sign and execute the Wellbore Only Joint Operating Agreement
attached as Exhibit “C” at a time concurrent with the date of the Wellbore Assignment to EF VC2 as required in Article
7.

 

4.2. If Joint Operating Agreement or
Agreements are already in place affecting the Subject Property, the Joint Operating Agreement or Agreements shall be attached as
Exhibit “C”.

 

Article 5. REWORKING AND/OR RE-COMPLETION
DEADLINES AND PAYMENT OF PURCHASE PRICE:

 

Reworking and/or Re-completion Deadline

 

5.1. Upon generating funds equal to
the Purchase Price during the Fundraising Term, Purchaser shall promptly notify Seller that funds are obtained. For avoidance of
doubt, it is expressly stated that the Seller is turn-keying the entire Reworking and/or Re-completion
operations for all three wells for the amount of the total Purchase Price for the three wells.

 

5.2. The well (to be chosen by Seller
from the list of wells included in the Subject Property) shall have reworking operations begun by Seller within 60 days
of the termination of the Fundraising Term (the “Initial Well Reworking and/or Re-completion Reworking and/or Re-completion
Deadline”), with reasonable allowance to be made for delays beyond the control of Seller such as unavailability of a rig,
inclement weather, or labor shortage. Seller shall keep Purchaser reasonably informed as to the facts surrounding the need for
allowances to be made extending the Reworking and/or Re-completion Deadline.

 

5.3. Failure to meet the Initial Well
Reworking and/or Re-completion Reworking and/or Re-completion Deadline or the reasonable extensions of said deadline, if any, shall
allow Purchaser the option to require reimbursement of Purchase Price and termination of this Agreement

 

5.4. Subsequent Wells shall be re-worked
within 30 days of the completion or plugging and abandoning of a prior well. Time credits may be earned for performance
before this deadline, but reporting and accounting of said credits shall be the responsibility of Seller. Nothing herein shall
prevent wells from being simultaneously reworked and/or re-completed.  

 

Payment of Purchase Price 

 

5.5. After funds are secured by EF VC2,
Seller shall notify EF VC2 of the Target Date to begin operations, and

 

When the Seller is ready to perform
work, EF VC2 shall disburse to Seller the sum of $31,400.00 to conduct the initial infrastructure work on the J.E.
Richey Lease based on Exhibit “D” and Seller is obligated to perform the actions described in Exhibit “D”
and any additional operations needed to obtain production.

 

    	4

    	 

    

 

EF VC2 shall disburse to Seller the
sum of $36,510.00 when the Seller is ready to perform work on the selected first well (J.E. Richey Well #1) based
on Exhibit “D”. Seller is obligated to perform the actions described in Exhibit “D” and any additional
operations needed to obtain production.

 

EF VC2 shall disburse to Seller the
sum of $49,540.00 when the Seller is ready to perform work on the selected second well (J.E. Richey Well #3)
based on Exhibit “D”. Seller is obligated to perform the actions described in Exhibit “D” and any additional
operations needed to obtain production.

 

EF VC2 shall disburse to Seller the
sum of $62,550.00 (the remaining balance held in escrow) when the Seller is ready to perform work on the selected third
well (Concho Richey #1) based on Exhibit “D”. Seller is obligated to perform the actions described in Exhibit “D”
and any additional operations needed to obtain production.

 

Notwithstanding a joint operating
agreement to be signed at a future time, Seller agrees to insure EF VC2 from any out of pocket costs over the life of the wells,
excepting non-consent penalties under said joint operating agreement and future re-working operations not anticipated at the time,
that may be performed if the wells become marginal or production can be increased. Seller agrees for this obligation to run with
the working interest owned by seller in the leases attached as Exhibit “B”. 

 

Article 6. SELLER TO FACILITATE AND
MANAGE THE OPERATION OF OPERATE EACH WELL TO COMPLETION OR P&A: 

 

6.1. Until Completion or Plugging and
Abandoning as a non-commercial well, this Agreement – as to each well – shall be considered a personal, non-transferable
agreement between the Parties as EF VC2 has evaluated the reputation of the operator the Seller as an operator intends to employ
to perform the Reworking and/or Re-completion operations, J.V. Rhyne, as a key factor in its risk evaluation formula and desires
managerial stability during the drilling process.

 

6.2. Seller warrants that it J.V. Rhyne
shall remain the operator of each well until Completion or Plugging and Abandoning as a non-commercial well. Due to the working
interest of the operator affecting investment risk evaluation, during the time of the Fundraising Term and until the well has been
Completed, Seller shall not sell any working interest affecting the Permitted Well that it has not prior to signature date
already disclosed to EF VC2 that it intends to sell as part of the Due Diligence Materials.

