Document:

<PAGE>

                                 Exhibit 10.1

CONTACTS
-------------------------------------------------------------------------------

          Administrator:             Barbara A Campbell
          Direct Phone No:           (714)247-6278
          Address:                   Deutsche Bank
                                     1761 E. St. Andrew Place
                                     Santa Ana, CA 92705

          Web Site:                  http://www-apps.gis.deutsche-bank.com/invr
          Factor Information:        (800) 735-7777
          Main Phone No:             (714) 247-6000
-------------------------------------------------------------------------------

<TABLE>
ISSUANCE INFORMATION
----------------------------------------------------------------------------------------------------------------------------
       <S>                     <C>                                             <C>                        <C>
       Seller:                 GreenPoint Mortgage                              Cut-Off Date:              November 30, 2000
       Certificate Insurer:    Financial Guaranty Insurance Corporation         Closing Date:              December 18, 2000
       Servicer(s):            GreenPoint Mortgage - Master Servicer            First Payment Date:        January 16, 2001

       Underwriter(s):         Greenwich Capital Markets, Inc. - Underwriter    Distribution Date:         April 16, 2001
                                                                                Record Date:               April 13, 2001

----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

                   GreenPoint Home Equity Loan Trust 2000-3
                      Home Equity Loan Asset-Backed Notes
                                 Series 2000-3
          Certificate Payment Report for April 16, 2001 Distribution

<TABLE>
<CAPTION>
     Distribution in Dollars - Current Period
------------------------------------------------------------------------------------------------------------------------------------
                                        Prior                                                                              Current
          Class        Original       Principal                                      Total       Realized     Deferred    Principal
 Class     Type       Face Value       Balance        Interest      Principal    Distribution     Losses      Interest     Balance
------------------------------------------------------------------------------------------------------------------------------------
                                         (1)            (2)            (3)        (4)=(2)+(3)      (5)           (6)   (7)=(1)-(3)-
                                                                                                                         (5)+(6)
------------------------------------------------------------------------------------------------------------------------------------
  <S>   <C>         <C>            <C>                <C>          <C>            <C>              <C>          <C>  <C>
  A-1    FLT,STEP   102,736,000.00  100,134,357.97     478,308.45   2,716,859.39  3,195,167.84      -             -  97,417,498.58
  A-2    FLT,STEP    98,584,000.00   95,769,759.50     457,460.22   2,785,685.24  3,243,145.46      -             -  92,984,074.26
  A-3    FLT,STEP    97,966,000.00   91,987,619.72     440,211.86   3,882,631.89  4,322,843.75      -             -  88,104,987.83
   S                             -               -              -              -             -      -             -              -
   R                             -               -              -              -             -      -             -              -
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
 Total              299,286,000.00  287,891,737.19   1,375,980.53   9,385,176.52 10,761,157.05      -             - 278,506,560.67
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                         Current Period Factor Information per $1,000
     Interest Accrual Detail             of Original Face
------------------------------------------------------------------------------------------------------------------------------------
                                                  Orig. Principal    Prior                                                  Current
      Period       Period                         (with Notional)  Principal                                 Total         Principal
 Class  Starting   Ending    Method      Cusip        Balance       Balance       Interest     Principal   Distribution     Balance
------------------------------------------------------------------------------------------------------------------------------------
                                                                      (1)            (2)          (3)       (4)=(2)+(3)       (5)
------------------------------------------------------------------------------------------------------------------------------------
  <S>   <C>       <C>      <C>         <C>        <C>            <C>             <C>        <C>            <C>          <C>
  A-1   03/15/01  04/15/01 A-Act/360    395385AF4 102,736,000.00  974.676433      4.655704    26.445057      31.100762   948.231375
  A-2   03/15/01  04/15/01 A-Act/360    395385AG2  98,584,000.00  971.453375      4.640309    28.256971      32.897280   943.196404
  A-3   03/15/01  04/15/01 A-Act/360    395385AHO  97,966,000.00  938.974948      4.493517    39.632443      44.125960   899.342505
   S                               -                           -           -             -            -              -            -
   R                               -                           -           -             -            -              -            -
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
     Distribution in Dollars - to Date
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           Current
           Original                   Unscheduled    Scheduled        Total          Total       Realized     Deferred    Principal
 Class    Face Value      Interest     Principal     Principal      Principal    Distribution     Losses      Interest     Balance
------------------------------------------------------------------------------------------------------------------------------------
              (1)           (2)           (3)           (4)        (5)=(3)+(4)    (6)=(2)+(5)      (7)           (8)    (9)=(1)-(5)-
                                                                                                                          (7)+(8)
------------------------------------------------------------------------------------------------------------------------------------
 <S>   <C>             <C>           <C>            <C>           <C>            <C>                  <C>       <C>   <C>
  A-1  102,736,000.00   2,030,176.45  4,561,021.32   757,480.10   5,318,501.42   7,348,677.87           -          -   97,417,498.58
  A-2   98,584,000.00   1,943,241.88  4,799,251.90   800,673.84   5,599,925.74   7,543,167.62           -          -   92,984,074.26
  A-3   97,966,000.00   1,899,880.47  9,141,993.98   719,018.19   9,861,012.17  11,760,892.64           -          -   88,104,987.83
   S                -              -             -            -              -              -           -          -               -
   R                -              -             -            -              -              -           -          -               -

------------------------------------------------------------------------------------------------------------------------------------
 Total 299,286,000.00   5,873,298.80 18,502,267.20 2,277,172.13  20,779,439.33  26,652,738.13           -          -  278,506,560.67
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
             Interest Detail
------------------------------------------------------------------------------------------------------------------------------------
          Pass-    Prior Principal                    Non-           Prior     Unscheduled                Paid or        Current
         Through   (with Notional)    Accrued      Supported        Unpaid       Interest     Optimal     Deferred        Unpaid
 Class    Rate        Balance         Interest    Interest SF      Interest    Adjustments    Interest    Interest       Interest
------------------------------------------------------------------------------------------------------------------------------------
                                         (1)          (2)             (3)          (4)        (5)=(1)-       (6)        (7)=(5)-(6)
                                                                                            (2)+(3)+(4)
------------------------------------------------------------------------------------------------------------------------------------
  <S>  <C>        <C>                <C>                   <C>          <C>            <C>   <C>         <C>            <C>
  A-1  5.37375%   100,134,357.97     478,308.45             -             -              -   478,308.45    478,308.45              -
  A-2  5.37375%    95,769,759.50     457,460.22             -             -              -   457,460.22    457,460.22              -
  A-3  5.38375%    91,987,619.72     440,211.86             -             -              -   440,211.86    440,211.86              -
   S                           -              -             -             -              -            -             -              -
   R                           -              -             -             -              -            -             -              -
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
 Total            287,891,737.19   1,375,980.53             -             -              -  1,375,980.53 1,375,980.53              -
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

