Document:

Filed by sedaredgar.com - Doral Energy Corp. - Exhibit 10.3

SALE AND PURCHASE AGREEMENT 

          This Sale
  and Purchase Agreement (“Agreement”) dated as of the 15th
  day of May, 2009, by and between Doral Energy Corp.., (“Purchaser”),
  and [Slape Oil Company, Inc.] Jimmy Slape, Individually (“Seller”).

ARTICLE 1 SALE 

Sale of Stock 

          1.01
Seller agrees to sell, convey, transfer, assign, and deliver to Purchaser all of
the issued and outstanding capital stock of Slape Oil Company, a Texas
Corporation, (hereinafter referred to as “Company”), and Purchaser agrees to
purchase such stock. 

ARTICLE 2 

SELLER’S REPRESENTATIONS AND WARRANTIES 

          Seller
hereby represents and warrants to Purchaser that the following facts and
circumstances are and at all times up to the Closing Date will be true and
correct: 

Organization 

          2.01.
Company is a corporation duly organized, validly existing, and in good standing
under the laws of the State of Texas (state of incorporation) and is qualified
to do business in the State of Texas. Company has all requisite power and
authority (corporate and, when applicable, government) to own, operate, and
carry on its business as now being conducted. Company’s certificate of
incorporation, articles of incorporation, and bylaws as currently in effect have
heretofore been made available for inspection to Purchaser or the agents of
Purchaser. 

Taxes 

          2.06.
All federal, state, local, and foreign income, ad valorem, excise, sales, use,
payroll, unemployment, and other taxes and assessments (“Taxes”) that are due
and payable by company or by Seller on behalf of Company have been properly
computed, duly reported, fully paid, and discharged. There are no unpaid Taxes
that are or could become a lien on the property or assets of Company or require
payment by Company, except for current Taxes not yet due and payable. Company
has not incurred any liability for penalties, assessments, or interest under the
Internal Revenue Code. No unexpired waiver executed by or on behalf of Company
with respect to any Taxes is in effect. Seller will be responsible for payment
of any unpaid taxes at the time of the closing hereof. In that connection,
Purchaser will be given credit at closing for the estimated 

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income taxes owed by Company for the period of the calendar
year 2009 prior to the date of closing. 

Oil and Gas Properties 

          2.07.
Exhibit A, which is attached to this Agreement, contains, among other things, a
complete and accurate legal description of each oil and gas property owned by,
leased to, or leased by Company; All of the material oil and gas leases are
valid and in full force. There does not exist any default or event that with
notice, lapse of time, or both will constitute a default under any of these
lease agreements. All personalty used by Company in its business are set forth
on Exhibit B attached hereto. In that connection, it is acknowledged that
Purchaser has inspected the property and premises and satisfied itself as their
Physical and Environmental condition, both surface and subsurface, and that
Purchaser accepts all interest, described in Exhibit A attached hereto in their
"as is, where is” condition. Further, Seller and Purchaser agree that the
surface owner or lessee of the oil and gas property described as Spitler Lease
will have the use of the casing head gas produced from said oil and gas well
without cost to the surface owner or lessee for the productive life of the oil
and gas well or wells on the property. 

Inventories 

          2.08.
All inventories owned by Company (“Inventories”) consist of items of a quality
and quantity usable and saleable in the ordinary course of business by Company.
All items included in the Inventories are the property of Company, except for
sales made in the ordinary course of business. Purchaser acknowledges and agrees
the inventory of produced crude oil on hand at the end of the day on the day
immediately preceding the closing date, as defined in Section 7.03, hereof shall
be purchased by Purchaser at the actual prices received by the Seller for oil
and gas sales during the month of the Closing Date, and the proceeds of such
purchase shall be remitted by Purchaser to Seller at the closing hereof.

Other Tangible Personal Property 

          2.09.
The equipment, furniture, fixtures, and other personal property described in
Exhibit B attached to this Agreement constitute all the items of tangible
personal property owned by, in the possession of, or used by Company in
connection with Company’s business except Inventories. Except as stated, no
personal property used by Company in connection with its business is held under
any lease, security agreement, conditional sales contract, or other title
retention or security agreement or is located any place other than in the
possession of Company. 

Other Intangible Property 

          2.10.
Exhibit C attached to this Agreement is a true and complete list of all
intangible assets, other than those specifically referred to elsewhere in this
Agreement, and the location of evidences of title to such intangible assets.

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Title to Assets and Properties 

          2.11.
Company has good and marketable title to all of its assets and properties,
tangible and intangible, that are material to Company’s business and future
prospects. These assets and properties constitute all of the assets and
interests in assets that are used in Company’s business. All of these assets are
free and clear of mortgages, liens, pledges, charges, encumbrances, equities,
claims, easements, rights of way, covenants, conditions, and restrictions. 

          Company
is in possession of all premises and oil and gas leases leased to Company from
others. Except as set forth in the appropriate exhibit listing such assets, no
officer, director, or employee of Company, nor any spouse, child, or other
relative of any of these persons owns or has any interest, directly or
indirectly, in any of the real or personal property owned by or leased by
Company or in any copyrights, patents, trademarks, trade names, or trade secrets
licensed by Company. Company does not occupy any real property in violation of
any law, regulation, or decree that would materially adversely affect its
business or future prospects. 

