Document:

Exhibit 10.21  

January 10,
2007 

To
the Board of Directors of

Taliera Corporation 

Gentlemen:

        The
undersigned previously subscribed for and agreed to purchase 1,000,000 Warrants ("Insider Warrants") at $1.20 per Insider Warrant, of Taliera Corporation (the "Corporation") for an
aggregate purchase price of $1,200,000 ("Purchase Price"), pursuant to terms set forth in Letter Agreements dated July 28, 2006 and December 7, 2006 (the "Letter Agreement"). This agreement amends the
Letter Agreement to provide for the undersigned's agreement to purchase an additional 416,667 Insider Warrants in accordance with the same terms in the Letter Agreement. 

        The
undersigned hereby agrees to purchase an additional 416,667 Insider Warrants at $1.20 per Insider Warrant, for and aggregate purchase price of $500,000 all in accordance with the
terms of the Letter Agreement. In all other respects, the terms of the Letter Agreement remain in full force and effect. 

	 	 	 	 	Very truly yours,
	

 	
 	

 	
 	

 	
 	

 
	 	 	 	 	TALIERA HOLDINGS, LLC
	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ J. SMOKE WALLIN
	 	 	 	 	 	 	

	 	 	 	 	 	 	J. Smoke Wallin, CEO
	Agreed	 	 	 	 
	 	 	 	 	 	 	 
	TALIERA CORPORATION	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	/s/ J. SMOKE WALLIN	 	 	 	 
	 	 	
	 	 	 	 
	 	 	J. Smoke Wallin, CEO	 	 	 	 
	

 	
 	

 	
 	

 	
 	

 
	MORGAN JOSEPH & CO. INC.	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	/s/ MICHAEL POWELL	 	 	 	 
	 	 	
	 	 	 	 
	 	 	Name:  Michael Powell	 	 	 	 
	 	 	Title:  Managing DirectorContribution Agreement

    CONTRIBUTION
      AGREEMENT

     

    This
      CONTRIBUTION AGREEMENT (“AGREEMENT”) is entered into as of February 1, 2007
      by and among GOLDRANGE RESOURCES, INC., a Nevada corporation (“Company”), JMT
      RESOURCES, LTD., a Texas limited partnership (“JMT”), REO ENERGY, LTD., a Texas
      limited partnership (“REO”), and BENCO OPERATING, INC., a Texas corporation
      (“BENCO”) (JMT, REO and BENCO shall sometimes be referred to herein individually
      as a “CONTRIBUTOR” and collectively as the “CONTRIBUTORS”).

     

    WHEREAS,
      JMT, REO and BENCO have agreed to contribute certain assets and property to
      the
      Company in exchange for shares of capital stock of the Company (the
“SHARES”);

     

    WHEREAS,
      JMT desires to contribute, transfer and assign to the Company all right, title
      and interest in and to those assets listed on Exhibit
      A
      hereto
      in exchange for an aggregate of 15,822,750 shares of common stock, par value
      $0.001 per share, of the Company (“COMMON STOCK”) pursuant to Section 351 of the
      Internal Revenue Code of 1986, as amended (the “CODE”);

     

    WHEREAS,
      REO desires to contribute, transfer and assign to the Company all right, title
      and interest in and to those assets listed on Exhibit
      B
      hereto
      in exchange for an aggregate of 22,855,500 shares of Common Stock of the Company
      pursuant to Section 351 of the Code;

     

    WHEREAS,
      BENCO desires to contribute, transfer and assign to the Company all right,
      title
      and interest in and to those assets listed on Exhibit
      C
      hereto
      in exchange for an aggregate of 16,041,750 shares of Common Stock of the Company
      pursuant to Section 351 of the Code;

     

    WHEREAS,
      prior to the execution of this Agreement and the contribution of the assets
      pursuant hereto, the Company has received an aggregate of 18,820,690 shares
      of
      its Common Stock from certain of its stockholders for return to the treasury
      and
      for cancellation, which shares are no longer outstanding, and the Company has
      issued and outstanding an aggregate of 13,379,310 shares of its Common Stock
      (before taking into effect the issuance of shares pursuant to this
      Agreement);

     

    WHEREAS,
      the contributions pursuant to this Agreement and the exchange pursuant to the
      Agreement and the private placement transaction are part of a plan under Section
      351 of the Internal Revenue Code of 1986, as amended, and are intended to close
      concurrently; and

     

    WHEREAS,
      the parties desire to enter into this Agreement with respect to the assets
      and
      property being contributed and assigned to the Company by JMT, REO and BENCO
      and
      the Company desires to accept such contribution and assignment, on the terms
      set
      forth in this Agreement.

     

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual covenants and
      conditions set forth below, and for other good and valuable consideration,
      the
      receipt and sufficiency of which is hereby acknowledged, the parties to this
      Agreement agree as follows:

     

    1.  DEFINITIONS.For
      purposes of this Agreement, except as otherwise expressly provided or unless
      the
      context otherwise requires, the terms defined in this Section 1.1 have the
      meaning herein and assigned to them in the capitalized terms defined by
      inclusion in quotation marks and parenthesis elsewhere in the Agreement have
      the
      meaning so ascribed to them.

     

    
      
        
        

      

      
        EX
          10.1 -
          1

        
          

        

      

      
        
        

      

    

    1.1.  “Acquired
      Assets” or “Assets” means the Properties, the Related Rights, the Related
      Assets, the Related Records, the Related Equity Interests, the Current Assets
      and other Assets of Contributors.

     

    1.2.  “Agreement”
      means this Agreement to contribute assets.

     

    1.3.  “Basic
      Documents” means all of the oil, gas and other mineral leases, assignments of
      other interests which comprise the Properties and all contractually binding
      arrangements to which the Properties may be subject and which will be binding
      on
      the Properties or the Company after the Closing (including without limitation,
      overriding royalty assignments, farmout and farmin agreements, option
      agreements, forced pooling orders, assignments of production payments, unit
      agreements, and joint operating agreements.