 

6.3. Upon the occurrence of either:
(a) the Removal of Seller as the manager of operations or J.V. Rhyne as the Operator, as operator or (b) the Seller’s sale
of working interest without permission from EF VC2 prior to Completion or Plugging and Abandoning, shall entitle EF VC2 shall
immediately receive an to have the option of reimbursement of any Purchase Price paid coupled with termination of this Agreement.

 

    	5

    	 

    

 

Article 7. ASSIGNMENT FROM SELLER TO
EF VC2 :

 

7.1. After receipt of funds and completion
of re-working operations described in Exhibit “D”, each EF VC2 well’s percentage ownership shall be assigned
with an effective date being the date of the completion of re-working operations for each well referenced as Subject Property.
For clarity, each well shall individually be assigned upon the individual completion of reworking or re-completion operations upon
each well.

 

7.2. An Assignment for each completed
well shall be made to EF VC2 using the form attached as Exhibit “A”. Seller shall record in the applicable county or
parish records and deliver a copy to EF VC2.

 

Article 8. TITLE FAILURE:

 

8.1. Any loss caused by title failure
for any reason shall be borne solely by Seller.

 

8.2. Any title failure prior to disbursement
of any portion of complete Purchase Price to Seller shall allow EF VC2 to terminate this Agreement immediately with no further
obligations to rework wells or additional wells.

 

8.3. If a title failure cannot be borne
entirely by Seller, Seller shall reimburse EF VC2 an amount equal to the Purchase Price reduced to the percentage of the Subject
Property lost.

 

Article 9. ADDITIONAL INDEMNITIES:

 

9.1. Seller shall obtain at least the
minimum insurance required to maintain a permit with the applicable state regulatory commission.

 

9.2.  Seller
shall be responsible for and shall indemnify EF VC2 from:

 

(a)
 Loss of or damage to property of the Seller, the Operator, or the Landowner on of the property on which operations are
occurring, arising from the performance of this contract.

 

(b)
 Personal injury to any person employed by the Seller, Operator, or any third party employed, hired or contracted
by operator arising from the performance of the contract.  “Third party” shall mean "any party which is not
a member of EF VC2, Seller or Operator."

 

(c)
Personal injury or loss of life or damage to the property of any third party to the extent that such injury, loss or
damage is caused by the negligence or breach of duty (whether statutory or otherwise) of EF VC2.

 

(d)
Seller is responsible for and will indemnify EF VC2 against any claims related to or arising from pollution or contamination
emanating from any source related to the well.

 

    	6

    	 

    

 

Article 10. PREFERENTIAL RIGHT TO PURCHASE;
SELLER CONSENT TO ASSIGN LESS THAN FULL WORKING INTEREST PURCHASED; SELLER RETENTION OF VOTING RIGHTS FOR OPERATOR ELECTIONS

 

10.1. Seller retains a preferential
right to purchase any working interest for which a bona fide offer has been made to EF VC2 to purchase. Seller shall have ten days
to reply to a written notice and consent shall be deemed granted if Seller does not reply within that time frame.

 

10.2. Seller consent is required for
any sale of working interest in a wellbore included in the Subject Property in which the buyer purchases a fractional interest
with interest retained by the owner of the interest sold. Seller shall have ten days to reply to a written notice and consent shall
be deemed granted if Seller does not reply within that time frame.

 

10.3. The conveyance of working interest
in this Agreement does not include the right to vote in operator elections under the applicable Joint Operating Agreement, unless
the operator as defined therein has acted with gross negligence of its duties.

 

Article 11. Notice:

 

Any notice or other communication required
or permitted hereunder shall be deemed to have been properly delivered when sent by email to the following:

 

	EF VC2: 	Advisor@EnergyFunders.com 
	 	with copies to: Philip@energyfunders.com 
	 	and Roger@energyfunders.com
	 	 
	Seller:	iww2001@hotmail.com
	 	with copy to: roger.autrey@sbcglobal.net

 

45 day notice is required for
any re-working operations or any operation in which non-participation would trigger non-consent penalties under the applicable
joint operating agreement. 

 

Article 12. Amendments
and Severability:

 

No alterations, modifications, amendments or
changes in this Agreement shall be effective or binding on the Parties hereto unless the same shall be in writing and signed by
duly authorized representatives of both Parties.