Insurance Policies 

          2.12.
Exhibit D attached to this Agreement is a list and description of all insurance
policies concerning the assets and properties and all officers, directors, and
employees of Company. Company has maintained and now maintains insurance on all
of the assets and properties of a type customarily insured. The insurance covers
property damage by fire or other casualty, as well as adequately protects
against all normal liabilities, claims, and risks against which it is customary
to insure. Purchaser acknowledges that Purchaser has had the opportunity to
inspect and approve such policies. 

Contracts 

          2.13.
Exhibit E attached to this Agreement contains true and corrects lists, with
copies when available, of all material oral and written contracts or
arrangements obligating Company, including without limitation, union contracts,
guarantees, bids, commitments, join venture or partnership agreements, contract
with municipalities, pledges and other security agreements, and copies of
standard form customer contracts and operating agreements relating to oil and
gas properties. For purposes of this Paragraph 2.13, the term “material
contract” means: (a) one, that, if in the ordinary course of business, obligates
Company in an amount in excess of $5,000.00, or if the aggregate total of all
contract from like transactions exceeds such amount; and (b) one that, if not in
the ordinary course of business, obligates Company in an amount in excess of
$5,000.00, or if the aggregate total of all such contracts for like transactions
exceeds such amount.

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Purchaser shall have the right to review any material or
nonmaterial contract upon request. Exhibit E also sets forth a list of all
persons or entities whose consents are required to be obtained under any
contract with respect to the consummation of this transaction by Seller and
Company. There are no other consents or approvals required from any other third
party with respect to this transaction. Except as set forth in Exhibit E,
Company is not a party to, nor are Company’s assets and properties bound by, any
distributor’s or manufacturer’s representative, agency agreement, output or
requirements agreement, agreement not entered into in the ordinary course of
business, indenture, mortgage, deed of trust, lease or any agreement that is
unusual in nature, duration, or amount. There is not default or event that with
notice, lapse of time, or both will constitute a default by any party to any of
the material contracts listed in Exhibit E. Company has not received any notice
that any party to any of the contracts listed in Exhibit E intends to cancel or
terminate any of the contracts or to exercise or not exercise any options under
any of the contracts. Neither Seller nor Company is a party to, nor are
Company’s assets or properties bound by, any contract that is materially adverse
to the business, property, or financial condition of Company. 

Laws and Regulations 

          2.14.
Company is not in default or in violation of any law; regulation; court order;
or order of any federal, state, municipal, foreign, or other government
department, board, bureau, agency, or instrumentality, wherever located, that
would materially adversely affect its business or future prospects. 

Litigation 

          2.15.
Except as disclosed in Exhibit F attached to this Agreement, there are no
pending, outstanding, or threatened claims; legal, administrative, or other
proceedings; or suits, investigations, inquiries, complaints, notices of
violation, judgments, injunctions, orders, directives, or restrictions against
or involving Company or any of the assets, properties, or business of Company or
any of Company’s officers, directors, employees, or stockholders that will
materially adversely affect Company, its assets, properties, or business. To the
best of Seller’s and Company’s knowledge and belief, after conducting a due
diligence investigation, there is no basis for any of these proceedings against
any of Company’s assets, properties, person, or entities. Seller has furnished
or made available to Purchaser copies of all relevant court papers and other
documents relating to the matters set forth in Exhibit F. Except as set forth in
Exhibit F, neither Seller nor Company is presently engages in any legal action
to recover moneys due Company or for damages sustained by Company. 

Fringe Benefit Plans; Employment Contracts 

          2.16.
Exhibit G attached to this Agreement contains a complete description and copies
of all employment agreements in effect with Company and a complete description
of all fringe benefits and perquisites available to Company’s officers,
directors, and employees (and, if any, furnished to consultants, agents, and
independent contractors), 

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whether required by law or otherwise, including but not limited
to, pension, profit sharing, life insurance, medical, bonus, incentive and
similar plans, use of automobiles, credit cards, expense accounts and
allowances, club memberships, sharing of costs or expenses, vacation, and
similar benefits, together with the approximate annual cost of each benefit and
perquisite. When available, copies of the plans, agreements, or arrangements
regarding each benefit are also attached. The provisions and operations of all
such programs and plans are in compliance in all material respects with all
applicable material laws and government rules and regulations. There are no
unfunded pension or similar liabilities regarding any employee of Company. All
pension plans have been properly funded as to current and past service costs,
have at all times been administered in compliance in all material respects with
all applicable requirements of ERISA and any other applicable laws, and Company
does not maintain any “pension plan” as defined in ERISA that is unfunded,
except as disclosed in Exhibit G. Exhibit G also includes all states in which
Company has employees and the status of unemployment insurance accounts in each
state. 

Receivables 

          2.17.
Exhibit H attached to this Agreement contains a true and correct list of all
accounts receivable of Company. Purchaser shall pay to Seller at an amount equal
to the receivables of Company related to the sale of oil and gas attributable to
Company’s interest in the oil and gas properties set forth on Exhibit A attached
hereto. 

Other Liabilities and Obligations 

          2.18.
Exhibit I attached to this Agreement contains a true and correct list of all
liabilities and obligations of Company not disclosed elsewhere in this Agreement
of any kind, character, and description whether accrued, absolute, contingent,
or otherwise, and whether or not required to be disclosed or accrued in the
financial statements of Company, that exceed $5,000.00 to any one creditor. In
the case of liabilities that are not fixed, an estimate of the maximum amount
that may be payable is also included. 