     

    1.4.  “Closing
      Date” means 10:00 a.m., California time, February 2, 2007, or subject to
      Section 3.2 such other date as mutually agreed to by the parties hereto.

     

    1.5.  “Closing”
      means the closing of the transactions contemplated by this Agreement on the
      closing day at the offices of Greenberg Traurig, 650 Town Center Drive, Suite
      1700, Costa Mesa, California, or at such other places mutually agreed to by
      the
      parties hereto.

     

    1.6.  “Current
      Assets” means all cash, inventories, accounts and notes receivable, prepaid
      expenses, other current assets of Contributors as of the Closing
      Date.

     

    1.7.  “Developed
      Leases” means those leases held by actual, constructive or allocated
      production.

     

    1.8.  “Effective
      Date” means the same date as the Closing Date.

     

    1.9.  “General
      Assignment” means the assignment and bill of sale conveying to the Company all
      the Acquired Assets.

     

    1.10.  “Producing
      Properties” means Developed Leases to the extent included as shown on Producing
      Properties.

     

    1.11.  “Properties”
      means all of the oil, gas and other mineral properties, rights and undivided
      interests, including but not limited to leasehold, fee, mineral, royalty and
      overriding royalty interests, payments out of production and other rights,
      including contractual rights to production and contractual rights for providing
      for the acquisition or earning of any such interest, owned by Contributors
      in
      whole or in part, whether directly or indirectly, as set forth in the lease
      list.

     

    1.12.  “Related
      Assets” means all the real, personal and mixed property located on the
      Properties or used in operation thereof, including but not limited to those
      interests and items which are owned by Contributors, including, without
      limitation, wells, well equipment, casings, tanks, crude oil, tubing, pumps,
      motors, fixtures, machinery and other equipment, and all other improvements
      using the operation thereof.

     

    1.13.  “Related
      Records” means all the files, records and data relating to the Acquired Assets,
      including without limitation, title records (including abstracts of title and
      title curative documents), computer software and related contracts,
      correspondence, geological, geophysical and seismic records, and all related
      matters, and tax returns and related work papers and financial statements of
      the
      Contributors.

     

    
      
        
        

      

      
        EX
          10.1 -
          2

        
          

        

      

      
        
        

      

    

    1.14.  “Related
      Rights” means: 

     

    (a)  (i)
      all
      rights, privileges, benefits and powers (including without limitation, permits,
      licenses, servitudes, easements and rights of way) conferred upon the
      Contributors with respect to the use and occupation of the surface of, and
      the
      subsurface depths under, the land covered by and benefiting its Properties
      which
      may be necessary, convenient or incidental to the possession and enjoyment
      of
      the interests; (ii) all rights in respect of any pooled or unitized acreage
      by
      virtue of any Property being a part thereof, including all production from
      the
      pool or unit allocated to any such Property; (iii) all rights, options, titles
      and interests of Contributors granting Contributors the right to obtain or
      otherwise earn interests with respect to its Properties whether by drilling
      wells, causing wells to be drilled, payment of money or otherwise; (iv) all
      tenements, herediments and appurtenances belonging to such
      Properties;

     

    (b)  all
      orders, gas purchase and sale contracts, pre-purchase and sale agreements,
      subsurface leases, farmin agreements, farmout agreements, acreage contribution
      agreements, operating agreements, processing agreements, options, leases of
      equipment or facilities and other contracts, agreements and rights which are
      owned by Contributors in whole or in part and are (i) appurtenant to the
      Properties, or (ii) used or held for use in connection with the ownership or
      operation of the Properties or with the production, sale or disposal of water,
      hydrocarbons or associated substances.

     

    1.15.  “Working
      Interest” means the operating interests under an oil and gas lease and when used
      in the plural, the aggregate of all such interests.

     

    2.  CONTRIBUTION
      OF ASSETS; ASSUMPTION OF LIABILITIES

     

    2.1.  Contribution
      Of Assets By JMT.
      At the
      Closing, JMT shall grant, sell, convey, transfer, assign, release and deliver
      to
      the Company all right, title and interest in and to the Acquired Assets set
      forth on Exhibit
      A
      hereto,
      to have and hold the same unto itself, its successors and assigns forever,
      and
      the Company shall accept such grant, sale, conveyance, etc.

     

    2.2.  Contribution
      of Assets by REO.
      At the
      Closing, REO shall grant, sell, convey, transfer, assign, release and deliver
      to
      the Company all right, title and interest in and to the Acquired Assets set
      forth on Exhibit
      B
      hereto,
      to have and hold the same unto itself, its successors and assigns forever,
      and
      the Company shall accept such grant, sale, conveyance, etc.

     

    2.3.  Contribution
      of Assets by BENCO.
      At the
      Closing, BENCO shall grant, sell, convey, transfer, assign, release and deliver
      to the Company all right, title and interest in and to the Acquired Assets
      forth
      on Exhibit
      C
      hereto,
      to have and hold the same unto itself, its successors and assigns forever,
      and
      the Company shall accept such grant, sale, conveyance, etc.

     

    2.4.  Assumption
      of Liabilities by the Company.
      At the
      Closing, Contributors shall transfer, assign and delegate to the Company all
      of
      the liabilities set forth on Schedule 2.4
      hereto
      (the “Liabilities”), and the Company shall accept such transfer, assignment and
      delegation and assume and undertake to become liable for such Liabilities and
      agree to faithfully pay, perform and discharge such Liabilities when due. The
      Company further agrees that it shall indemnify, defend and hold harmless
      Contributors, their affiliates, agents, officers, directors and employees from
      and against any and all losses, damages, liabilities expenses, costs,
      assessments and taxes (including, without limitation, interest, penalties and
      attorneys' fees) arising from or in connection with any debts, liabilities,
      obligations or contracts assumed under this Agreement.