--------------------------------------------------------------------------------
                           Collection Account Report
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                                                  POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
    <S>                                                             <C>             <C>             <C>             <C>
    Net Principal Collections                                        3,535,634.73    2,456,805.29    2,365,738.68     8,358,178.70

    TOTAL PRINCIPAL                                                  3,535,634.73    2,456,805.29    2,365,738.68     8,358,178.70

    Interest Collections                                               800,444.92      800,299.48      844,053.70     2,444,798.10
    Interest Fees                                                      (13,235.90)     (13,959.31)     (14,624.54)      (41,819.75)

    TOTAL INTEREST                                                     787,209.02      786,340.17      829,429.16     2,402,978.35

    TOTAL AVAILABLE FUNDS                                            4,322,843.75    3,243,145.46    3,195,167.84    10,761,157.05
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
PRINCIPAL - COLLECTIONS                                                  POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
    <S>                                                             <C>             <C>             <C>             <C>
    Principal Collections                                            5,967,078.19    4,441,067.70    4,559,292.37    14,967,438.26
    Repurchases/Substitutions                                                0.00            0.00            0.00             0.00
    Liquidations                                                             0.00            0.00            0.00             0.00
    Insurance Principal                                                      0.00            0.00            0.00             0.00
    Liquidation Loss Amounts                                                 0.00            0.00            0.00             0.00
    Additional Balances                                             (2,431,443.46)  (1,984,262.41)  (2,193,553.69)   (6,609,259.56)

    TOTAL PRINCIPAL COLLECTED                                        3,535,634.73    2,456,805.29    2,365,738.68     8,358,178.70
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
PRINCIPAL - WITHDRAWALS                                                  POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
                                                  SPACE INTENTIONALLY LEFT BLANK
<S>                                                                      <C>              <C>              <C>               <C>

------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>

PRINCIPAL - OTHER ACCOUNTS                                               POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
                                                  SPACE INTENTIONALLY LEFT BLANK
<S>                                                                      <C>              <C>              <C>               <C>

------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
INTEREST - COLLECTIONS                                                   POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
    <S>                                                                  <C>            <C>              <C>           <C>
    Interest Collections                                               838,163.02      839,628.03      885,240.06     2,563,031.11
    Repurchases/Substitutions                                                0.00            0.00            0.00             0.00
    Liquidations                                                             0.00            0.00            0.00             0.00
    Insurance Interest                                                       0.00            0.00            0.00             0.00
    Other Additional Interest                                                0.00            0.00            0.00             0.00
    Current Servicing Fee                                              (37,718.10)     (39,328.55)     (41,186.36)     (118,233.01)

    TOTAL INTEREST                                                     800,444.92      800,299.48      844,053.70     2,444,798.10

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
INTEREST - WITHDRAWALS                                                   POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
                                                  SPACE INTENTIONALLY LEFT BLANK
<S>                                                                      <C>              <C>              <C>               <C>

------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
INTEREST - OTHER ACCOUNTS                                                POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
                                                  SPACE INTENTIONALLY LEFT BLANK
<S>                                                                      <C>              <C>              <C>               <C>

------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
INTEREST - FEES                                                          POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
    <S>                                                               <C>             <C>             <C>             <C>
    Trustee Fee                                                            754.36          786.57          823.73         2,364.66
    Certificate Insurer Premium                                         12,481.54       13,172.74       13,800.81        39,455.09
    Management Fee                                                           0.00            0.00            0.00             0.00

    TOTAL INTEREST FEES                                                 13,235.90       13,959.31       14,624.54        41,819.75

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

--------------------------------------------------------------------------------
                           Credit Enhancement Report
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
ACCOUNTS                                                                 POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
    <S>                                                                  <C>              <C>              <C>               <C>
    Beginning Reserve Fund Balance                                           0.00            0.00            0.00             0.00
    Curr Period Amounts Dep to Res Fund                                      0.00            0.00            0.00             0.00
    Curr Withdrawal from Reserve Fund                                        0.00            0.00            0.00             0.00
    Reserve Fund Balance                                                     0.00            0.00            0.00             0.00

------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
INSURANCE                                                                POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
   <S>                                                                  <C>              <C>              <C>               <C>
    Insured Amount                                                           0.00            0.00            0.00             0.00
    Reimbursements to the Insurer                                            0.00            0.00            0.00             0.00
    Cumulative Insurance Payment                                             0.00            0.00            0.00             0.00

    Draws on the Policy                                                      0.00            0.00            0.00             0.00
    Draws on the Demand Note                                                 0.00            0.00            0.00             0.00

    Interest portion of Guarantee Payment                                    0.00            0.00            0.00             0.00
    Principal portion of Guarantee Payment                                   0.00            0.00            0.00             0.00
    Guarantee Payment for this date                                          0.00            0.00            0.00             0.00
    Cumulative Guaranty Payments                                             0.00            0.00            0.00             0.00

------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
STRUCTURAL FEATURES                                                      POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
    <S>                                                              <C>              <C>              <C>               <C>
    Pool Delinquency Rate                                                  1.4765%         0.6092%         0.6697%
    Rolling Six-month Pool Delinquency Rate                                0.8227%         0.3877%         0.3283%

    Prior Overcollateralization Amount                                       0.00            0.00             0.00
    Specified Overcollateralization Amount                           2,161,032.93    2,174,666.96    2,310,073.04     6,645,772.94
    Overcollateralization Amount                                             0.00            0.00            0.00             0.00
    Overcollateralization Deficiency Amount                          2,161,032.93    2,174,666.96    2,310,073.04     6,645,772.94

    Overcollateralization Deficit                                    1,117,180.10    1,052,367.69      935,967.83     3,105,515.62
    Overcollateralization Reduction Amount                                   0.00            0.00            0.00             0.00
    Step-Up Overcollateralization Amount                                     0.00            0.00            0.00             0.00

    Current Accelerated Principal Payment                                    0.00            0.00            0.00             0.00
    Cumulative Accelerated Principal Payment                                 0.00            0.00            0.00             0.00

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                                                            Collateral Report
--------------------------------------------------------------------------------------------------------------------------------

COLLATERAL                                                            POOL III         POOL II          POOL I            TOTAL
-------------------------------------------------------------------------------------------------------------------------------
<S>                                                            <C>              <C>              <C>            <C>
      Loan Count:
    Original                                                               583            2188            2664             5435
    Prior                                                                  539           2,093           2,523            5,155
    Prefunding                                                               -               -               -                -
    Scheduled Paid Offs                                                      -               -               -                -
    Full Voluntary Prepayments                                             (21)            (68)            (70)            (159)
    Repurchases                                                              -               -               -                -
    Liquidations                                                             -               -               -                -
-------------------------------------------------------------------------------------------------------------------------------
    Current                                                                518           2,025           2,453            4,996