Reserves 

          2.19.
Exhibit J attached to this Agreement contains a true and correct list of all
reserves for contingent liabilities. 

Trade Names, Trademarks, Copyrights, and Patents 

          2.20.
Company owns no trademarks, trademark registrations or applications, service
marks, trade names, copyrights, copyright registrations or applications, trade
secrets, patents, inventions, industrial models, processes, designs, formulae,
and applications for patents (collectively called “Intellectual Properties”).

Bank Accounts 

5

          2.21.
Exhibit K attached to this Agreement contains a true and correct list of the
names and addresses of all banks or other financial institutions in which
Company has an account, deposit, or safe deposit box. Also included are the
names of all persons authorized to draw on these accounts or deposits or who
have access to them and the account numbers of each account. Purchaser and
Seller agree that Seller will withdraw all cash balances from the bank accounts
of Company on the day of closing. 

Business Operations 

          2.22.
The business operations of Company are and have been for the past five years in
material compliance with all laws, treaties, rulings, directives, and similar
regulations of all government authorities having jurisdiction over such business
insofar as failure to comply could materially adversely affect Company’s
business and future prospects. 

Authority 

          2.23.
Seller and Company each has full power and authority to execute, deliver, and/or
consummate this Agreement, subject to the conditions to closing set forth in
this Agreement. All reports and returns required to be filed by each with any
government and regulatory agency with respect to this transaction have been
properly filed. Except as otherwise disclosed in this Agreement, no notice to or
approval by any other person, firm, or entity, including governmental
authorities, is required of Seller or Company to consummate the transaction
contemplated by this Agreement. 

Full Disclosure 

          2.24. No
representation, warranty, or covenant made to Purchaser in this Agreement nor
any document, certificate, exhibit, or other information given or delivered to
Purchaser pursuant to this Agreement contains or will contain any untrue
statement of a material fact, or omits or will omit a material fact necessary to
make the statements contained in this Agreement or the matters disclosed in the
related documents, certificates, information, or exhibits not misleading. 

Brokers 

          2.25.
Seller has retained, has consented to, and has authorized NuEra Petroleum LLC to
act on Company’s behalf as a broker or finder in connection with the
transactions contemplated by this Agreement. Seller is obligated to compensate
such finder via the proceeds from closing. Buyer does not have any obligation to
compensate finder in connection with transaction contemplated by this Agreement.

ARTICLE 3 

PURCHASER’S REPRESENTATIONS AND WARRANTIES 

6

         
Purchaser represents and warrants to Seller that: 

Authority 

          3.01.
Purchaser has full power and authority to execute, deliver, and consummate this
Agreement subject to the conditions to closing set forth in this Agreement. All
corporate acts, reports, and returns required to be filed by Purchaser with any
government or regulatory agency with respect to this transaction have been or
will be properly filed prior to the Closing Date. No provisions exist in any
contract, document, or other instrument to which Purchaser is a party or by
which Purchaser is bound that would be violated by consummation of the
transactions contemplated by this Agreement. 

Broker 

          3.02.
Neither Purchaser, nor any of Purchaser’s officers, directors, or employees, has
retained, consented to, or authorized any broker, investment banker, or third
party to act on its behalf, directly or indirectly, as a broker or finder in
connection with the transactions contemplated by this Agreement. 

Organization and Standing of Purchaser 

          3.03.
Purchaser is a corporation duly organized, validly existing, and in good
standing under the laws of the state of Nevada, with corporate power to own
property and carry on its business as it is now being conducted. 

ARTICLE 4 

COVENANTS 

          Seller
covenants with Purchaser that from and after the date of this Agreement until
the Closing Date, Seller will and will cause Company to: 

Business Operations 

          4.01.
Operate its business and conduct its activities in the normal course of business
and not introduce any material new method of management, operation, or
accounting. 

Maintenance of Assets and Properties 

          4.02.
Maintain all tangible assets and properties of Company in as good a state of
operating condition and repair as they are on the date of this Agreement, except
for ordinary depreciation, wear, and tear. 

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Absence of Liens 

          4.03.
Not sell, pledge, lease, mortgage, encumber, dispose of, or agree to do any of
these acts regarding any of the assets or properties of Company, other than in
the normal course of business, without the prior written approval of
Purchaser.

Preservation of Business 

          4.04.
Use its best efforts to preserve intact its organization and personnel and to
keep available the services of all its employees, agents, independent
contractors, and consultants commensurate with Company’s business requirements.

Preservation of Customer Relations 

          4.05.
Use its best efforts to preserve intact the present customers of Company and the
goodwill of all customers and others with respect to the business. 

Maintain Insurance 

          4.06.
Keep in force all policies of insurance covering the Company’s business,
properties, and assets, including all insurance listed in this Agreement. If
Purchaser so requests in writing, to purchase additional insurance as may be
reasonably required at Purchaser’s expense. 

Absence of Contractual Obligations 

          4.07.
Not become obligated on any contract or commitment or incur or agree to incur
any liability beyond a period to the Closing Date as defined in Section 7.03 or
for an amount in excess of $15,000.00 or make any capital expenditures without
the prior written consent of Purchaser. 

Performance of Obligations 

          4.08.
Perform all of its obligations and not make any material amendment to its
obligations under all agreements relating to or affecting Company’s customers,
business, properties, and assets. 

Notification of Litigation 

          4.09.
Promptly notify Purchaser in writing of any outstanding or threatened claims;
legal, administrative, or other proceeding, suits, investigations, inquiries,
complaints, notices of violation, or other process; or other judgments, orders,
directives, injunctions, or restrictions against or involving Company or its
personnel that could adversely affect Company. 