     

    
      
        
        

      

      
        EX
          10.1 -
          3

        
          

        

      

      
        
        

      

    

    3.  ISSUANCE
      OF SHARES; ITEMS TO BE DELIVERED AT CLOSING

     

    3.1.  Issuance
      of Shares.
      Subject
      to the terms and conditions hereof, at the Closing (as hereinafter defined)
      the
      Company agrees to issue, in consideration for the assets and property
      contributed by the respective parties pursuant to Section 1.1, Section 1.2
      and
      Section 1.3 that number of shares of the Company’s Common Stock as
      follows:

     

    
      	
              Name

            	
              Number
                of Shares

            
	 	 
	
              JMT

               

            	
              15,822,750
                shares of Common Stock

               

            
	
              REO

               

            	
              22,885,500
                shares of Common Stock

               

            
	
              BENCO

               

            	
              16,041,750
                shares of Common Stock 

               

            
	
              Total

               

            	
              54,750,000
                shares of Common Stock

               

            

    

    

    3.2.  Closing
      Date.
      The
      issuance of the Common Stock, the contribution of assets and property, and
      the
      other transactions contemplated hereunder (the “CLOSING”) shall take place at
      the offices of Greenberg Traurig, LLP at 650 Town Center Drive, Suite 1700,
      Costa Mesa, California 92626 on February 2, 2007, or at such other time and
      place upon which the Contributors shall agree.

     

    3.3.  Delivery
      of Shares of Common Stock.
      At the
      Closing, the Company shall issue and deliver to each Contributor one or more
      certificates representing the shares of Common Stock in consideration for the
      contribution of the assets and property set forth herein. Such certificate
      or
      certificates evidencing the Common Stock shall be registered in the name of
      the
      applicable Contributor on the books and records of Company.

     

    3.4.  Condition
      to Closing.
      The
      obligations of the parties to contribute assets or issue shares and to take
      any
      other actions required to be taken by the parties hereto shall be subject to,
      and contingent upon, the closing of the Private Placement.

     

    3.5.  Items
      to be Delivered at the Closing.

     

    (a)  JMT
      Assets. JMT shall deliver the Assets listed on Exhibit
      A
      hereto,
      an Assignment and Assumption Agreement evidencing the transfer of such Assets,
      and all other Basic Documents or instruments of assignment, transfer, or
      conveyance, in each case dated as of the date of this Agreement, as the
      Contributors and the Company and their respective counsels shall reasonably
      deem
      necessary or appropriate to vest in or confirm title to the contributed Assets.
      Each stock certificate shall be duly endorsed or shall be accompanied by an
      executed stock power in favor of the Company.

     

    
      
        
        

      

      
        EX
          10.1 -
          4

        
          

        

      

      
        
        

      

    

    (b)  REO
      Assets. REO shall deliver the Assets listed on Exhibit
      B
      hereto,
      an Assignment and Assumption Agreement evidencing the transfer of such assets,
      and all other Basic Documents or instruments of assignment, transfer, or
      conveyance, in each case dated as of the date of this Agreement, as the
      Contributors and the Company and their respective counsels shall reasonably
      deem
      necessary or appropriate to vest in or confirm title to the contributed Assets.
      Each stock certificate shall be duly endorsed or shall be accompanied by an
      executed stock power in favor of the Company.

     

    (c)  BENCO
      Assets. BENCO shall deliver the assets listed on Exhibit
      C
      hereto,
      an Assignment and Assumption Agreement evidencing the transfer of such Assets,
      and all other Basic Documents or instruments of assignment, transfer, or
      conveyance, in each case dated as of the date of this Agreement, as the
      Contributors and the Company and their respective counsels shall reasonably
      deem
      necessary or appropriate to vest in or confirm title to the contributed Assets.
      Each stock certificate shall be duly endorsed or shall be accompanied by an
      executed stock power in favor of the Company.

     

    (d)  Company
      Deliverables. The Company shall deliver (i) a certified copy of the Articles
      of
      Incorporation of the Company filed with the Secretary of State of the State
      of
      Nevada and a certificate of good standing from the Secretary of State of the
      State of Nevada and each jurisdiction in which the Company is duly qualified
      to
      transact business, in each case, dated within 10 days of the Closing; (ii)
      all
      minute books, stock books, ledgers and registers, if any, and other records
      relating to the organization, ownership and maintenance of the Company; (iii)
      all books and records of the Company, including, without limitation, all work
      papers and other backup materials used in the preparation of the Company’s
      federal, state and local tax returns for each of the Company’s last five (5)
      fiscal years; and (iv) a copy of the bylaws of the Company certified by the
      secretary of the Company.

     

    4.  TITLE
      MATTERS

     

    4.1.  General
      Access.
      Prior
      to the execution hereof, Contributors have granted the Company access to certain
      of its records. Until Closing, Contributors will, except to the extent that
      Contributors are prohibited therefrom by any agreement or contract to which
      it
      is a party (i) give to the Company and its representatives (such representatives
      to include consultants, other attorneys and other advisors of the Company)
      full
      access to all the Properties, the Related Assets and the Related Records, as
      well as all of the offices and personnel of Contributors and any other document
      pertaining to the Acquired Assets, including without limitation, all abstracts
      of title, lease files, unit files, production marketing files, title policies,
      title opinions, title records and files which Contributors may have (or have
      access to) relating in any way to the Properties, the past or present operation
      thereof and the marketing of production therefrom; (ii) use reasonable efforts
      to obtain and submit to the Company or its representatives as promptly as
      practical, such abstracts, title reports, status reports, certificates of title,
      certificates of facts and other evidence of title covering the Properties as
      the
      Company may reasonably request; (iii) furnish to the Company all other
      information with respect to the Acquired Assets as the Company may from time
      to
      time reasonably request; and, (iv) authorize the Company and its representatives
      to consult with attorneys, abstract companies and other consultants or
      independent contractors of the Contributors concerning title related
      matters.