    Principal Balance:
    Original                                                     96,045,908.07   96,651,865.01  100,721,912.99   293,419,686.07
    Prior                                                        90,523,442.46   94,388,511.86   98,847,269.43   283,759,223.75
    Prefunding                                                    2,431,443.46    1,984,262.41    2,193,553.69     6,609,259.56
    Scheduled Principal                                            (112,186.68)    (133,876.02)    (137,033.10)     (383,095.80)
    Partial and Full Voluntary Prepayments                       (5,854,891.51)  (4,307,191.68)  (4,422,259.27)  (14,584,342.46)
    Repurchases                                                              -               -               -                -
-------------------------------------------------------------------------------------------------------------------------------
    Liquidations                                                             -               -               -                -
    Current                                                      86,987,807.73   91,931,706.57   96,481,530.75   275,401,045.05
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PREFUNDING                                                               POOL III         POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
                                                   SPACE INTENTIONALLY LEFT BLANK

-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>              <C>            <C>                <C>
</TABLE>

<TABLE>
<CAPTION>
CHARACTERISTICS                                                      POOL III         POOL II          POOL I            TOTAL
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                <C>              <C>             <C>            <C>
    Weighted Average Coupon Original                                  7.491710%       7.985425%       8.355685%        7.950915%
    Weighted Average Coupon Prior                                    11.628811%      11.521431%      11.789581%       11.649072%
    Weighted Average Coupon Current                                  11.305392%      11.155070%      11.234774%       11.230790%
    -----------------------------------------------------------------------------------------------------------------------------
    Weighted Average Months to Maturity Original                           194             199             197              197
    Weighted Average Months to Maturity Prior                              191             197             194              194
    Weighted Average Months to Maturity Current                            191             196             193              193
    -----------------------------------------------------------------------------------------------------------------------------
    Weighted Avg Remaining Amortization Term Original                      200             214             208              207
    Weighted Avg Remaining Amortization Term Prior                         199             213             206              206
    Weighted Avg Remaining Amortization Term Current                       198             211             205              205
----------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Seasoning Original                                   2.84            2.88            3.04             2.93
    Weighted Average Seasoning Prior                                      3.85            3.87            4.03             3.92
    Weighted Average Seasoning Current                                    4.86            4.86            5.03             4.92

---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Note:  Original information refers to deal issue.
<PAGE>

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                                    POOL III         POOL II          POOL I            TOTAL
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                   <C>              <C>             <C>                <C>
    Weighted Average Margin Original                                    2.966%          2.411%          2.558%
    Weighted Average Margin Prior                                       2.987%          2.392%          2.565%
    Weighted Average Margin Current                                     3.001%          2.387%          2.565%
----------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Max Rate Original                                 17.703%         17.039%         17.227%
    Weighted Average Max Rate Prior                                    17.705%         17.071%         17.252%
    Weighted Average Max Rate Current                                  17.696%         17.082%         17.261%
----------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Min Rate Original                                  6.606%          7.182%          7.837%
    Weighted Average Min Rate Prior                                     6.627%          7.167%          7.824%
    Weighted Average Min Rate Current                                   6.651%          7.155%          7.803%
----------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Cap Up Original
    Weighted Average Cap Up Prior
    Weighted Average Cap Up Current
----------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Cap Down Original
    Weighted Average Cap Down Prior
    Weighted Average Cap Down Current

-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Note:  Original information refers to deal issue.

<TABLE>
<CAPTION>
SERVICING FEES / ADVANCES                                                POOL III         POOL II          POOL I          TOTAL
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                    <C>             <C>             <C>              <C>
    TOTAL SERVICING FEE                                                  37,718.10       39,328.55       41,186.36       118,233.01

----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
ADDITIONAL COLLATERAL INFORMATION                                      POOL III         POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
                                                   SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                   <C>               <C>            <C>                 <C>
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                        Delinquency Report - Total
-----------------------------------------------------------------------------------------------------------------------------------

                                                            CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS            TOTAL
----------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>                                <C>             <C>            <C>              <C>            <C>
DELINQUENT           Balance                                           3,600,544.72    1,161,088.97      153,317.26    4,914,950.95
                     % Balance                                                 1.31%           0.42%           0.06%           1.78%
                     # Loans                                                     58              14               3              75
                     % # Loans                                                 1.16%           0.28%           0.06%           1.50%
-----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                                   -                  -               -    1,163,255.08    1,163,255.08
                     % Balance                              0.00%              0.00%           0.00%           0.42%           0.42%
                     # Loans                                   -                  -               -              14              14
                     % # Loans                              0.00%              0.00%           0.00%           0.28%           0.28%
-----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                          159,663.57                  -       14,820.72       21,529.62      196,013.91
                     % Balance                              0.06%              0.00%           0.01%           0.01%           0.07%
                     # Loans                                   4                  -               1               1               6
                     % # Loans                              0.08%              0.00%           0.02%           0.02%           0.12%
-----------------------------------------------------------------------------------------------------------------------------------
REO                  Balance                                   -                  -               -               -               -
                     % Balance                              0.00%              0.00%           0.00%           0.00%           0.00%
                     # Loans                                   -                  -               -               -               -
                     % # Loans                              0.00%              0.00%           0.00%           0.00%           0.00%
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
TOTAL                Balance                          159,663.57       3,600,544.72    1,175,909.69    1,338,101.96    6,274,219.94
                     % Balance                              0.06%              1.31%           0.43%           0.49%           2.28%
                     # Loans                                   4                 58              15              18              95
                     % # Loans                              0.08%              1.16%           0.30%           0.36%           1.90%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+
Payments = 90+

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                     Delinquency Report - Pool I Group
-----------------------------------------------------------------------------------------------------------------------------------