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Access to Books and Records 

          4.11.
Make available to Purchaser and its authorized agents and accountants for
inspection at reasonable times and under reasonable circumstances the following
items with respect to Company: assets; properties; business and financial
records; and tax returns, working papers, files, and memoranda of its public
accountants and outside legal counsel for the purposes of making an accounting
review, and investigation and examination of Company as deemed desirable by
Purchaser. Seller will use its best efforts to cause Company’s officers,
employees, public accountants, and outside legal counsel to cooperate fully with
Purchaser’s examination and to make a full and complete disclosure to Purchaser
of all facts regarding the financial condition and business operations of
Company. 

Employee Compensation 

          4.12.
Not increase the compensation payable to or to become payable to any executive
officer, key employee, or agent; and permit Purchaser to contact such employees,
agents, and officers at all reasonable times for the purpose of discussing with
them prospective employment by Purchaser on or after the Closing Date. Seller
shall use its best efforts to encourage all such persons to accept any
employment offered by Purchaser. 

Not Solicit 

          4.13.
Not negotiate with any person or entity, or solicit or entertain any proposal
concerning any acquisition in any form of Company. 

Resist Brokers 

          4.14.
Assist and cooperate with Purchaser in resisting any claim of any broker,
investment banker, or third party for any brokerage fee, finder’s fee, or
commission against Purchaser or Company in connection with the transactions
contemplated by this Agreement. 

Maintain Employee Benefit Plans 

          4.16.
Not add or discontinue any pension, welfare, or other employee benefit plans, or
make any alteration in any existing pension, welfare, or other employee benefit
plans. 

Payment of Liabilities and Waiver of Claims 

          4.17.
Not do, or agree to do, any of the following acts: 

9

	 	(a) 	
      Pay any obligations or liability, fixed or contingent,
      other than current liabilities.

	 	 	 
	 	(b) 	
      Waive or compromise any right or claim.

	 	 	 
	 	(c) 	
      Without full payment, cancel any note, loan, or other
      obligation owing to Company.

Maintain Existing Agreements 

          4.18.
Not modify, amend, cancel, or terminate any of Company’s existing contracts or
agreements, or agree to do so. 

Obtain Consents 

          4.19. As
soon as reasonably practical after the execution of this Agreement and in any
event before the Closing Date, obtain the written consents of all persons
described in Exhibits to this document and furnish to Purchaser copies of the
consents. 

Provide Sales and Use Tax Certificates 

          4.20.
Furnish to Purchaser clearance certificates from the appropriate agencies in all
states where Company is qualified to do business and any related certificates
that Purchaser may reasonably request as evidence that all sales, use, and other
tax liabilities of Company (other than income tax liabilities) accruing before
the Closing Date have been fully satisfied or provided for by Company. 

ARTICLE 5 

CONDITIONS TO PURCHASER’S OBLIGATION TO CLOSE 

          The
obligation of Purchaser to Close under this Agreement is subject to each of the
following conditions (any one of which may, at the option of Purchaser, be
waived in writing by Purchaser) existing on the Closing Date, or such earlier
date as the context may require. 

Representations and Warranties 

          5.01.
Each of the representations and warranties of Seller in this Agreement, the
disclosures contained in the exhibits to this Agreement, and all other
information delivered under this Agreement shall be true in all material
respects at and as of the Closing Date as though each representation, warranty,
and disclosure were made and delivered at and as of the Closing Date. 

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Compliance With Conditions 

          5.02.
Company and Seller shall each comply with and perform all agreements, covenants,
and conditions in this Agreement required to be performed and complied with by
each of them. All requisite action (corporate and other) in order to consummate
this Agreement shall be properly taken by Company and Seller. Seller shall
deliver to Purchaser a compliance certificate verifying and warranting Seller’s
and Company’s compliance. 

Suit or Proceeding 

          5.03. No
suit or proceeding, legal or administrative, relating to any of the transactions
contemplated by this Agreement shall be overtly threatened or commenced that, in
the sole discretion of Purchaser and its counsel, would make it inadvisable for
Purchaser to Close this transaction. 

Government Approvals and Filings 

          5.04.
All necessary government approvals and filings regarding this transaction shall
be received or made prior to the Closing Date in substantially the from applied
for to the reasonable satisfaction of Purchaser and its counsel. Any applicable
waiting period for the approvals and filings shall be expired. 

Corporate and Stockholder Action 

          5.05.
All corporate and stockholder action necessary to consummate the transactions
contemplated in this Agreement shall be properly taken by Seller and Company.
Purchaser shall receive copies of all appropriate resolutions of Company’s and
Seller’s board of directors and shareholders relating to this Agreement. The
resolutions shall be certified by their respective corporate secretaries.

Consents of Others 

          5.06.
Purchaser shall receive written consents from all persons listed in Exhibit E to
this Agreement. 

Asset Appraisal and Title to Assets 

          5.07. At
the time of the execution by Purchaser, Purchaser represents and warrants that
Purchaser has had the opportunity to review and consider title to Company’s
assets, production reports relative to all oil and gas properties owned by
Company, operating agreements relative to all oil and gas properties owned by
Company, purchase agreements relating to the purchase of the oil and gas
properties owned by Company and all other financial and other records relative
to the existence and operation by Company of its oil and gas properties,
including the existence of payables, lien and litigation. Purchaser has accepted
title and other items described hereinabove and further 

11

represents that same are not a basis for Purchaser refusing to
close the sale described herein. 