     

    
      
        
        

      

      
        EX
          10.1 -
          5

        
          

        

      

      
        
        

      

    

    4.2.  Covenants
      Relating to Title. From and after the date hereof and until the Closing,
      Contributors covenant and agree to (i) use reasonable efforts to provide the
      Company with a listing of all consents, approvals, waivers and agreements of
      all
      other parties and governmental authorities which are necessary to the
      consummation of the transactions provided for herein (including without
      limitation, approvals of the assignment of leases), to the assignment and
      transfer to the Company and for the Company to own (except in a case of
      Properties operated by others than the Contributors under agreements existing
      as
      of the Effective Date) to operate the Properties; (ii) use reasonable efforts
      to
      make all filings which may be made (and to record all instruments that may
      be
      recorded), with respect to the Properties, in (x) the Bureau of Land Management
      Records and (y) the records of the respective counties in which the Properties
      are situated, in order that the records maintained by the Bureau of Land
      Management and the real property records of such counties shall accurately
      reflect Contributors’ current interest in the Properties, including those
      interests consisting of all assignments due to Contributors but not yet made
      to
      Contributors; and (iii) keep in full force and effect insurance comparable
      in
      amount and scope to coverage that is now maintained by
      Contributors.

     

    4.3.  Marketable
      Title. The parties acknowledge that there are certain assignments of
      interests which will be received by Contributors after execution of this
      Agreement, which interests are to be included in the Acquired Assets to be
      transferred to the Company hereunder. Likewise, pursuant to the terms hereof,
      certain assignments of interests affecting the Properties may be made by
      Contributors to third parties prior to the Closing, as allowed. The title
      warranties of Contributors hereunder, and the documents transferring title
      to
      the Company at the Closing, shall be applicable after taking into account such
      assignments.

     

    4.4.  Notice
      of Title Defect.

     

    (a)  The
      Company agrees, to use its reasonable efforts to identify Title Defects (“Title
      Defects”) and shall, upon identifying any Title Defects, promptly notify
      Contributors of the same; provided, however, that Company may, but is not
      required to cure any such Title Defect prior to notifying Contributors. No
      later
      than ninety (90) calendar days after the Closing, Company shall have identified
      in writing for Contributors each Title Defect. At the time Company gives notice
      of an uncured Title Defect to Contributors, Company shall deliver to
      Contributors all files and other related information and data developed by
      the
      Company in connection with its curative efforts reasonably related thereto.
      

     

    (b)  Contributors
      agree, to use their reasonable efforts to cure each Title Defect so as to render
      the title to the respective Property “defensible” which is defined as entitling
      Contributors to receive from the Producing Property not less than the interests
      shown in the applicable Assignments. Contributors shall promptly deliver to
      the
      Company written notice of all Title Defects which Contributors have cured and
      written notice with respect to all Title Defects not cured. If the Company
      advises Contributors of Title Defects, Contributors shall have thirty (30)
      days
      to cure the Title Defects. If Contributors fail to cure such Title Defects
      the
      Company may, at its option:

     

    (i)  waive
      such Title Defects and proceed with the terms and provisions of this
      Agreement;

     

    
      
        
        

      

      
        EX
          10.1 -
          6

        
          

        

      

      
        
        

      

    

    (ii)  accept
      title to the Title Defect acreage as represented by Contributors, pursuant
      to
      Contributors’ written agreement of indemnity in which event Contributors shall
      agree to indemnify and hold Company harmless for any loss or damage sustained
      by
      Company as a result of the existence of such Title Defect (provided, however,
      that Contributors’ liability under such indemnity shall be limited to the
      portion of the purchase price allocated to such Title Defect.

     

    5.  CONSENTS.

     

    5.1.  Consents
      of Lessors.
      Consents of Lessors. Schedule 5.1 contains a list of all leases which require,
      as a condition of transfer of Lessee’s interest thereunder, consents of Lessors.
      To the best of Contributors’ knowledge, Schedule 5.1 represents a complete and
      accurate record of all leases requiring such consent of Lessors. If at the
      Closing, these consents which are required in order not to render an assignment
      void have not been secured and delivered to the Company by Contributors, the
      failure to obtain and deliver any such consents shall be deemed a Title Defect
      for such leases as of Closing. 

     

    5.2.  Contractual
      Restraints on Assignments.
      Schedule 5.2 contains a list of all contractual restraints on assignments of
      executory contracts including, but not limited to farmins, farmouts, or
      agreements or options for earning of acreage affecting the Properties. As soon
      as practical after Closing, the Contributors shall notify each party to such
      contracts of the Company’s purchase of the effected Properties. With regard to
      Properties that are not material, Contributors shall use reasonable efforts
      to
      provide a list of all contractual restraints on assignment of executory
      contracts as soon as practical but not later than sixty (60) days after the
      Closing.

     

    6.  VALUE
      OF TITLE FAILURES.
      The
      value of the title failure or Title Defect shall be determined by mutual
      agreement between the Company and Contributors within twenty (20) days after
      notice, taking into account the legal effect of the Title Defect giving rise
      to
      the title failure, the potential economic effect before tax of the Title Defect
      of the life of the property involved and applicable contract
      provisions.

     

    7.  REMEDIES
      FOR TITLE FAILURES.
      With
      respect to each title failure of which notice is given and which is existing
      following the Closing, the Company shall have the right to receive from
      Contributors an equal amount of Issued Shares or cash derived form the sale
      thereof in amount equal to the value of the Title Defect. 

     

    8.  REPRESENTATIONS,
      WARRANTIES, AND COVENANTS OF THE CONTRIBUTORS.
      Each of
      the Contributors hereby represents, warrants, and covenants to the Company
      as
      follows:

     

    8.1.  Requisite
      Power and Authority.

     

    (a)  Contributors
      have all necessary power and authority under all applicable provisions of law
      to
      execute and deliver this Agreement and to carry out its provisions. All action
      on Contributor’s part required for the lawful execution and delivery of this
      Agreement has been or will be taken prior to the Closing. Upon its execution
      and
      delivery, this Agreement will be a valid and binding obligation of Contributors,
      enforceable in accordance with its terms, except (a) as limited by
      applicable bankruptcy, insolvency, reorganization, moratorium or other laws
      of
      general application affecting enforcement of creditors’ rights and
      (b) general principles of equity that restrict the availability of
      equitable remedies.