                                                            CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS          TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                <C>                                   <C>         <C>               <C>              <C>           <C>
DELINQUENT           Balance                                          1,324,986.88      460,601.29        9,777.26     1,795,365.43
                     % Balance                                                1.37%           0.48%           0.01%            1.86%
                     # Loans                                                    34               6               1               41
                     % # Loans                                                1.39%           0.24%           0.04%            1.67%
-----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance
                                                                  -              -               -      177,705.63       177,705.63
                     % Balance                                 0.00%          0.00%           0.00%           0.18%            0.18%
                     # Loans
                                                                  -              -               -               4                4
                     % # Loans                                 0.00%          0.00%           0.00%           0.16%            0.16%
-----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                             143,828.08              -               -       21,529.62       165,357.70
                     % Balance                                 0.15%          0.00%           0.00%           0.02%            0.17%
                     # Loans                                      3              -               -               1                4
                     % # Loans                                 0.12%          0.00%           0.00%           0.04%            0.16%
-----------------------------------------------------------------------------------------------------------------------------------
REO                  Balance                                      -              -               -               -                -
                     % Balance                                 0.00%          0.00%           0.00%           0.00%            0.00%
                     # Loans                                      -              -               -               -                -
                     % # Loans                                 0.00%          0.00%           0.00%           0.00%            0.00%
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
TOTAL                Balance
                                                         143,828.08   1,324,986.88      460,601.29      209,012.51     2,138,428.76
                     % Balance                                 0.15%          1.37%           0.48%           0.22%            2.22%
                     # Loans                                      3             34               6               6               49
                     % # Loans                                 0.12%          1.39%           0.24%           0.24%            2.00%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+
Payments = 90+
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                    Delinquency Report - Pool II Group
-----------------------------------------------------------------------------------------------------------------------------------

                                                            CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                                    <C>       <C>               <C>              <C>           <C>
DELINQUENT           Balance                                          1,113,631.81      222,232.66               -     1,335,864.47
                     % Balance                                                1.21%           0.24%           0.00%            1.45%
                     # Loans                                                    20               5               -               25
                     % # Loans                                                0.99%           0.25%           0.00%            1.23%
-----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                                     -               -               -      322,955.79       322,955.79
                     % Balance                                0.00%           0.00%           0.00%           0.35%            0.35%
                     # Loans                                     -               -               -               8                8
                     % # Loans                                0.00%           0.00%           0.00%           0.40%            0.40%
-----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                             15,835.49               -       14,820.72               -        30,656.21
                     % Balance                                0.02%           0.00%           0.02%           0.00%            0.03%
                     # Loans                                     1               -               1               -                2
                     % # Loans                                0.05%           0.00%           0.05%           0.00%            0.10%
-----------------------------------------------------------------------------------------------------------------------------------
REO                  Balance                                     -               -               -               -                -
                     % Balance                                0.00%           0.00%           0.00%           0.00%            0.00%
                     # Loans                                     -               -               -               -                -
                     % # Loans                                0.00%           0.00%           0.00%           0.00%            0.00%
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
TOTAL                Balance                             15,835.49    1,113,631.81      237,053.38      322,955.79     1,689,476.47
                     % Balance                                0.02%           1.21%           0.26%           0.35%            1.84%
                     # Loans                                     1              20               6               8               35
                     % # Loans                                0.05%           0.99%           0.30%           0.40%            1.73%
-----------------------------------------------------------------------------------------------------------------------------------
Note:  Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+ Payments = 90+

<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                    Delinquency Report - Pool III Group
-----------------------------------------------------------------------------------------------------------------------------------

                                                            CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                                    <C>       <C>               <C>              <C>           <C>
DELINQUENT           Balance                                          1,161,926.03      478,255.02      143,540.00     1,783,721.05
                     % Balance                                                1.34%           0.55%           0.17%            2.05%
                     # Loans                                                     4               3               2                9
                     % # Loans                                                0.77%           0.58%           0.39%            1.74%
-----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                                     -               -               -      662,593.66       662,593.66
                     % Balance                                0.00%           0.00%           0.00%           0.76%            0.76%
                     # Loans                                     -               -               -               2                2
                     % # Loans                                0.00%           0.00%           0.00%           0.39%            0.39%
-----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                                     -               -               -               -                -
                     % Balance                                0.00%           0.00%           0.00%           0.00%            0.00%
                     # Loans                                     -               -               -               -                -
                     % # Loans                                0.00%           0.00%           0.00%           0.00%            0.00%
-----------------------------------------------------------------------------------------------------------------------------------
REO                  Balance                                     -               -               -               -                -
                     % Balance                                0.00%           0.00%           0.00%           0.00%            0.00%
                     # Loans                                     -               -               -               -                -
                     % # Loans                                0.00%           0.00%           0.00%           0.00%            0.00%
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
TOTAL                Balance                                     -    1,161,926.03      478,255.02      806,133.66     2,446,314.71
                     % Balance                                0.00%           1.34%           0.55%           0.93%            2.81%
                     # Loans                                     -               4               3               4               11
                     % # Loans                                0.00%           0.77%           0.58%           0.77%            2.12%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+
Payments = 90+
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                   REO Report - Mortgage Loans that Become REO During Current Distribution
-----------------------------------------------------------------------------------------------------------------------------------

SUMMARY                                                LOAN GROUP
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>
Total Loan Count =   0                                  Loan Group 1    =    Pool I Group;   REO Book Value  =  000.00
Total Original Principal Balance =   000.00             Loan Group 2    =    Pool II Group;   REO Book Value  = 000.00
Total Current Balance =   000.00                        Loan Group 3    =    Pool III Group;   REO Book Value  = 000.00
REO Book Value =   000.00

-----------------------------------------------------------------------------------------------------------------------------------
REO Book Value reported corresponds to total REO loans, including loans that
become REO during current distribution.

<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
<S>                   <C>             <C>               <C>             <C>          <C>                <C>            <C>
   Loan Number         Original         Stated                          Current         State &
        &             Principal       Principal         Paid to           Note           LTV at         Original       Origination
    Loan Group         Balance         Balance           Date            Rate         Origination         Term            Date
-----------------------------------------------------------------------------------------------------------------------------------
                                                   SPACE INTENTIONALLY LEFT BLANK

-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                                                Prepayment Report - Voluntary Prepayments
-------------------------------------------------------------------------------------------------------------------

VOLUNTARY PREPAYMENTS                                        POOL III        POOL II          POOL I           TOTAL
--------------------------------------------------------------------------------------------------------------------
<S>                                                          <C>             <C>              <C>              <C>
    Current
    Number of Paid in Full Loans
                                                                21              68              70              159
    Number of Repurchased Loans
                                                                 -               -               -                -
    ----------------------------------------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full
                                                                21              68              70              159

    Paid in Full Balance
                                                      4,416,600.03    3,498,534.13    3,053,461.08    10,968,595.24
    Repurchased Loans Balance
                                                                 -               -               -                -
    Curtailments Amount
                                                      1,438,291.48      808,657.55    1,368,798.19     3,615,747.22
    ----------------------------------------------------------------------------------------------------------------
    Total Prepayment Amount
                                                      5,854,891.51    4,307,191.68    4,422,259.27    14,584,342.46

    Cumulative
    Number of Paid in Full Loans
                                                                65             163             211              439
    Number of Repurchased Loans
                                                                 -               -               -                -
    ----------------------------------------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full
                                                                65             163             211              439