Board of Directors Resignations 

          5.08. On
or before the Closing Date, Seller shall secure the resignations of all
directors and officers currently serving on the board of directors of Company.

Escrow Agreement 

          5.09.
Seller and Purchaser shall enter into a mutually agreeable Escrow Agreement with
Alan G. Moravcik, Attorney at Law (Escrow Agent), 4305 N. Garfield, Suite 203,
Midland, Texas 79705 for the purposes described in Article 9 below. Upon
execution of this agreement, Purchaser shall remit a total of 304,000 shares of
Doral common stock to the Sellers pro rata to the total number of outstanding
Slape Shares owned by each Seller. These shares must be delivered to the escrow
agent within 10 business days once dual execution of this agreement has been
completed. The issuance of the Deposit Shares to the Sellers will be dependent
upon an exemption from the registration requirements of the US Securities Act of
1933 (the “Securities Act”) being available for the issuance of all of the
Deposit Shares to all of the Sellers. The Sellers acknowledge and understand
that the Deposit Shares will be “restricted securities” as contemplated under
Rule 144 of the Securities Act and will be valued by the Buyer and the Sellers
at a price of $2.50 per share or $760,000.00 USD. These shares will contain
“piggyback registration rights”. If the Acquisition is not completed, the
Sellers will be entitled to keep the Deposit Shares, unless the Acquisition is
not completed due to a breach by the Seller of any of the terms, conditions,
representations, warranties or covenants of the Definitive Agreements
(including, but not limited to, the requirement that the Seller obtain all
necessary third party consents or authorizations prior to closing) or as a
result of the malfeasance of the Seller, (collectively, a “Sellers Breach”). If
the Acquisition is completed, or if the Acquisition is not completed due to a
Sellers Breach, the Sellers will return all of the Deposit Shares to the Buyer
for cancellation. Doral’s common stock trades on the OTC Bulletin Board under
the symbol DEGY. 

ARTICLE 6 

CONDITIONS TO SELLER’S OBLIGATION TO CLOSE 

          The
obligation of Seller to Close under this Agreement is subject to each of the
following conditions (any one of which at the option of Seller may be waived in
writing by Seller) existing on the Closing Date. 

Corporate Action 

          6.01.
Purchaser shall take appropriate corporate action regarding this transaction,
which shall be evidenced by resolutions of its board of directors and 

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shareholders and certified by Purchaser’s corporate secretary,
authorizing Purchaser to enter into and complete this transaction. 

Government Approvals 

          6.02.
All necessary government approvals regarding this transaction shall be received
prior to the Closing Date, in substantially the form applied for and to the
reasonable satisfaction of Purchaser and its counsel. 

ARTICLE 7 

PARTIES’ OBLIGATIONS AT THE CLOSING 

Seller’s Obligations at the Closing 

          7.01. At
the Closing, Seller shall deliver or cause to be delivered to Purchaser
instruments of assignment and transfer of all of the issued and outstanding
capital stock of Company, free and clear of all liens, claims, and encumbrances
in form and substance satisfactory to Purchaser’s counsel.

          Seller,
at any time before or after the Closing Date, shall execute, acknowledge, and
deliver to Purchaser, or cause Company to do so, any further deeds, assignments,
conveyances, other assurances, documents, and instruments of transfer reasonably
requested by Purchaser. Seller shall also take any other action consistent with
the terms of this Agreement that may be reasonably requested by Purchaser for
the purpose of assigning, transferring, granting, conveying, and confirming to
Purchaser or reducing to possession any or all property and assets to be
conveyed and transferred by this Agreement. If requested by Purchaser, Seller
further agrees to authorize Purchaser to prosecute or otherwise enforce in
Seller’s name for the benefit of Purchaser any claims, rights, or benefits of
Company that are transferred to Purchaser by this Agreement and that require
prosecution or enforcement in Seller’s name. Any prosecution or enforcement of
claims, rights, or benefits under this paragraph shall be solely at Purchaser’s
expense, unless the prosecution or enforcement is made necessary by a breach of
this Agreement by Seller. 

Purchaser’s Obligation at Closing 

          7.02. At
the Closing, Purchaser shall deliver to Seller either a wire, a certified check,
or cashier’s check in the amount of $4,700,000.00 USD payable to Seller in
federal funds currently available in Texas. Additionally, in addition to the
above described amounts, Purchaser shall deliver to Seller the amount equal to
the value of Company’s receivables and inventory of crude oil on hand at the
date of closing. 

	 	1. 	
      7.03 Closing Date - Subject to the
      conditions set forth in this Definitive Agreement, and subject to the
      approval of the Purchaser and the Purchaser’s creditors, the closing of
      the transaction contemplated herein is expected to occur on or before June
      30, 2009 (the “Closing Date”). If the Acquisition does not
  close

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on or before the Closing Date, the
Purchaser will have the right to extend the closing date of the Acquisition to
July 31, 2009 by paying to the Seller an installment in the amount of
$395,000.00 USD (the “Extension Installment”) on or before July 1, 2009, as
follows: 

		 •
	
      $395,000.00 USD to the Sellers pro rata to the total
      number of outstanding Slape Shares owned by each Seller.