     

    
      
        
        

      

      
        EX
          10.1 -
          7

        
          

        

      

      
        
        

      

    

    (b)  JMT,
      BENCO and REO each represents that it has obtained all necessary consents and/or
      approvals of all of its partners to enter into this Agreement and to perform
      its
      obligations set forth hereunder.

     

    8.2.  Ownership.
      Contributors are the lawful owners of or have the right to use and transfer
      to
      Company each of the Assets being transferred by it pursuant hereto. The Assets
      are free and clear of all liens, mortgages, pledges, security interests,
      restrictions, prior assignments, encumbrances and claims of any kind. The
      delivery to Company of the appropriate assignments of interest will vest good
      and marketable title to the assets in Company, free and clear of all liens,
      mortgages, pledges, security interests, restrictions, prior assignments,
      encumbrances and claims of any kind. There are no outstanding agreements,
      options or commitments of any nature obligating Contributors to transfer any
      of
      the Assets or rights or interests therein to any party other than
      Company.

     

    8.3.  No
      Conflict. The execution, delivery and performance by Contributors of this
      Agreement and the consummation of the transactions contemplated hereby do not
      and will not: (i) violate or conflict with any provision of the charter
      documents or bylaws of Contributors; (ii) violate any provision or requirement
      of any domestic or foreign, national, state, or local law, statute, judgment,
      order, writ, injunction, decree, award, rule, or regulation of any governmental
      entity applicable to Contributors; (iii) violate, result in a breach of,
      constitute (with due notice or lapse of time or both) a default or cause any
      obligation, penalty, premium or right of termination to arise or accrue under
      any contract ; (iv) result in the creation or imposition of any lien, charge
      or
      encumbrance of any kind whatsoever upon any of the properties or assets of
      Contributors; and (v) result in the cancellation, modification, revocation
      or
      suspension of any license, permit, certificate, franchise, authorization or
      approval issued or granted by any governmental entity.

     

    8.4.  Consents.
      All consents and notices required to be obtained or given by or on behalf of
      Contributors before consummation of the transactions contemplated by this
      Agreement in compliance with all applicable laws, rules, regulations, orders
      or
      governmental or other agency directives, or the provisions of any document
      binding upon Contributors are described on Section 8.4 of the Disclosure
      Schedule and all such consents have been duly obtained and are in full force
      and
      effect.

     

    8.5.  Schedules.
      To the
      best knowledge of the Contributors, the schedules to this Agreement, and the
      extent they related to the Assets owned by the Contributors or any entity with
      respect to which the Contributors own a related equity interest, are true and
      correct in all material respects as of the Effective Date.

     

    8.6.  Books
      and Records.
      Contributors have maintained their books, records and files accurately and
      in
      accordance with generally accepted industry standards and all books, records
      and
      files are in Contributors’ possession and the accounting records have been
      maintained in accordance with generally accepted accounting principles
      consistently applied.

     

    8.7.  Basic
      Documents.
      (i) All
      Basic Documents to which Contributors are a party or by which they are bound
      are
      in full force and effect and are the valid and legally binding obligations
      of
      the Contributors and are enforceable in accordance with their respective terms;
      (ii) the Contributors are not in breach of default with respect to any of their
      material obligations pursuant to any such basic document or any regulations
      incorporated therein or governing same; (iii) all payments including, without
      limitation, royalties, and valid calls under unit or joint operating agreements
      due thereunder have been made by Contributors; (iv) to the knowledge of
      Contributors, no other party to any such Basic Documents (or any successor
      in
      interest thereto) is in breach of default with respect to any of its obligations
      thereunder; (v) there has not occurred any event, fact or circumstance which,
      with the lapse of time or the giving of notice, or both, would constitute such
      a
      breach or default on behalf of Contributors, or to the knowledge of Contributors
      with respect to any other party; (vi) neither Contributors or any other party
      to
      any Basic Document have given or threatened to give notice of any action to
      terminate, cancel, rescind or procure a judicial reaffirmation of any such
      Basic
      Document or any material provision thereof.

     

    
      
        
        

      

      
        EX
          10.1 -
          8

        
          

        

      

      
        
        

      

    

    8.8.  Leases.
      With
      respect to the oil, gas and other mineral leases, unit agreements, pooling
      agreements, and other documents creating interests comprising Contributors’
Assets, except as otherwise disclosed in the Schedules; (i) such interests
      are
      to transferred to the Company hereunder without reservation by Contributors
      of
      any interest; (ii) Contributors have fulfilled all requirements for filings,
      certificates, disclosures of parties in interest, and other similar matters
      contained in such leases or other documents and are fully qualified to own
      and
      hold all such leases or other interests; (iii) there are no provisions
      applicable to such leases or other documents which increase the royalty share
      of
      the lessor thereunder, except as such increases are reflected in Schedule 8.10;
      (iv) there are no royalty provisions (other than those allowing a lessor the
      right to take in kind) requiring the payment of royalty on any basis other
      than
      proceeds actually received by the lessees, except with respect to natural gas
      liquids extracted and gas processing facilities; (v) upon the establishment
      of
      production in commercial quantities the leases and other interests are to be
      in
      full force and effect over the economic life of the Property involved and do
      not
      have terms fixed by a certain number of years. 

     

    8.9.  Operating
      Agreements.
      Schedule 8.11 is a true and complete list of all of Contributors’ operating
      agreements covering Properties. With respect to the joint, unit or other
      operating agreements relating to the Properties, to the best knowledge of
      Contributors there are no operating agreements under which Contributors or
      other
      parties have been elected to become a non-consenting party where such election
      would have a material adverse effect on the acquired assets.

     

    8.10.  Calls.
      Schedule 8.12 sets forth substantially all calls on Contributors’ production
      from the material Properties.

     

    8.11.  Legal
      Proceedings.
      Except
      as shown in Schedule 8.13, there is no suit, action, claim, investigation by
      any
      person or entity or by any administrative agency or governmental body, and
      no
      legal administrative or arbitration proceeding pending or, to the Contributors’
best knowledge, threatened against Contributors which has materially adversely
      affected or may so affect the Acquired Assets.