    Paid in Full Balance
                                                     13,261,099.79    8,364,618.12    8,771,403.06    30,397,120.97
    Repurchased Loans Balance
                                                                 -               -               -                -
    Curtailments Amount
                                                      8,140,302.32    4,360,464.14    5,424,295.25    17,925,061.71
    ----------------------------------------------------------------------------------------------------------------
    Total Prepayment Amount
                                                     21,401,402.11   12,725,082.26   14,195,698.31    48,322,182.68

                                          SPACE INTENTIONALLY LEFT BLANK

--------------------------------------------------------------------------------------------------------------------

<CAPTION>
VOLUNTARY PREPAYMENT RATES                           POOL III         POOL II          POOL I            TOTAL
---------------------------------------------------------------------------------------------------------------
<S>                                                  <C>              <C>              <C>              <C>
    SMM                                                 6.48%           4.57%           4.48%            5.15%
    3 Months Avg SMM                                    5.33%           3.47%           3.56%            4.10%
    12 Months Avg SMM
    Avg SMM Since Cut-off                               5.75%           3.34%           3.56%            4.19%

    CPR                                                55.22%          42.95%          42.31%           46.96%
    3 Months Avg CPR                                   48.15%          34.55%          35.31%           39.48%
    12 Months Avg CPR
    Avg CPR Since Cut-off                              50.85%          33.46%          35.24%           40.18%

    PSA                                              5680.07%        4418.22%        4209.39%         4773.51%
    3 Months Avg  PSA Approximation                  6246.52%        4467.07%        4377.02%         5034.61%
    12 Months Avg PSA Approximation
    Avg PSA Since Cut-off Approximation              7059.20%        4620.78%        4653.77%         5471.29%

---------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                 Realized Loss Report - Collateral
------------------------------------------------------------------------------------------------------------------------------------

COLLATERAL REALIZED LOSSES                                                POOL III        POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                       <C>             <C>              <C>               <C>
    Current
    Number of Loans Liquidated                                                     -              -               -               -
    Collateral Realized Loss/(Gain) Amount                                         -              -               -               -
    Net Liquidation Proceeds                                                       -              -               -               -

    Cumulative
    Number of Loans Liquidated                                                     -              -               -               -
    Collateral Realized Loss/(Gain) Amount                                         -              -               -               -
    Net Liquidation Proceeds                                                       -              -               -               -

    Note: Collateral realized losses may include adjustments to loans liquidated in prior periods.

    Cumulative Losses as % of Original Balance                                0.0000%        0.0000%         0.0000%         0.0000%

    Cumulative Losses as % of Current Balance                                 0.0000%        0.0000%         0.0000%         0.0000%

------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>

DEFAULT SPEEDS                                                            POOL III        POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                       <C>             <C>              <C>               <C>
    MDR                                                                        0.00%           0.00%           0.00%          0.00%
    3 Months Avg MDR                                                           0.00%           0.00%           0.00%          0.00%
    12 Months Avg MDR
    Avg MDR Since Cut-off                                                      0.00%           0.00%           0.00%          0.00%

    CDR                                                                        0.00%           0.00%           0.00%          0.00%
    3 Months Avg CDR                                                           0.00%           0.00%           0.00%          0.00%
    12 Months Avg CDR
    Avg CDR Since Cut-off                                                      0.00%           0.00%           0.00%          0.00%

    SDA                                                                        0.00%           0.00%           0.00%          0.00%
    3 Months Avg SDA Approximation                                             0.00%           0.00%           0.00%          0.00%
    12 Months Avg SDA Approximation
    Avg SDA Since Cut-off Approximation                                        0.00%           0.00%           0.00%          0.00%

    Loss Severity Approximation for Current Period
    3 Months Avg Loss Severity Approximation
    12 Months Avg Loss Severity Approximation
    Avg Loss Severity Approximation Since Cut-off
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                  Realized Loss Detail Report - Loans Liquidated During Current Distribution
------------------------------------------------------------------------------------------------------------------------------------

SUMMARY                                                                  LOAN GROUP
---------------------------------------------------------                ----------------------------------------------------------
<S>                                                                      <C>
Total Loan Count = 0                                                     Loan Group 1    =    Pool I Group
Total Original Principal Balance = 0.00                                  Loan Group 2    =    Pool II Group
Total Prior Principal Balance = 0.00                                     Loan Group 3    =    Pool III Group
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
---------------------------------------------------------                ----------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
   Loan Number               Original         Prior                         Current       State &
        &          Loan     Principal       Principal        Realized        Note          LTV at         Original       Origination
    Loan Group     Status    Balance         Balance       Loss/(Gain)       Rate       Origination         Term            Date
-----------------------------------------------------------------------------------------------------------------------------------
                                                   SPACE INTENTIONALLY LEFT BLANK
<S>                <C>       <C>             <C>            <C>              <C>         <C>               <C>            <C>
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                        Triggers, Adj. Rate Cert. and Miscellaneous Report
-----------------------------------------------------------------------------------------------------------------------------------

TRIGGER EVENTS                                                              POOL III         POOL II          POOL I         TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                       <C>                <C>           <C>           <C>
    Servicer Event of Default                                                     No              No              No             No

    Insurer Default                                                               No              No              No             No

------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
ADJUSTABLE RATE CERTIFICATE INFORMATION                                     POOL III         POOL II          POOL I         TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>                 <C>           <C>           <C>

                                                   SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------

ADDITIONAL INFORMATION                                                      POOL III         POOL II          POOL I          TOTAL
------------------------------------------------------------------------------------------------------------------------------------
    Detail Delinq. Breakdown to Supplement pages 11-13
    Number of Mort. Loans Delinq. 90 -119 days                                     2               -               1               3
    Balance of Mort. Loans Delinq. 90 -119 days                           143,540.00            0.00        9,777.26      153,317.26
    Number of Mort. Loans Delinq. 120 -149 days                                    -               -               -               -
    Balance of Mort. Loans Delinq. 120 -149 days                                0.00            0.00            0.00            0.00
    Number of Mort. Loans Delinq. 150 -179 days                                    1               -               -               1
    Balance of Mort. Loans Delinq. 150 -179 days                               40.00            0.00            0.00           40.00
    Number of Mort. Loans Delinq. 180 days or more                                 -               -               -               -
    Balance of Mort. Loans Delinq. 180 days or more                             0.00            0.00            0.00            0.00

    Management Fee Accrued and Unpaid                                         654.68          658.80          686.52        2,000.00
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>EXHIBIT 10.5

                        SHARE PURCHASE AND SALE AGREEMENT
                        ---------------------------------

THIS AGREEMENT made effective the 30th day of May, 2001.