The Extension Installment shall be
paid to the Seller as an installment against the Acquisition Price and shall not
increase the total Acquisition Price to be paid by the Purchaser for the
Acquisition. Should closing not occur, by July 31, 2009, Seller will retain the
“Extension Installment” and Buyer understands that it will forfeit all rights
associated to these funds. The closing agent for this transaction will be
Hockley County Abstract located at 609 Austin Street, Levelland, Texas 79336.
All closing funds will be directed to Hockley County Abstract escrow account
where upon receipt of funding, shall disperse such funds in accordance per
instructions provided by Seller. 

ARTICLE 8 

SELLER’S OBLIGATIONS AFTER THE CLOSING 

Preservation of Goodwill 

          8.01.
Following the Closing Date, Seller will restrict its activities so the
Purchaser’s reasonable expectations with respect to the goodwill, business
reputation, employee relations, and prospects connected with the assets and
properties purchased under this Agreement will not be materially impaired. 

Change of Name 

          8.02.
Purchaser agrees that 60 days after the Closing Date, it will not use or employ
in any manner, directly or indirectly, the name of Company or any variation of
the name. Purchaser also agrees that, in order to comply with this covenant, it
will take and cause to be taken all necessary action, including filing a
withdrawal notice for any assumed name certificate bearing Company’s name or any
variant of the name, that Seller has previously filed. 

Access to Records 

          8.03.
From and after the Closing Date, Seller shall allow Purchaser and its counsel,
accountants, and other representatives access to records that are, after the
Closing Date, in the custody or control of Seller. Seller shall give access as
Purchaser reasonably requires in order to comply with its obligations under law
or when reasonably necessary for the business operations of Company. 

14

ARTICLE 9 

INDEMNIFICATION 

Covenant to Indemnify and Hold Harmless 

          9.01.
Seller covenants and agrees to indemnify, defend, and hold harmless Purchaser
and Company from and against any and all claims, suits, losses, judgments,
damages, and liabilities including any investigation, legal, and other expenses
incurred in connection with and any amount paid in settlement of any claim,
action, suit, or proceeding (collectively called “Losses”), other than those
Losses disclosed in this Agreements or any Exhibit delivered pursuant to this
Agreement, to which Purchaser or Company may become subject, if such Losses
arise out of or are based upon any facts and circumstances (or alleged facts and
circumstances) that could result in or give rise to a misrepresentation, breach
of warranty, or breach of covenant by Seller to Purchaser in this Agreement.
This right to indemnification is in addition to any other right available to
Purchaser and Company, including the right to sue Seller for a
misrepresentation, breach of warranty, or breach of covenant under this
Agreement. 

Income Taxes 

          9.02.
Without limiting the provisions of Paragraph 9.01, Seller shall indemnify,
defend, and hold harmless Purchaser and Company from and against any Losses to
which Company or Purchaser may become subject insofar as such Losses arise out
of or are based on any tax on or measured by the net income of Company in any
period on or before the Closing Date. The indemnifications provided in this
Paragraph 9.02 and in Paragraph 9.01, above, are cumulative and neither
provision shall limit or in any other way affect the right of Purchaser and
Company under the other provision. 

Limitations on Indemnification 

          9.03.
The maximum cumulative amount of Seller’s liability under this Agreement for any
and all Losses, other than Losses arising out of or based upon any federal tax
or measure by net income of Company shall be limited to $250,000.00. The
obligations of Seller to indemnify Purchaser and Company set forth in this
Article 9 shall expire 2 years after the Closing Date unless the obligation to
indemnify arises out of or is based on any federal tax on or measured by net
income of Company, in which event the obligation to indemnify shall expire 3
years after the Closing Date. 

Notifications and Defense of Claims or Actions 

          9.04.
When Purchaser proposes to assert the right to be indemnified under this Article
9 with respect to third-party claims, actions, suits, or proceedings, Purchaser
shall, within 30 days after the receipt of notice of the commencement of the
claim, action, suit, or proceeding, notify Seller in writing, enclosing a copy
of all papers served or received.

15

On receipt of the notice, Seller shall have the right to direct
the defense of the matter, but Purchaser shall be entitled to participate in the
defense and, to the extent that Purchaser desires, to jointly direct the defense
with Seller with counsel mutually satisfactory to Purchaser and Seller, at
Seller’s expense. Purchaser shall also have the right to employ its own separate
counsel in any such action. The fees and expenses of Purchaser’s counsel shall
be paid by Purchaser unless: (a) the employment of the counsel has been
authorized by Seller; (b) Purchaser has reasonably concluded that there may be a
conflict of interest between Seller and Purchaser in the conduct of the defense
of such action; or (c) Seller has not, in fact, employed counsel satisfactory to
Purchaser to assume the defense of the action. In each of these cases, the fees
and expenses of Purchaser’s counsel shall be paid by Seller. Neither Seller nor
Purchaser shall be liable for any settlement of any action or claim described in
this Article 9 that is effected without their consent. 

ARTICLE 10 

GENERAL PROVISIONS 

Survival of Representations, Warranties, and Covenants 

          10.01
The representations, warranties, covenants, and agreements of the parties
contained in this Agreement or contained in any writing delivered pursuant to
this Agreement shall survive the Closing Date for the period of time set forth
in this Agreement. 

Notices 

          10.02.
All notices that are required or that may be given pursuant to the terms of this
Agreement shall be in writing and shall be sufficient in all respects if give in
writing and delivered personally or by registered or certified mail, return
receipt requested, postage prepaid as follows: 

          If to
Seller: Alan G. Moravcik, Attorney at Law, 4305 N. Garfield, Suite 203, Midland,
Texas 79705. 