     

    8.12.  Permits.
      Contributors have all governmental licenses and permits and have properly made
      all filings necessary and appropriate to obtain such licenses and permits and
      to
      own and operate the Assets as presently being owned and operated, and such
      licenses, permits and filings are in full force and effect and no material
      violations exist or have been recorded in respect of any such licenses, permits
      or filings, no proceeding is pending or Contributors’ best knowledge is
      threatened looking toward the challenge, revocation or limitation of any such
      licenses, permits or filings, the failure of which would have a materially
      adverse effect on the Acquired Assets.

     

    
      
        
        

      

      
        EX
          10.1 -
          9

        
          

        

      

      
        
        

      

    

    8.13.  Investment
      Representations.
      Contributors understand that the Shares have not been registered under the
      Securities Act of 1933, as amended (the “SECURITIES ACT”). Contributors also
      understand that the Shares are being offered and sold pursuant to an exemption
      from registration contained in the Securities Act based in part upon
      Contributors’ representations contained in this Agreement. Each Contributors
      hereby further represent and warrant as follows:

     

    (a)  Contributors
      Bear Economic Risk. Contributors have substantial experience in evaluating
      and
      investing in private transactions of securities in companies similar to the
      Company so that it is capable of evaluating the merits and risks of its
      investment in the Company and has the capacity to protect its own interests.
      Contributors must bear the economic risk of this investment indefinitely unless
      the Shares are registered pursuant to the Securities Act, or an exemption from
      registration is available. Contributors also understands that there is no
      assurance that any exemption from registration under the Securities Act will
      be
      available and that, even if available, such exemption may not allow Contributors
      to transfer all or any portion of the Shares under the circumstances in the
      amounts or at the times Contributors might propose.

     

    (b)  Acquisition
      for own Account. Contributors are acquiring the Shares for Contributors’ own
      account for investment only, and not with a view towards their distribution
      within the meaning of the Securities Act.

     

    (c)  Contributors
      Can Protects Their Interest. Contributors represent that by reason of
      Contributors’ business or financial experience, Contributors have the capacity
      to protect Contributors’ own interests in connection with the transactions
      contemplated in this Agreement.

     

    (d)  Company
      Information. Contributors have had an opportunity to discuss the Company’s
      business, management and financial affairs with directors, officers and
      management of the Company and has had the opportunity to review the Company’s
      operations and facilities. Contributors have also had the opportunity to ask
      questions of and receive answers from, the Company and its management regarding
      the terms of this transaction.

     

    (e)  Rule
      144.
      Contributors acknowledge and agree that the Shares must be held indefinitely
      unless they are subsequently registered under the Securities Act or an exemption
      from such registration is available. Contributors have been advised or are
      aware
      of the provisions of Rule 144 promulgated under the Securities Act as in effect
      from time to time, which permits limited resale of shares purchased in a private
      transaction subject to the satisfaction of certain conditions, including, among
      other things: the availability of certain current public information about
      the
      Company, the resale occurring following the required holding period under Rule
      144 promulgated under the Securities Act and the number of shares being sold
      during any three-month period not exceeding specified limitations.

     

    (f)  Residence.
      Contributors reside or have a principal place of business in the state of
      residence provided on the Contributors’ signature page to this
      Agreement.

     

    
      
        
        

      

      
        EX
          10.1 -
          10

        
          

        

      

      
        
        

      

    

    9.  REPRESENTATION,
      WARRANTIES AND COVENANTS OF THE COMPANY

     

    .
      The
      Company hereby represents, warrants, and covenants to the Contributors as
      follows:

     

    9.1.  Organization,
      Good Standing and Qualification.
      The
      Company is duly organized, validly existing and in good standing under the
      laws
      of the State of Nevada. The Company has all requisite corporate power and
      authority to execute and deliver this Agreement, to issue, sell and deliver
      the
      Shares, and to carry out the provisions of this Agreement.

     

    9.2.  Capitalization.
      The
      authorized capital stock of the Company, as of the date hereof and immediately
      prior to the Closing, will consist of 200,000,000 shares of Common Stock, of
      which 13,379,310 shares are issued or outstanding. As of the Closing Date,
      there
      are no outstanding options, warrants, rights (including conversion or preemptive
      rights and rights of first refusal), proxy or stockholder agreements, or
      agreements of any kind for the purchase or acquisition from the Company of
      any
      of its securities or which are convertible into or exercisable for securities
      of
      the Company. As of the Closing Date, the Shares shall be validly issued, fully
      paid and nonassessable, and are free of any restrictions, limits, claims, liens
      or other encumbrances; provided, however, that the Shares may be subject to
      restrictions on transfer under state and/or federal securities laws as set
      forth
      herein or as otherwise required by such laws at the time a transfer is
      proposed.

     

    9.3.  Authorization;
      Binding Obligations.
      The
      Agreement, when executed and delivered, will be a valid and binding obligation
      of the Company enforceable in accordance with its terms, except (a) as
      limited by applicable bankruptcy, insolvency, reorganization, moratorium or
      other laws of general application affecting enforcement of creditors’ rights and
      (b) general principles of equity that restrict the availability of
      equitable remedies. The sale of the Shares is not subject to any preemptive
      or
      similar rights or rights of first refusal that have not been properly waived
      or
      complied with.

     

    9.4.  Offering
      Valid.
      Assuming the accuracy of the representations and warranties of each of the
      Contributors contained in Section 3 hereof, the offer, sale and issuance of
      the
      Shares, will be exempt from the registration requirements of the Securities
      Act
      and will have been registered or qualified (or are exempt from registration
      and
      qualification) under the registration, permit or qualification requirements
      of
      all applicable state securities laws.

     

    10.  COVENANTS
      OF CONTRIBUTORS.

     

    10.1.  Contributors
      Covenant With the Company as follows:

     

    (a)  Contributors
      will use reasonable efforts to obtain all such provisions, approvals and
      consents by federal, state and local governmental authorities and others as
      may
      be required, to vest title to its Properties in the Company as provided
      hereunder and for the subsequent use and operation by the Company of the
      Properties, or as may be otherwise reasonably requested by the Company and
      Contributors will use reasonable efforts to obtain from all Purchasers from
      the
      Properties appropriate transfer orders designating Company as the appropriate
      party for payment effective as of the Closing.

