Document:

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                                                                    EXHIBIT 10.3

                  ACQUISITION AGREEMENT AND CLOSING MEMORANDUM

This Acquisition Agreement and Closing Memorandum (this "Agreement") is entered
into as of April 23, 1998, by and between Basic Technologies, Inc., a Colorado
corporation ("Basic") and Yankee Development Corp., a Texas corporation
("Yankee").

On this date, Basic and Yankee have consummated a business combination on the
following terms:

1. The transactions set forth below have been duly authorized by the respective
boards of directors of Basic and Yankee.

2. Yankee and the undersigned agent of Yankee jointly and severally represent
and warrant that all documents and information furnished to Basic in connection
with the transactions set forth below are true and accurate.

3. Basic and the undersigned agent of Basic jointly and severally represent and
warrant that all documents and information furnished to Yankee in connection
with the transactions set forth below are true and accurate.

4. Yankee has delivered to Basic stock certificates representing 100% of the
issued and outstanding shares of Yankee (the "Yankee Stock"), each certificate
bearing an endorsement in blank and duly signed by the shareholder named on the
face of the certificate.

In exchange for the Yankee Stock, Basic has issued 5, , shares (the "Basic
Shares") of its authorized but previously unissued common stock to the
shareholders of Yankee named on Exhibit A to this Agreement (the "Yankee
Shareholders"), and the In the respective numbers of shares set forth on
Exhibit A. The Basic Shares will, immediately following issuance, represent
approximately 90% of the issued and outstanding capital stock of Basic.

6. On behalf of Basic, John Bradley undertakes to cause individual stock
certificates, representing the Basic Shares, to be issued, executed, and
delivered to the Yankee Shareholders as soon as shall be practicable.

In witness whereof, the undersigned have caused this Agreement to be executed
as of the first date above written.

                                     /s/ JOHN BRADLEY
                                     ---------------------
                                     John Bradley
                                     duly authorized agent of
                                     Basic Technologies, Inc.

                                     /s/ BRYAN WALKER
                                     ---------------------
                                     Bryan Walker
                                     duly authorized agent of
                                     Yankee Development Corp.<PAGE>   1
                                                                   EXHIBIT 10.4

                              SHORT FORM OF LEASE

         LEASE AGREEMENT, made between ESTATE OF RICK SIMPSON** (landlord) and
P & A REMEDIATION, LLC. (tenant).

         **ACTING BY AND THROUGH ERIC F. SIMPSON, WHO REPRESENTS FULL POSER OF
ATTORNEY AND AUTHORITY TO LESSEE HEREIN.

         For good consideration it is agreed between the parties as follows:

1.   Landlord hereby leases and rents to Tenant the premises described as
follows: (describe leased premises)

          EXCLUSIVE USE OF YARD AND OFFICE LOCATION (AND EXCLUSIVE USE
            OF ALL ACREAGE FOR USE, STORAGE, ETC.) FORMERLY USED BY
       SIMPCO, INC.; ROOLSWAY; SIMPCO MATERIALS; HANDLING; R.W. SIMPSON;
        LOCATED 1-2 MILES NORTH OF BALLINGER, TEXAS ON US HWY 83, ALSO
                         KNOWN AS 11816 US HWY NORTH.

2.   This Lease shall be in effect for a term of ONE years, commencing on
NOVEMBER 1, 1998 and terminating on OCTOBER 31, 1999.

3.   Tenant shall pay Landlord the annual rent of $5400.00 during said term, in
monthly payments of $450.00, each, payable monthly in advance, TO ORDER OF
STEVE SIMPSON OR DIRECTOR PARTY.

4.   Tenant shall, at its own expense, provide the following utilities: ALL
NORMAL USES. Landlord shall, at its own expense, provide the following
utilities: NONE

5.   LANDLORD AND Tenant further agrees that:

     a)   Upon the expiration of the lease it will return possession of the
          leased premises in its present condition, reasonable wear and tear,
          and fire casualty excepted. Tenant shall commit no waste too the
          leased premises. *TENANT SHALL HAVE UNLIMITED AUTHORITY TO SUB-LET TO
          ANY PARTY DEEMED SUITABLE BY TENANT.

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     b)   Tenant may make any material or structural alterations to the leased
          premises without the Landlord's consent. It shall comply with all
          building, zoning and health codes and other applicable laws for said
          leased premises.

     c)   Tenant shall not conduct a business deemed extra hazardous, a
          nuisance or requiring an increase in fire insurance premiums. Tenant
          warrants the leased premises shall be used only for the following
          type business: (describe) OIL WELL PLUGGING FIELD OFFICE, OR ANY AND
          ALL USES DEEMED PRUDENT BY TENANT.

     d)   In the event of any breach of the payment of rent or any other
          allowed charge, or other breach of this lease, Landlord shall have
          full rights to terminate this Lease in accordance with state law and
          re-enter and claim possession of the leased premises, in addition to
          such other remedies available to Landlord arising from said breach.

6.   This Lease shall be binding upon and inure to the benefit of the parties,
their successors, assigns and personal representatives.

4.   Additional lease terms:

     Signed AS IF, ALTHOUGH NOT ON, under seal this 1st day of NOVEMBER, 1998.