          If to
Purchaser: E. Will Gray, CEO, Doral Energy Corp., 415 W Wall Street, Suite 500,
Midland, Texas 79701.

Assignment of Agreement 

          10.03.
This Agreement shall be binding on and inure to the benefit of the parties to
this Agreement and their respective successors and permitted assigns. This
Agreement may not be assigned by any other party without the written consent of
all parties and any attempt to make an assignment without consent is void. 

Governing Law 

16

          10.04.
This Agreement shall be construed and governed by the laws of the state of
Texas. 

Amendments; Waiver 

          10.05.
This Agreement may be amended only in writing by the mutual consent of all of
the parties, evidenced by all necessary and proper corporate authority. No
waiver of any provision of this Agreement shall arise from any action or
inaction of any party, except an instrument in writing expressly waiving the
provision executed by the party entitled to the benefit of the provision. 

Entire Agreement 

          10.06.
This Agreement, together with any documents and exhibits given or delivered
pursuant to this Agreement, constitutes the entire agreements between the
parties to this Agreement. No party shall be bound by any communications between
them on the subject matter of this Agreement unless the communication is (a) in
writing, (b) bears a date contemporaneous with or subsequent to the date of this
Agreement, and (c) is agreed to by all parties to this Agreement. On execution
of this Agreement, all prior agreements or understanding between the parties
shall be null and void. 

Termination of Agreement 

          10.07.
In the event this Agreement is not closed by June 30, 2009, then this Agreement
shall terminate on and as of that date, unless otherwise extended by written
agreement by Purchaser and Seller. Any termination shall not affect in any
manner any rights and remedies that any party to this Agreement may have at the
time of termination. If this agreement terminates as described above, Escrow
Agent shall deliver all funds held by Escrow Agent hereunder to Seller and
Seller shall be entitled to retain such funds as liquidated damages hereunder.

17

		 	Purchaser: 
		 		
		 		
	5-18-09	 	By: 	/s/ E.W. Gray II
	Date 	 		
	 	 	 	CEO, Doral Energy Corp.
		 		       Title 
		 		
		 		Seller: 
		 		Jimmy Slape 
		 		
	5-18-09	 	By: 	/s/ Jimmy Slape
	Date 	 		

18

EXHIBIT A 

OIL AND GAS PROPERTIES 

19

EXHIBIT "A"

SLAPE OIL COMPANY,
INC.
LEASES, WORKING INTERESTS, AND
NET REVENUE INTERESTS CONVEYED WITH
PURCHASE

  	
LEASE 
NAME 	

        RRC 
LEASE NO. 	