     

    (b)  Transfers.
      The
      Contributors will not sell, assign, transfer, mortgage, convey or otherwise
      dispose of any of the Properties to any party.

     

    
      
        
        

      

      
        EX
          10.1 -
          11

        
          

        

      

      
        
        

      

    

    (c)  Defaults.
      Contributors shall give prompt written notice to the Company of any Notice
      of
      Default (or written threat of default, whether disputed or denied) received
      or
      given by Contributors under any instrument or agreement affecting any material
      portion of the Properties or by which any of the Properties is
      bound.

     

    (d)  Operating
      Agreements.
      To the
      extent that any operating agreement covering any of the Properties does not
      retain the right to transfer operation of such leasehold interests that are
      the
      subject of such operating agreements to a purchaser of Contributors’ interests,
      Contributors shall use reasonable efforts to secure consent from all interested
      parties for the Company to become the operator under all the operating
      agreements affecting Properties wherein Contributors are the
      operators.

     

    (e)  Section
      351 Compliance.
      Contributors shall not take any action which is not expressly permitted by
      the
      Agreement if such action would be inconsistent with the treatment of the
      transaction described in this Agreement under Section 351 of the “Code” and
      shall report the transactions consistently with such provisions of the Code
      for
      United States federal income tax purposes.

     

    11.  CONDITIONS
      PRECEDENT.

     

    11.1.  Conditions
      Precedent To The Obligations of the Company

     

    11.2.  .
      The
      obligations of the Company to consummate the transactions at Closing are subject
      to each of the following conditions:

     

    (a)  Representations
      and Warranties True as of the Effective Date and Closing Date.
      The
      representations and warranties of Contributors contained in this Agreement
      or in
      any certificate or document delivered pursuant to the provisions hereof, shall
      be true on and as of the Effective Date and the Closing Date with the same
      effect as though such representations and warranties were made at and as of
      such
      dates, except to the extent that the failure to be so true would not materially
      and adversely affect the ability of Contributors to consummate the transaction
      contemplated by this Agreement or materially and adversely affect the Acquired
      Assets.

     

    (b)  Compliance
      with Agreement.
      On and
      as of the Closing Date, Contributors shall have performed and complied in all
      material respects with all agreements and conditions required by this Agreement
      to be performed and complied with by it. 

     

    (c)  Injunction.
      On and
      as of the Effective Date and Closing Date, there shall be no effective
      injunction, writ or preliminary restraining order or any order of any nature
      issued by a court or governmental agency of competent jurisdiction directing
      that the transaction provided for herein not be consummated as herein
      provided.

     

    (d)  Pending
      Matters.
      No
      suit, action or other proceeding shall be pending or threatened against
      Contributors which could result in a material impairment or loss of value as
      to
      the Assets.

     

    
      
        
        

      

      
        EX
          10.1 -
          12

        
          

        

      

      
        
        

      

    

    12.  POST-CLOSING
      CONVENANTS.

     

    12.1.  Further
      Assurances.
      After
      the Closing Date, Contributors shall at any time upon request of Company
      execute, acknowledge, and deliver to Company such further instruments of
      conveyance, assignment, and transfer and take such other action as the other
      party may reasonably request in order to more effectively perfect and cure,
      convey, assign, transfer and deliver title to the Acquired Assets, the proceeds
      of production attributable thereto and personal property in connection
      therewith, all as contemplated by this Agreement.

     

    12.2.  Obligation
      to Register Securities. Upon contribution of the Assets to the Company and
      the issuance of the Shares to Contributors therefore as contemplated by this
      Agreement, Contributors will own a majority interest in the Company.
      Accordingly, Contributors agree to undertake all obligations of the Company
      existing prior to the Closing, including, but not limited to, the Agreement
      by
      and between the Company and those certain investors listed on Schedule 12.2
      who
      have subscribed to that certain private placement of the Company stock (the
      “Placement”) pursuant to which, the Company is obligated to file an SB-2 Resale
      Registration Statement under the Securities Act of 1933 and to keep such
      statement effective for a period of three (3) years. Contributors further agree
      to take appropriate steps to register all remaining shares which are subject
      to
      restriction (except shares held by Contributors, which shares are governed
      by
      that certain Letter Agreement restricting the transfer of Contributor’s shares
      for two years) and to qualify any portion of such shares for sale in
      jurisdictions as may reasonably requested from time to time.

     

    13.  TERMINATION.

     

    13.1.  Right
      of Termination.
      This
      Agreement and the transactions contemplated herein may be completely terminated
      at any time at or prior to the Closing:

     

    (a)  by
      mutual
      consent of the parties;

     

    (b)  by
      either
      party if the Closing shall not have occurred by February 28, 2007 providing
      no
      party can terminate if such party has breached any portion of this
      Agreement.

     

    13.2.  Effect
      of Termination. In the event of the termination of this Agreement pursuant
      to the provisions of this Article 13, this Agreement shall become void and
      have
      no effect and neither party shall have any further right or duty to the other
      hereunder, except as expressly provided to the contrary herein.

     

    14.  MISCELLANEOUS.

     

    14.1.  Governing
      Law.
      This
      Agreement shall be governed by, and construed and enforced in accordance with,
      the laws of the State of Nevada, without regard to its choice-of-law
      principles.

     

    14.2.  Survival.
      The
      representations, warranties, covenants and agreements made herein shall survive
      any investigation made by each Contributor and the closing of the transactions
      contemplated hereby.

     

    14.3.  Successors
      and Assigns.
      Except
      as otherwise expressly provided herein, the provisions hereof shall inure to
      the
      benefit of, and be binding upon, the successors, assigns, heirs, executors
      and
      administrators of the parties hereto and shall inure to the benefit of and
      be
      enforceable by each person who shall be a holder of the Shares from time to
      time.