 

The invalidity of any one or more covenants
or provisions of this Agreement shall not affect the validity of this Agreement as a whole, and in case of any such invalidity,
this Agreement shall be construed as if the invalid provision had not been included herein.

 

    	7

    	 

    

 

Article 13. Compliance:

 

The Parties agree to fully comply with applicable
local, state and Federal laws, rules and regulations pertaining to the drilling, re-completion, operation and plugging and abandonment,
if necessary, of an oil and or gas well. This includes, but is not limited to, timely filing of record any instruments, including
but not limited to, an Affidavit of Production, required by state law which are necessary to protect the Parties' rights to the
Subject Property.

 

Article 14. Headings:

 

The titles and headings set forth in this Agreement
have been included solely for ease of reference and shall not be considered in the interpretation or construction of this Agreement.

 

Article 15. Governing
Law and Venue:

 

This Agreement shall be governed by and construed
under the laws of the State of Texas, excluding any choice of law rules which may direct the application of the laws of another
jurisdiction, and the venue of any action brought by either Party in regard hereto or arising out of the terms or conditions hereof
shall be Harris County, Texas.

 

Article 16. No
Partnership Created: 

 

It is not the purpose or intention of this
Agreement to create (and it shall not be construed as creating) a joint venture, partnership or any type of association, and the
Parties hereto are not authorized to act as agent or principal for each other with respect to any matter related hereto.

 

Article 17. No
Third Party Beneficiaries: 

 

Nothing contained in this Agreement shall entitle
any person or entity other than the Parties hereto or their successors and assigns to any claim, cause of action, remedy or right
of any kind whatsoever.

 

Article 18. Not
to be Construed Against DrafteR:

 

The Parties acknowledge that they have had
an adequate opportunity to review each and every provision contained in this Agreement, including the opportunity to submit the
same to legal counsel for review and comment. Based on said review and consultation, the Parties agree with each and every term
contained in this Agreement.

 

Based on the foregoing, the Parties agree that
the rule of construction that a contract be construed against the drafter, if any, shall not be applied in the interpretation and
construction of this Agreement.

 

Article 19. ENTIRE AGREEMENT:

 

This Agreement supersedes all prior negotiations,
understandings, letters of intent and agreements between the Parties and constitutes the entire understanding and agreement between
the Parties.

 

    	8

    	 

    

 

Article 20. Counterpart
Execution:

 

This Agreement may be executed in counterparts,
each of which shall be considered an original for all purposes.

 

Article 21. CONFLICT OF AGREEMENTS:

 

To the extent there is any conflict between
this Agreement and the Operating Agreements, the terms of this Agreement shall control. This Agreement replaces any and all oral
and written communications between the Parties concerning the subject matter of this Agreement.

 

Article 22. CORPORATE AUTHORITY:

 

The Parties hereto represent that, as of the
date of the execution hereof, they are corporations or other lawful business entities duly authorized, validly existing and in
good standing under the laws of the state of their incorporation and are qualified and authorized to do business in the State of
Texas and that all requisite corporate power and authority to duly execute, deliver and effectuate this Agreement have been duly
obtained.

 

Signatories warrant they are authorized to
bind their respective parties.

 

IN WITNESS WHEREOF, the Parties hereto have
executed this Agreement on the below dates listed with their respective signatures.

 

	/s/
    PHILIP RACUSIN	 	March 20, 2015	 
	Philip Racusin	 	DATE	 
	EF Advisor LLC, Manager of EF VC2, LLC	 	 	 
	 	 	 	 
	/s/
    IVAN WEBB	 	March 20, 2015	 
	Ivan Webb	 	DATE	 
	Vice President	 	 	 
	Northern Minerals and Exploration Ltd	 	 	 

 

    	9

    	 

    

 

SELLER SUBMITTED ADDENDUM, IF ANY

 

THIS PAGE INTENTIONALLY LEFT BLANK.

 

    	10

    	 

    

 

Exhibit “A” – Form
Assignment to EF VC2 

 

STATE OF TEXAS        §

                           §

COUNTY OF _______ §

 

WELLBORE ONLY ASSIGNMENT AND BILL OF SALE

  

THIS ASSIGNMENT, CONVEYANCE AND BILL
OF SALE (this “Assignment”) is from ______________, a  _________________ (state of registration
and corporate entity type), with mailing address at ________________ (“Assignor”), to EF VC2 , LLC, a Texas
limited liability company with mailing address at 4900 Woodway Drive, Suite 600, Houston, Texas, 77056
(“Assignee”).