BETWEEN:  HADRO RESOURCES, INC., a body corporate incorporated under the laws of
          the State of Nevada and carrying on business in the United States of
          America

          (the "Purchaser")

AND:      U.S. OIL & GAS RESOURCES INC. a body corporate incorporated under the
          laws of British Columbia, and carrying on business in the City of
          Vancouver, British Columbia

          (the "Vendor")

AND:      OAKHILLS ENERGY INC., THOR ENERGY INC., and O.J. OIL & GAS INC.,
          bodies corporate incorporated under the laws of the State of Oklahoma
          and each carrying on business in the City of Holdenville, Oklahoma

          (collectively "Subs 1-3")

WHEREAS the Vendor is the registered and beneficial owner of all of the issued
and outstanding common shares in the capital stock of Subs 1-3 (the "Subs 1-3
Shares"); and

WHEREAS the Vendor wishes to sell, transfer and convey the Subs 1-3 Shares to
the Purchaser and the Purchaser is offering to purchase 100% of the Subs 1-3
Shares, subject to the terms and conditions contained herein;

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the mutual
covenants, agreements, representations and warranties contained herein and other
good and valuable consideration (the receipt and sufficiency of which is hereby
acknowledged) the parties covenant and agree as follows:

1.   INTERPRETATION

1.1  Where used herein, the following terms shall have the following meanings:

     (a)  "Agreement", "hereto", "hereof", "herein", "hereby", and "hereunder"
          and similar expressions mean and refer to this Agreement as the same
          may be amended, modified or supplemented at any time or from time to
          time;

     (b)  "Assets" means the right, title and interest of Subs 1-3;

     (c)  "CDNX" means the Canadian Venture Exchange;

<PAGE>

     (d)  "Closing" means the completion of the purchase and sale of the Subs
          1-3 Shares pursuant hereto which shall take place within ten (10)
          business days of the acceptance of this Agreement for filing with the
          CDNX and the granting of shareholder approval of the Vendor to this
          Agreement, but in any event, not later than July 31, 2001, or on such
          other date as may be orally agreed between the parties hereto;

     (e)  "Purchase Price" means the purchase price set out in paragraph 2.1
          hereof;

     (f)  "The Purchaser Shares" means shares in the capital stock of the
          Purchaser issued to the Vendor as consideration for the purchase of
          the Subs 1-3 Shares as set out in paragraph 2.1 hereof; and

     (g)  "Vendor's Counsel" means Page Fraser and Associates, Barristers and
          Solicitors, of Vancouver, British Columbia in their capacity as
          counsel to the Vendor.

2.   PURCHASE OF SHARES

2.1  Subject to Closing and Section 2.5 of this Agreement, as of the Closing the
     Vendor hereby sells, assigns, transfers and conveys to the Purchaser, and
     the Purchaser hereby purchases from the Vendor, 100% of the Subs 1-3 Shares
     in consideration of the issuance to the Vendor of 10,000,000 Rule 144
     restricted common shares in the capital stock of the Purchaser on Closing.

2.2  The Purchaser agrees, in partial consideration for the transfer of 100% of
     the Subs 1-3 Shares to the Purchaser on Closing, to provide registration
     rights to register The Purchaser Shares for unrestricted transfer free
     trading status upon the written request of the Vendor, such registration of
     The Purchaser Shares shall be conducted by the Purchaser as soon as
     possible after written notice is tendered by the Vendor at the cost of the
     Purchaser. The Purchaser agrees to utilize its best efforts to conclude
     such registration in under 6 months.

2.3  The Vendor and the Purchaser agree that all funds advanced by the Purchaser
     to Subs 1-3 before the Closing shall be accounted for as such demand
     advances by the Purchaser, and evidenced by the issue of promissory demand
     notes by the Subs 1-3 (the "Demand Advances").

2.4  A finders fee payable in Rule 144 restricted common shares in the capital
     stock of the Purchaser shall be paid pursuant to this transaction by the
     Purchaser in the total of an additional 5% of The Purchaser Shares upon
     Closing.

2.5  This Agreement is subject to due diligence to be conducted by the Purchaser
     on or before the Closing date.

3.   REPRESENTATIONS AND WARRANTIES OF THE VENDOR

3.1  The Vendor hereby represents and warrants to and in favour of the Purchaser
     (the Purchaser relying on such representations and warranties in entering
     into this Agreement) that, as of the date hereof and as at the Closing:

<PAGE>

     (a)  the Vendor is the registered owner of all of the issued and
          outstanding shares in the capital stock of Subs 1-3 and the Vendor has
          a 100% beneficial right, title and interest in and to these Subs 1-3
          Shares;

     (b)  the Subs 1-3 Shares will be validly issued and outstanding as fully
          paid and non-assessable with no options, contracts, calls, commitments
          or rights of any character relating thereto;

     (c)  the Vendor has the full capacity and authority to sell, transfer,
          convey, assign or option its Subs 1-3 Shares in accordance with the
          terms of this Agreement;

     (d)  this Agreement and all other documents executed and delivered by the
          Vendor pursuant hereto constitute legal, valid and binding obligations
          of the Vendor enforceable in accordance with their terms;

     (e)  the Vendor's legal and beneficial title to its Subs 1-3 Shares is free
          and clear of all liens, charges, encumbrances, adverse claims and
          demands by any parties other than those to this Agreement;

     (f)  the Vendor is not a party to any actions, suits or other legal,
          administrative or arbitration proceedings or government investigations
          which might reasonably be expected to result in impairment or loss of
          the Vendors' interest in the Subs 1-3 Shares;

     (g)  the entering into of this Agreement by the Vendor and the completion
          of sale by the Vendor of the Subs 1-3 Shares pursuant hereto will not,
          to the best of its knowledge, result in the violation of any law,
          regulation or statute of the Province of British Columbia or the
          United States;

     (h)  the Vendor has incurred no obligations or liabilities, contingent or
          otherwise, for brokers' or finders' fees in respect of this
          transaction for which the Purchaser shall have any obligation or
          liability;

     (i)  Subs 1-3 are private companies duly incorporated, properly organized,
          validly existing and qualified to carry on business under the laws of
          the State of Oklahoma with all necessary power, authority and capacity
          to own or otherwise hold its property and assets, is in good standing,
          and has conducted its business in accordance with applicable laws;

     (j)  there will be no outstanding shareholders' loans owing to the Vendor
          by Subs 1-3;

     (k)  Subs 1-3 holds no assets other than the Assets;

     (l)  Subs 1-3 do not own any shares in any corporations or any beneficial
          interests in any other entities, nor are Subs 1-3 a party to any
          agreements of any nature to acquire any such shares or beneficial
          interests or to acquire or lease any other business operations;

     (m)  Subs 1-3 will have good and marketable title to the Assets, free and
          clear of all material liens, mortgages, charges, costs, expenses,
          liabilities and encumbrances of every nature and kind whatsoever other
          than that outlined in the audited financial statements of Subs 1-3 as
          attached as Exhibit A to this Agreement; and

<PAGE>

     (n)  there are no suits or proceedings at law or equity before or by any
          federal, provincial, municipal or other governmental department,
          commission, board, bureau, agency or instrumentality, which could
          adversely affect the business of Subs 1-3 or the purchase and sale
          herein contemplated.