                                        RICHARD SIMPSON, DEED HOLDER

                                         /s/ RICK SIMPSON
                                        ----------------------------------
                                        Landlord Rick Simpson by Eric Simpson

                                        P & A REMEDIATION, LLC.

                                         /s/ BRYAN WALKER
                                        ----------------------------------
                                        Tenant Bryan Walker<PAGE>   1
                                                                    EXHIBIT 10.5

                                  BILL OF SALE

         FOR GOOD CONSIDERATION, and in payment of the sum of $16,000.00, the
undersigned (Seller), hereby sells and transfers to REGAL OPERATING CORP, or
assigns, (Buyer), the following chattels and personal property: (describe
property)

                              See attached exhibit

         The Seller warrants it has good title to said property, full authority
to sell and transfer same, and that said property is sold free of all liens,
claims and encumbrances. Seller warrants it will defend and indemnify Buyer
from any adverse claims.

         Signed under seal this 22 day of Nov. 1998.

                                                       /s/ WES ROBERTS
                                                      -------------------------
                                                       Wes Roberts

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MILES W. ROBERTS
BOX 30
ARCHER CITY, TX 76351

DETACH HERE

<TABLE>
------------------------------------------------------------------------------------------------------
                           TEXAS CERTIFICATE OF TITLE
------------------------------------------------------------------------------------------------------

<S>                                     <C>                 <C>                      <C>
VEHICLE IDENTIFICATION NUMBER           YEAR MODEL          MAKE OF VEHICLE          BODY STYLE
          TR169551                         1990                 SHOPMADE                UTIL

                                                            TITLE NUMBER        DATE TITLE ISSUED
                                                              29681480              01/14/91

               MFG. CAPACITY
MODEL            IN TONS          WEIGHT    LICENSE NUMBER                    DEPARTMENTAL USE ONLY
                                  4700          W93693                               V250285

               PREVIOUS OWNER                                                    ODOMETER READING
UNKNOWN                                                                               EXEMPT

          OWNER                                             REMARK(S)

MILES W. ROBERTS
BOX 30
ARCHER CITY, TX 76351

X
  -----------------------------------------------------
       SIGNATURE OF OWNER OR AGENT MUST BE IN INK

===========================================================
UNLESS OTHERWISE AUTHORIZED BY LAW, IT IS A VIOLATION OF
STATE LAW TO SIGN THE NAME OF ANOTHER PERSON ON A
CERTIFICATE OF TITLE OR OTHERWISE GIVE FALSE INFORMATION
ON A CERTIFICATE OF TITLE.
===========================================================
</TABLE>

<PAGE>   3

                           TEXAS CERTIFICATE OF TITLE

                                    ORIGINAL

VEHICLE IDENTIFICATION NUMBER     YEAR MODEL   MAKE OF VEHICLE      BODY STYLE
         R6855T65359                1977            MACK              TRK TR

                                              TITLE NUMBER  DATE TITLE ISSUED
                                                37715326         02/04/93
              MFG. CAPACITY
       MODEL     IN TONS     WEIGHT     LICENSE NUMBER    DEPARTMENTAL USE ONLY
                   5         18500         2DW232                M979068

           PREVIOUS OWNER                                    ODOMETER READING
RUX BROS CONSTRUCTION ARCHER CITY TX                             EXEMPT

               OWNER                                    REMARK(S)
MILES W ROBERTS                                         DIESEL
BOX 30
ARCHER CITY, TEX  76351

X
 -----------------------------------------------------
     SIGNATURE OF OWNER OR AGENT MUST BE IN INK

-----------------------------------------------------------------------------
UNLESS OTHERWISE AUTHORIZED BY LAW, IT IS A VIOLATION OF STATE LAW TO SIGN
THE NAME OF ANOTHER PERSON ON A CERTIFICATE OF TITLE OR OTHERWISE GIVE FALSE
INFORMATION ON A CERTIFICATE OF TITLE.
-----------------------------------------------------------------------------

  DATE OF LIEN          1ST LIENHOLDER
    11/06/92          FIRST STATE BANK            1ST LIEN RELEASED 11-7-97
                      PO BOX A                                     -------------
                      ARCHER CITY, TEX 76351                         DATE

                                                  BY /s/ MARILYN HAMPERT
                                                    ----------------------------
                                                          AUTHORIZED AGENT

  DATE OF LIEN         2ND LIENHOLDER             2ND LIEN RELEASED
                                                                   -------------
                                                                      DATE

                                                  BY
                                                    ----------------------------
                                                          AUTHORIZED AGENT

  DATE OF LIEN         3RD LIENHOLDER             3RD LIEN RELEASED
                                                                   -------------
                                                                      DATE

                                                  BY
                                                    ----------------------------
                                                          AUTHORIZED AGENT

IT IS HEREBY CERTIFIED THAT ACCORDING TO THE RECORDS OF THE TEXAS DEPARTMENT OF
TRANSPORTATION, THE PERSON HEREIN NAMED IS THE OWNER OF THE VEHICLE DESCRIBED
ABOVE WHICH IS SUBJECT TO THE ABOVE LIEN(S), AS SHOWN.

DO NOT ACCEPT TITLE SHOWING ERASURE, ALTERATION, OR MUTILATION.

                                    TEXAS DEPARTMENT OF TRANSPORTATION
                             DIVISION OF MOTOR VEHICLE TITLES AND REGISTRATION

FORM 30-C REV.8-92       10477248

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