 

NOW THEREFORE for good and valuable consideration, the receipt and
sufficiency of which Assignor hereby acknowledges, Assignor hereby SELLS, CONVEYS, ASSIGNS and DELIVERS to Assignee the following:

 

		(A) 	Well Name: ____________

API #: ________________

Undivided Working Interest:
____% WELLBORE ONLY 

 

		(B)	The oil and gas leases described in Exhibit “A” attached hereto and made a part hereof but only insofar as they
are limited to Wellbore Only listed above.

 

		(C)	All pooling agreements, unitizations, operating agreements, easements, permits, licenses, rights-of-way, to the extent same
relate to the Wellbore Only listed above.

THIS ASSIGNMENT IS SUBJECT TO THE TERMS OF THE PURCHASE AND SALE AGREEMENT BETWEEN EF VC2 AND ASSIGNOR, DATED _______________.

 

Assignor shall record in the applicable records of the county where
the wellbore is located and shall deliver a recorded copy to Assignee. This Assignment is executed on the date set forth in the
signature line but is effective for all purposes as of the date of completion of the well listed above.

 

	SIGNATURE:		 	TITLE:	 
	NAME:		 	DATE SIGNED:	 

 

    	 

    	 

    

 

Exhibit “B” – Leases
Forming Underlying Leasehold Estate

 

		1)	LESSOR: Gary J Lamb, Inc., Morgan Capital Group, Inc., Boulders Royalty Corp., and Master Mineral Holdings, Inc.

 

LESSEE: Grasshoppers Unlimited, Inc.

 

DATE: 8-14-2014

 

COUNTY / STATE: Coleman County, Texas

 

LEGAL DESCRIPTION: North 145 Acres of
Subdivision Four and the South 61.5 acres of Subdivision 3, Abstract 453, Hamilton Kegan Survey 520, from the surface to 4,600
feet below the surface.

 

		2)	LESSOR: Billy Earl Richey

 

LESSEE: J.V. Rhyne

 

DATE: 10-24-2014

 

COUNTY / STATE: Coleman County, Texas

 

LEGAL DESCRIPTION: North 145 Acres of
Subdivision Four and the South 61.5 acres of Subdivision 3, Abstract 453, Hamilton Kegan Survey 520.

 

    	 

    	 

    

  

Exhibit “C” – Existing
Joint Operating Agreements, or Wellbore Only JOA to be Executed Upon Completion and Assignment to Seller

 

Joint Operating Agreement using AAPL Form
610-1989 to be agreed upon with a non-consent penalty in said agreement not to exceed 300%.

 

    	 

    	 

    

 

Exhibit “D” – Authority
for Expenditure and Work Program

 

J.E. Richey Lease

Coleman County - West of Novice about 10
miles

Work Program and Estimated
Costs

 

Initial Lease Expenditures:

 

	Tank Battery Repair (tanks, gun barrel)	 	 	3,500	 
	Lease clean up – brush removal etc.	 	 	1,750	 
	Lease road repair	 	 	1,500	 
	Pumpjack motors repair/replace	 	 	1,800	 
	Electric service to wells repair/replace	 	 	600	 
	Well head replace nipples, valves etc. as required	 	 	750	 
	Geological:	 	 	15,000	 
	Contour Mapping of formations	 	 	 	 
	Study of well completions	 	 	 	 
	Log analysis of existing wells & offsetting wells	 	 	 	 
	Meetings & Discussions with Service providers	 	 	1,500	 
	Contingency	 	 	5,000	 
	Total Estimated Costs	 	$	31,400	 

 

J.E. Richey Well #1 – Re-work Program
- This well is completed in the Gray formation around 3,900’. Pull the down-hole pump, rods and tubing out of the hole. 
Exchange the tubing for tested tubing and shop the down-hole pump.  Go back in the hole with a bale to clean out the
sand/mud etc. that has covered the perforations.  Continue to bale until a significant amount of rat hole is created below
the perforations.  If the bale cannot clear out the sand/mud then a small drill bit will be added to the tubing and the workover
rig will drill out and reverse circulate the hole clean below the perforations.  Once the hole is clean then run the tubing
back in the hole and set below the perforations.  Swab the tubing to see how much oil, gas and saltwater comes into
the hole and how fast it recovers.  If little to no entry then pull the tubing out of the hole and place
a packer on the tubing and seat the packer above the perforations and conduct a light acid job to clean our the perforations. 
Then swab to see how the formation responds.  Then run the down-hole pump and rods back in the hole and begin pumping.