     

    
      
        
        

      

      
        EX
          10.1 -
          13

        
          

        

      

      
        
        

      

    

    14.4.  Entire
      Agreement.
      This
      Agreement and the other documents delivered pursuant hereto constitute the
      full
      and entire understanding and agreement between the parties with regard to the
      subject matter hereof and no party shall be liable or bound to any other in
      any
      manner by any representations, warranties, covenants and agreements except
      as
      specifically set forth herein and therein.

     

    14.5.  Severability.
      In case
      any provision of this Agreement shall be invalid, illegal or unenforceable,
      the
      parties intend that (a) in lieu of such provision there be added as part of
      this Agreement a provision as similar in terms to such invalid, illegal or
      unenforceable provision as may be possible and be valid, legal and enforceable
      and (b) the validity, legality and enforceability of the remaining
      provisions, or any subsequent applications thereof, shall not in any way be
      affected or impaired thereby.

     

    14.6.  Amendment
      and Waiver.

     

    (a)  This
      Agreement may be amended or modified only upon the written consent of the
      Company and each Contributor.

     

    (b)  The
      rights of each Contributor may be waived only with the written consent of the
      Company and each Contributor.

     

    14.7.  Delays
      or Omissions.
      It is
      agreed that no delay or omission to exercise any right, power or remedy accruing
      to any party, upon any breach, default or noncompliance by another party under
      this Agreement shall impair any such right, power or remedy, nor shall it be
      construed to be a waiver of any breach, default or noncompliance, or any
      acquiescence therein, or of or in any similar breach, default or noncompliance
      thereafter occurring. All remedies, either under this Agreement, by law, or
      otherwise afforded to any party, shall be cumulative and not
      alternative.

     

    14.8.  Notices.
      All
      notices required or permitted hereunder shall be in writing and shall be deemed
      effectively given: (a) upon personal delivery to the party to be notified;
      (b) when sent by confirmed telex or facsimile if sent during normal
      business hours of the recipient, if not, then on the next business day;
      (c) five (5) days after having been sent by registered or certified mail,
      return receipt requested, postage prepaid; or (d) one (1) day after deposit
      with a nationally recognized overnight courier, specifying next day delivery,
      with written verification of receipt. All communications shall be sent to the
      Contributors at the respective addresses set forth below or at such other
      address as Contributors may designate by ten (10) days advance written notice
      to
      the other party hereto:

     

    Addresses
      for Notices:

    

    If
      to
      Company:  Goldrange
      Resources, Inc.

    Tel:
      (604) 374-0870

    Email:
      steve@bajic.net

    

    
      
        
        

      

      
        EX
          10.1 -
          14

        
          

        

      

      
        
        

      

    

    If
      to
      Contributors:  Benco
      Operating, Inc.

    5146
      Birchman Ave.

    Fort
      Worth, Texas 76107

    Tel: (817)
      991-6263

    

    JMT
      Resources, Ltd.

    5146
      Birchman Ave.

    Fort
      Worth, Texas 76107

    Tel: (817)
      991-6263

    

    REO
      Energy, Ltd.

    5146
      Birchman Ave.

    Fort
      Worth, Texas 76107

    Tel: (817)
      991-6263

    

    With
      a
      copy to:  Applbaum
      & Zouvas LLP

    925
      Hotel
      Circle South

    San
      Diego, CA 92108

    Tel:
      (619) 688-1715

    Fax:
      (619) 688-1716

     

    14.9.  Expenses.
      Each party shall pay all costs and expenses that it incurs with respect to
      the
      negotiation, execution, delivery and performance of the Agreement.

     

    14.10.  Titles
      and Subtitles.
      The
      titles of the sections and subsections of the Agreement are for convenience
      of
      reference only and are not to be considered in construing this
      Agreement.

     

    14.11.  Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      an original, but all of which together shall constitute one
      instrument.

     

    14.12.  Broker’s
      Fees.
      Each
      party hereto represents and warrants that no agent, broker, investment banker,
      person or firm acting on behalf of or under the authority of such party hereto
      is or will be entitled to any broker’s or finder’s fee or any other commission
      directly or indirectly in connection with the transactions contemplated herein.
      Each party hereto further agrees to indemnify each other party for any claims,
      losses or expenses incurred by such other party as a result of the
      representation in this Section 6.12 being untrue.

     

    14.13.  Pronouns.
      All
      pronouns contained herein, and any variations thereof, shall be deemed to refer
      to the masculine, feminine or neutral, singular or plural, as to the identity
      of
      the parties hereto may require.

     

    14.14.  Public
      Disclosure.
      Unless
      otherwise required by law or by obligations pursuant to any listing agreement
      or
      rules of any securities exchange (in which case the disclosing party shall
      employ reasonable best efforts to provide the other parties hereto with as
      much
      notice as possible with respect to the contemplated disclosure and the content
      of the disclosure) or as otherwise contemplated by or to enforce this Agreement,
      no disclosure (whether or not in response to an inquiry) of the subject matter
      of this Agreement and the other transactions contemplated by this Agreement
      without the prior consultation and consent of the other parties.

     

    
      
        
        

      

      
        EX
          10.1 -
          15

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this CONTRIBUTION AGREEMENT
      as
      of the date set forth in the first paragraph hereof.

     

    CONTRIBUTORS:

    

    BENCO
      OPERATING, INC.

    

    By:_____________________

    

    Name:_____________________

    

    Title:_____________________

    

    

    JMT
      RESOURCES LTD.

    a
      Texas
      limited partnership

    

    By:_____________________

    

    Name:_____________________

    

    Title: _____________________

    

    

    REO
      ENERGY LTD.

    a
      Texas
      limited partnership

    

    By:_____________________

    

    Name:_____________________

    

    Title: _____________________

    

     

    

    COMPANY:

    

    GOLDRANGE
      RESOURCES, INC.

    

    By:_____________________

    

    Name:_____________________

    

    Title:_____________________

     

    SIGNATURE
      PAGE TO CONTRIBUTION AGREEMENT

    

    
      
        
        

      

      
        EX
          10.1 -
          16

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