3.4  The Vendor acknowledges and agrees that the Purchaser has entered into this
     Agreement relying on the warranties and representations and other terms and
     conditions hereof.

4.   REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

4.1  The Purchaser represents and warrants to the Vendor (the Vendor relying on
     such representations and warranties in entering into this Agreement) that
     as of the date hereof:

     (a)  the Purchaser is a corporation duly incorporated under the laws of the
          State of Nevada, is validly existing and in good standing with respect
          to the filing of annual returns, and has the authority and capacity to
          enter into this Agreement and to carry out the transactions
          contemplated hereby;

     (b)  all information with respect to the business activities of the
          Purchaser publicly disclosed by the Purchaser is true and correct;

     (c)  all necessary corporate actions have been or will be taken prior to
          Closing to authorize the Purchaser to enter into and perform this
          Agreement and this Agreement constitutes a legal, valid and binding
          obligation of the Purchaser enforceable against the Purchaser in
          accordance with its terms;

     (d)  the entering into of this Agreement and the transactions contemplated
          hereby will not result in the violation or breach of any of the terms
          and provisions of any indenture, lease or agreement, written or oral,
          to which the Purchaser is a party or by which the Purchaser is bound
          or affected;

     (e)  the entering into of this Agreement by the Purchaser and the
          completion by the Purchaser of the purchase of the Subs 1-3 Shares
          will not result in the violation of any law of the State of Nevada or
          the laws of the United States of America applicable therein;

     (f)  the Purchaser has not made any arrangements, commitments or
          undertakings for the payment of any finder's fees, commissions or
          brokerage fees in respect of the transactions contemplated by this
          Agreement for which the Vendor will have any liability other than that
          disclosed in Section 2 of this Agreement;

     (g)  the entering into of this Agreement and the transactions contemplated
          hereby will not result in the violation of any of the terms and
          provisions of the constating documents or bylaws of the Purchaser or
          the Purchaser's Listing Agreement with the NASD's OTCBB or the Form
          211s filed by its market makers with the NASD; and

<PAGE>

     (h)  The Purchaser is not in default of any requirements of the Securities
          Exchange Act of 1934 or the Securities Act of 1933 and the rules and
          regulations thereunder or of the rules and policies of the NASD as
          applied to the OTCBB system of electronic trading.

     (i)  The Purchaser agrees to maintain in good standing all listing
          requirements now and at any future date, such requirements shall
          include but are not limited to those of the SEC and the Securities
          Exchange Act of 1934 or the Securities Act of 1933 and the rules and
          regulations thereunder, those required by the NASD, and the rules and
          policies of the NASD as applied to the OTCBB system of electronic
          trading, and any and all other corporate jurisdictions that may impact
          the good standing of its public trading listings.

4.3  The Purchaser acknowledges and agrees that the Vendor has entered into this
     Agreement relying on the warranties and representations and other terms and
     conditions hereof.

5.   COVENANTS OF THE VENDORS

5.1  The Vendors covenant and agree that they will:

     (a)  cause to be taken all reasonably necessary steps, actions and
          corporate proceedings on the part of Subs 1-3 (including the approval
          of this Agreement by the directors of Subs 1-3) to enable it to vest a
          good and marketable title to the Subs 1-3 Shares in the Purchaser,
          free and clear of all liens, mortgages, encumbrances, equities or
          claims of every nature and kind whatsoever other than that outlined in
          the audited financial statements of Subs 1-3 as attached as Exhibit A
          to this Agreement;

     (b)  if necessary, forthwith after the execution of this Agreement, obtain
          all necessary consents that may be required pursuant to the Assets in
          respect of the acquisition by the Purchaser of the Subs 1-3 Shares;

     (c)  forthwith after the Closing of the transactions contemplated in this
          Agreement, confirm the appointments of Mr. Douglas Humphrey and Jurgen
          Wolf of the Vendor to the Board of Directors of the Purchaser subject
          only to their agreement and qualification to act as a director for a
          US public company; and

     (d)  take all reasonably necessary steps and perform all reasonable acts
          necessary to register the transfer of Subs 1-3 Shares to the Purchaser
          as these transfers occur.

6.   SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS

6.1  All representations, warranties, covenants and agreements made by the
     Vendor in this Agreement or pursuant hereto shall, unless otherwise
     expressly stated, survive the Closing and the payment of the Purchase
     Price.

6.2  All representations, warranties, covenants and agreements made by the
     Purchaser in this Agreement or pursuant hereto shall, unless otherwise
     expressly stated, survive the Closing, execution of further conveyances,
     the payment of the Purchase Price and any investigation at any time made by
     or on behalf of the Vendor.

<PAGE>

7.   CONDITIONS PRECEDENT TO PURCHASER'S OBLIGATIONS

7.1  Notwithstanding anything herein contained, the obligation of The Purchaser
     to complete the purchase of the Subs 1-3 Shares hereunder is subject to the
     following conditions:

     (a)  the representations and warranties of the Vendors contained in this
          Agreement shall be true as of Closing;

     (b)  all of the covenants, agreements and deliveries of the Vendors to be
          performed on or before the Closing pursuant to the terms of this
          Agreement shall have been duly performed;

     (c)  prior to the Closing, Subs 1-3 shall not have experienced any event or
          condition or taken any action of any character or have become aware of
          any action of any character that would adversely affect the Assets, or
          financial condition of Subs 1-3 so as to materially reduce the value
          of the Assets to the Purchaser;

     (d)  The Purchaser and its counsel in their sole discretion are satisfied
          that at the Closing:

          (i)  The Purchaser will acquire good and valid title to the Subs 1-3
               Shares free and clear of liens, charges and encumbrances (subject
               to section 2.4); and

          (ii) this transaction will not be subject to being set aside under any
               applicable insolvency, bankruptcy, or similar legislation;

     (e)  the transactions contemplated by this Agreement shall have been duly
          approved by the boards of directors of Subs 1-3, the Vendor, and by
          the CDNX, and shareholder approval of the Vendor, if necessary; and

     (f)  no federal, provincial, regional or municipal government or any agency
          thereof shall have enacted any statute, regulation or bylaws or
          announced any policy that will materially and adversely affect the
          Assets or the right of Subs 1-3 to the full enjoyment of the Assets.