 

Projected costs for J.E. Richey #1:

 

	Mobilization & Demobilization of service rig - 4/hr @ $175	 	 	700	 
	Service Rig – 36 hours @ $260/hr.	 	 	9,360	 
	Tool Rentals – two days @ $450/day	 	 	900	 
	Exchange tubing for tested tubing	 	 	9,750	 
	Repair down-hole pump	 	 	1,200	 
	Misc. Roustabout Services 8 hours @ $75/hr	 	 	600	 
	Clean up acid job to open perforations if required	 	 	5,000	 
	Geologist	 	 	1,000	 
	Supervision - 4 days @ $750/day	 	 	3,000	 
	Contingency & Sales Tax	 	 	5,000	 
	Total
    Estimated Costs	 	$	36,510	 

 

    	 

    	 

    

 

J.E. Richey Well #3 – Rework Program
- This well is completed in the Morris formation around 3800’.  This well has been perforated in the Gray but never
stimulated.  Pull the down-hole pump, rods and tubing out of the hole.  Exchange the tubing for tested tubing and shop
the down-hole pump.  Go back in the hole with the tested tubing with a packer.  Set the packer below the Morris
formation to isolate the Gray formation.  Pull a swab to see what comes into the hole naturally from the Gray.  Depending
on the amount of entry outline the acid job.  Conduct the acid job and swab to see how much oil, gas and saltwater comes into
the hole.  Depending on the amount of entry outline a sand frac if needed.  Swab after the sand frac to see how the Gray
responded to the frac.  Come out of the hole remove the packer and run back in the hole, run in the down-hole pump and rods
then begin pumping.

 

Projected costs for J.E. Richey #3:

 

	Mobilization & Demobilization of service rig - 4/hr @ $175	 	 	700	 
	Service Rig – 24 hours @ $260/hr.	 	 	6,240	 
	Exchange tubing for tested tubing	 	 	9,750	 
	Repair down-hole pump	 	 	1,100	 
	Misc. Roustabout services 8 hours @ $75/hr	 	 	600	 
	Acid job	 	 	6,500	 
	Sand Frac	 	 	12,000	 
	Install Gas Meter Run	 	 	5,000	 
	Geologist	 	 	1,000	 
	Supervision - 3 days @ $750/day	 	 	1,650	 
	Contingency & Sales Tax	 	 	5,000	 
	Total Estimated Costs	 	$	49,540	 

  

Concho Richey #1 – Re-completion
Program - Pull the down-hole pump, rods and tubing out of the hole.  Exchange the tubing for tested tubing and shop the down-hole
pump.  Have a wireline truck set a cast iron bridge plug above the Ellenburger this will seal off the Ellenburger.  
At approximately 1800 feet is the Tannehill formation where an unsuccessful completion attempt was made.  The perforations
in the Tannehill will need to be plugged.   After the cement is cured then the workover rig will go back into the hole
with the tested tubing with a drill bit to drill out the rubber plug and cement.  Now the hole is ready for perforating and
stimulating the Gray formation.

 

A wireline truck perforates the Gray formation. 
The workover rig runs the tested tubing in the hole with a packer and sets the packer above the Gray.  The workover rig swabs
the Gray formation to see what comes into the hole naturally.  Depending on the amount of entry will determine the amount
of acid to be conducted. Conduct the acid job and swab to see how much oil, gas and saltwater comes into the hole.  Depending
on the amount of entry outline a sand frac.  Swab after the sand frac to see how the Gray responded to the frac.  Come
out of the hole remove the packer and run the tubing, down-hole pump and rods back in the hole and begin pumping.

 

Projected costs for Concho Richey #1:

 

	Mobilization & Demobilization of service rig - 4/hr @ $175	 	 	700	 
	Service Rig to squeeze off Tannehill.	 	 	22,500	 
	Tool Rentals $450/day – 2 days	 	 	900	 
	Service Rig – 36 hours @ $260/hr	 	 	9,360	 
	Exchange tubing for tested tubing	 	 	9,750	 
	Repair down-hole pump	 	 	1,100	 
	Wireline – set bridge plug	 	 	3,250	 
	Wireline – run case hole log & perforate	 	 	7,500	 
	Acid job	 	 	7,000	 
	Sand Frac	 	 	15,000	 
	Misc. Roustabout Services 8 hours @ $75/hr	 	 	600	 
	Geologist	 	 	1,000	 
	Supervision - 6 days @ $750/day	 	 	4,500	 
	Contingency & Sales Tax	 	 	8,500	 
	Total Estimated Costs	 	$	91,660Exhibit 10.2