     (g)  This Agreement is subject to due diligence to be conducted by the
          Purchaser on all aspects of Subs 1-3 or before the Closing date.

8.2  The foregoing conditions are for the exclusive benefit of the Purchaser and
     such conditions may be waived in whole or in part by the Purchaser on or
     prior to the Closing by delivery to the Vendor of a written waiver to that
     effect, signed by the Purchaser.

9.   CONDITIONS PRECEDENT TO OBLIGATIONS OF THE VENDOR

<PAGE>

9.1  Notwithstanding anything herein contained the obligation of the Vendor to
     complete the sale hereunder is subject to the following conditions:

     (a)  the representations and warranties of the Purchaser contained in this
          Agreement shall be true as of the Closing;

     (b)  The Purchaser shall have performed and complied with all covenants,
          agreements and conditions required by this Agreement to be performed
          or complied with by it at or prior to the Closing; and

     (c)  the transactions contemplated by this Agreement shall have been duly
          approved by the boards of directors of Subs 1-3, the Purchaser, and by
          the CDNX, if necessary.

9.2  The foregoing conditions are for the exclusive benefit of the Vendor and
     any such condition may be waived in whole or in part by the Vendor at or
     prior to the time of Closing by delivering to the Purchaser a written
     waiver to that effect, signed by the Vendor.

10.  VENDORS' DELIVERIES

10.1 At the Closing the Vendor shall deliver or cause to be delivered to the
     Purchaser or to the Purchaser's agent:

     (a)  a resolution of the board of directors of Subs 1-3 approving the
          transfer of 100% of the Subs 1-3 Shares to the Purchaser;

     (b)  share certificates for 100% of Subs 1-3 Shares duly endorsed for
          transfer;

     (c)  the corporate records and seals of Subs 1-3 including, without
          limiting the generality of the foregoing, Subs 1-3' constating
          documents and all minutes and resolutions of Subs 1-3' directors and
          shareholders;

     (d)  copies of all documents (including, without limitation, records,
          correspondence and contracts relating to Subs 1-3 that have not been
          previously delivered before Closing and that the Purchaser in its
          reasonable opinion considers to be necessary or desirable for the
          conduct by the Purchaser of any activities related to the Assets.

11.  PURCHASER'S DELIVERIES

11.1 At the Closing, The Purchaser shall deliver or cause to be delivered share
     certificate(s) for the Purchaser Shares registered in the names of the
     Vendor.

12.  LOSS OR DAMAGE TO THE ASSETS PRIOR TO CLOSING

12.1 Until Closing, the Vendor shall cause Subs 1-3 to, and Subs 1-3 shall
     continue to, satisfy and comply with its operating and business obligations
     and shall not make or initiate any actions that could result in the default
     in or breach of any term, condition, provision or obligation to be
     performed in the course of the business of each company which would impair
     or result in the loss of Subs 1-3' interest in the Assets or adversely
     affect the business of Subs 1-3 or the purchase and sale herein
     contemplated.

<PAGE>

13.  NOTICES

13.1 Any notice or other writing required or permitted to be given hereunder
     shall be deemed to be sufficiently given if personally delivered, if mailed
     postage prepaid in any post office in Canada or the United States, or if
     given by telegram, telecopier, or facsimile, addressed to the addresses
     given for the parties to this Agreement.

13.2 Any such notice given as aforesaid shall be deemed to have been given to
     the parties hereto when delivered, if personally delivered, on the third
     business day following the date of mailing, if mailed, and on the same day
     as the telegraphing, telecopying, or facsimile transmission thereof, if
     telegraphed, telecopied, or transmitted by facsimile, PROVIDED HOWEVER,
     that during the period of any postal interruption in Canada or the United
     States any notice given hereunder by mail shall be deemed to have been
     given only as of the date of actual delivery of the same.

13.3 Any party may, from time to time by notice in writing given as aforesaid,
     change its address for the purposes of this section by giving notice of
     this change to the other parties.

14.  GENERAL PROVISIONS

14.1 Time shall be of the essence of this Agreement.

14.2 This Agreement contains the whole agreement between the Vendor and the
     Purchaser in respect of the purchase and sale of the Subs 1-3 Shares
     contemplated hereby and there are no warranties, representations, terms,
     conditions or collateral agreements, express, implied or statutory, other
     than expressly set forth in this Agreement.

14.3 This Agreement shall enure to the benefit of and be binding upon the
     parties hereto and, as applicable, their heirs, administrators, successors
     and assigns, and any reference herein to the Vendor or the Purchaser shall
     include, as applicable, their successors and assigns.

14.4 The parties hereto shall execute such further and other documents and do
     such further and other things as may be necessary to carry out and give
     effect to the intent of this Agreement.

14.5 This Agreement shall in all respects be governed by and be construed in
     accordance with the laws of the State of Nevada and the parties hereto
     agree to attorn to the courts thereof.

14.6 If any one or more of the provisions contained in this Agreement should be
     invalid, illegal or unenforceable in any respect in any jurisdiction, the
     validity, legality and enforceability of such provision or provisions shall
     not in any way be affected or impaired thereby in any other jurisdiction
     and the validity, legality and enforceability of the remaining provisions
     contained herein shall not in any way be affected or impaired thereby,
     unless in either case as a result of such determination this Agreement
     would fail of its essential purpose. 14.10 Unless otherwise indicated, all
     dollar amounts referred to in this Agreement are in US dollars.

<PAGE>

14.12 All costs and expenses (including, without limitation, the fees and
     disbursements of legal counsel and any investment advisors) incurred in
     connection with this Agreement and the transactions contemplated hereby
     shall be paid by the party incurring such expenses unless otherwise agreed
     to between the parties.

14.13 This Agreement may be executed in one or more counterparts and by
     facsimile, each of which counterparts so executed shall constitute an
     original and all of which together shall constitute one and the same
     agreement.

14.14 The parties hereto acknowledge that Page Fraser and Associates represents
     the Vendor and has provided no legal advice with respect to this Agreement
     to any other party.

14.15 The parties undersigned have read, acknowledged, understood and accepted
     or, in the case of Subs 1-3, consented to, the terms of the offer above.

IN WITNESS WHEREOF this Agreement has been executed by the parties hereto as of
the day and year first above written.

U.S. OIL & GAS RESOURCES INC.

-------------------------------
Authorized Signatory

HADRO RESOURCES, INC.

-------------------------------
Authorized Signatory

The terms of the above offer are hereby acknowledged and consented to:

OAKHILLS ENERGY INC.

-------------------------------
Authorized Signatory

THOR ENERGY INC.

-------------------------------
Authorized Signatory

O.J. OIL & GAS INC.

-------------------------------
Authorized Signatory

<PAGE>

EXHIBIT "A"

Financial Statements of SUBS 1-3

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