 

Northern
Minerals & Exploration Ltd. enters into Agreement on three wells on the Coleman County Lease in Texas

 

Cisco,
Texas, April 9, 2015 - Northern Minerals & Exploration Ltd. (OTCQB: NMEX) (“Northern” or the “Company”).
Further to the Company’s news release of October 15, 2014 whereby Northern acquired a 75%WI in the Coleman County lease
(“Lease”), subject to a 25% royalty. The Company is pleased to announce that it entered into an agreement for the
purchase and sale of a 37.5% Working Interest (“WI”), in three wells on the Lease. The total consideration for the
37.5% WI is $180,000. The funds are to be advanced to the Company as payment towards the turnkey costs of re-working and/or re-completing
the three wells, and other costs associated with bringing these three wells back into production.

 

Under
the terms of the agreement between the company and the funders, the funders will receive a 50.0% of the WI revenue from these
three wells until the funders recapture their investment of $180,000 (defined as “Payout”). After Payout they will
revert to a 37.5% of the WI revenue for the remaining life of the production from the threewells.

 

These
three wells are fully equipped with downhole pumps, rods, tubing, pump jacks, and well head and surface equipment including flow
lines, production tanks, meter connections and gas gathering pipelines.

 

The
Coleman County 206.5 acre lease is located in a prolific multiple pay area originally discovered by ARCO in the early 1980’s.
The lease area has six known historic productive formations: Ellenburger (4,200’), Gray (3,850’), Gardner (3,700’),
Jennings (3,600’), Upper Capps (3,450’), and Morris (3,400’).

 

One
of the three wells on this Lease is a direct offset to a well on an adjoining lease that has produced more than 65,000 barrels
and 160 million cubic feet of gas also from the Gray Sand formation. This offset well after 28 years of production is still producing
an average of 6 barrels and 28 thousand cubic feet of gas per day.

 

Northern
is making arrangements with service providers to immediately commence field operations on these three wells on the Lease.

 

Appointment
of Vice President and Director 

 

Northern
is pleased to announce that effective March 16, 2015 the Company appointed Ivan Webb as Vice President and as a director.

 

Ivan
Webb, age 64, is a seasoned and successful entrepreneur, with over 35 years of experience in the oil and gas industry internationally
and in the United States. He is experienced with acquiring concessions and leases, drilling new wells and reworking existing wells,
well completion, oil and gas production management, working with service companies and regulatory compliance. Internationally
he has successfully leased more than 18,000,000 acres. Domestically he has been involved with the acquisition and or management
of more than 250 wells in Kansas, Texas, Oklahoma and Texas.

 

Mr.
Webb has also over 30 years of experience in managing or assisting public companies in both the US and Canada with regulatory
compliance. His public company experience includes assisting with initial public offerings, reverse mergers, company listings,
and assisting with ongoing regulatory compliance.

 

Mr.
Webb is also a controlling shareholder of the Company owning 2,900,000 common shares of the Company.

 

Northern
believes that Mr. Webb’s professional background, management and corporate governance experience give him the qualifications
and skills necessary to serve as Vice President and as a director of our Company.

 

    	 

    	 

    

 

Company
website

 

Northern
is further pleased to announce that it has completed updating the Company website. The website address is www.northernmineralsexploration.com

 

For
further information on the above and Northern please review the Company’s filings at www.sec.gov

 

About
Northern Minerals & Exploration Ltd. (NMEX)

 

Northern
Minerals & Exploration Ltd. is a natural resource company focused on both domestic and international exploration
and development projects. The Company is currently dedicated to building cash flow from oil and gas production in central Texas
and exploration for gold on the Winnemucca Mountain Property in Nevada.

 

	Contact:	Northern Minerals
    & Exploration Ltd.
	 	info@northernmineralsexploration.com
	 	(254) 442-2627
	 	(P.O. Box 31)
	 	Cisco, Texas 76437

 

Forward
Looking Statements: Statements which are not historical facts contained in this release are forward looking statements
that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition,
the results of financing efforts, changes in consumers’ preferences and trends. The words “estimate,” “possible,”
“seeking,” and similar expressions identify forward-looking statements, which speak only to the date the statement
was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information,
future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated
by, or underlying the forward looking statements. The information herein is subject to change without notice. Northern Minerals
& Exploration Ltd. shall not be liable for technical or editorial errors or omissions contained herein.

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