        GROSS 
ACRES	GROSS 
WORKING
      
INTEREST 	NET 
REVENUE
      
INTEREST 	
LEASE 
NRI 	

COUNTY 	

LEGAL
      DESCRIPTION 
	O'Neil 	63522      	120 	100.000000% 	 75.000000% 	75.000000% 	Cochran 	Tract 12, Lg. 116, Potter CSL, Cochran County, Texas 
	Seaboard
      Wright 	03596      	160 	100.000000% 	 70.000000% 	70.000000% 	Cochran 	Tract 13, Lg. 96, Mills CSL, Cochran County, Texas 
	Slaughter 1    	116690 	160 	75.000000% 	 56.250000% 	75.000000% 	Cochran 	Lab. 22, Lg. 84, Shackelford CSL, Cochran County, Texas  
	Slaughter 18
      #1018 	113832 	160 	75.000000% 	 56.250000% 	75.000000% 	Cochran 	Lab. 18, Lg. 84, Shackelford CSL, Cochran County, Texas  
	Slaughter 19
      #1019 	113859 	160 	75.000000% 	 56.250000% 	75.000000% 	Cochran 	Lab. 19, Lg. 84, Shackelford CSL, Cochran County, Texas  
	Slaughter 20
      #1020 	113833 	160 	75.000000% 	 56.250000% 	75.000000% 	Cochran 	Lab. 20, Lg. 84, Shackelford CSL, Cochran County, Texas  
	Wright,
      D.S. 	67409      	160 	100.000000% 	 70.000000% 	70.000000% 	Cochran 	Tract 14, Lg. 96, Mills CSL, Cochran County, Texas 
	Wright, D.S. "C" 	65311 	480 	100.000000% 	70.000000% 	70.000000% 	Cochran 	Lab. 8, Lg. 96, A-90, Mills CSL,
    & Lab. 26 &27, Lg. 97, A-82, Brewster CSL, Cochran County, Texas    
	Deloache, J.I.
      NCT-3 	64138      	160 	48.180554% 	 33.007100% 	68.507100% 	Hockley 	Lab. 2, Lg. 78, Reeves CSL, Hockley County, Texas 
	Deloache, James
      I. 	64548      	320 	100.000000% 	 70.000000% 	70.000000% 	Hockley 	Lab.10 &14, Lg.81, Shakelford CSL, Hockley County, Texas    
	Gem Lawson    	65079      	160 	48.275862% 	 35.000000% 	72.500000% 	Hockley 	Lab. 9, Lg. 73, Haskel CSL, Hockley County, Texas 
	Ivey 	65067      	160 	37.077450% 	 25.408000% 	68.526827% 	Hockley 	Lab. 16, Lg. 78, Reeves CSL, Hockley County, Texas 
	Lawson "A"
      #3 	67411      	40 	46.601766% 	 30.678880% 	65.832011% 	Hockley 	Lab. 9, Lg. 73, Haskel CSL, Hockley County, Texas 
	Lawson #1    	119124 	40 	82.000000% 	 57.420000% 	70.024390% 	Hockley 	Lab. 10, Lg. 73, Haskel CSL, Hockley County, Texas 
	Lawson
      (Gas) 	63702      	40 	50.768498% 	 30.678880% 	60.428970% 	Hockley 	Lab. 9, Lg. 73, Haskel CSL, Hockley County, Texas 
	Lawson 1010 (Gas) 	078224 	40 	100.000000% 	 70.870000% 	70.870000% 	Hockley 	Lab. 10, Lg. 73 Haskel CSL,
      Hockley County, Texas 
	Palmer	61877	40	47.794118%	32.500000%	68.000000%	Hockley	Lab. 8, Lg. 33, Baylor CSL,    Hockley County, Texas
	Phillips	61415	160	48.573975%	34.062500%	70.125000%	Hockley	Lab. 11, Lg. 28, Hood CSL, Hockley County, Texas
	Scott	60824	160	51.240809%	34.843750%	68.000000%	Hockley	SW/4 Sec. 9, Blk-A, RM Thompson Survey, Hockley County Texas
	Slaughter, George M.	65198	40	100.000000%	70.000000%	70.000000%	Hockley	Lab. 6, Lg. 84, Shackelford CSL, Hockley County, Texas
	Slaughter, George M., III	65043	80	33.500000%	19.950000%	59.552239%	Hockley	Lab. 6, Lg. 84, Shackleford CSL, Hockley County, Texas
	Spitler	64503	160	95.000000%	70.000000%	73.684211%	Hockley	Lab.11, Lg.81 Reeves CSL, Hockley County, Texas
	Stanley	63766	80	47.267885%	32.772400%	69.333333%	Hockley	S 1/2 Lb. 2, Lg. 73, Haskel CSL, Hockley County, Texas
	Stanley "A"	64677	80	32.444905%	22.361200%	68.920528%	Hockley	N 1/2 Lb. 2, Lg. 73, Haskel CSL, Hockley County, Texas
	Tunnell	62297	160	100.000000%	70.000000%	70.000000%	Hockley	Lab. 14, Lg. 735, State Capitol Land, Hockley County, Texas
	Whitley	65269	40	38.657579%	29.402500%	76.058824%	Hockley	SW/4, SE/4, Sec. 9, Blk-A, RM Thompson Survey, Hockley County,    Texas
	Wright #1	073322	40	100.000000%	75.000000%	75.000000%	Hockley	SE/4, Lab. 11, Lg. 73, Haskel CSL, Hockley Counuty, Texas
	TOTAL    Gross Acreage	3,560	 Gross Acres	 
	TOTAL Net    Acreage	2,722	 Net Acres	 

  20

EXHIBIT B 

Other Tangible Personal Property 

          All
other tangible personal property of the Seller is located on the leases
described in Exhibit A hereto, to the extent of Company’s interest therein. 

21

EXHIBIT C 

INTANGIBLE ASSETS 

None 

22

EXHIBIT D 

INSURANCE POLICIES 

 

Bituminous Insurance Company 
Commercial General Liability

Policy #xxxxxxxxxxx 

Effective x/x/xx – x/x/xx 

National American Insurance Company 
Commercial General
Liability 

Policy #xxxxxxxxxx 

x/xx/xx – x/xx/xx 

23

EXHIBIT E 

CONTRACTS OBLIGATING COMPANY 

None 

24

EXHIBIT F 

LITIGATION TO WHICH COMPANY IS A PARTY 

None 

25

EXHIBIT G 

EMPLOYMENT AGREEMENTS, ETC. 

None 

26

EXHIBIT H 

RECEIVABLES 

          Amounts
due and owing from the following purchasers of crude, natural gas or condensate
for production prior to the date of the closing hereof but unpaid as of the date
of the closing hereof. Any and all amounts due from working interest owners in
any of the leases for services prior to closing date.

 

Conoco Phillips Company 

Versado Gas Processors, LLC 

Occidental Permian, Ltd. 

27

EXHIBIT I 

LIABILITIES OF COMPANY 

None 

28

EXHIBIT J 

RESERVES 

None 

29

EXHIBIT K 

BANK ACCOUNTS 

 

City Bank-Levelland 

Acct # xxxxxxxx 

Acct # xxxxxxxx 

Persons authorized to draw on the accounts: 

Jimmy Slape 

xxxxx xxxxx 

xxxx xxxxx 

xxxxxx xxxxxxxx

 

30Filed by sedaredgar.com - Pengram Corp. - Exhibit 10.1

ASSIGNMENT AGREEMENT

THIS AGREEMENT made as of the 29th day of May, 2009.

BETWEEN:

PORTAL RESOURCES US
INC., of 
One East Liberty Street, Suite 424 
Reno, NV, 89504 

(hereinafter called the
“Assignor”)

OF THE FIRST PART

AND:

PORTAL RESOURCES LTD.,
of 
Suite 750 – 625 Howe Street, 
Vancouver, BC V6C 2T6 
Canada

(hereinafter called the
“Parent”)

OF THE SECOND PART

AND:

PENGRAM CORPORATION, of

1200 Dupont Street, Suite 2J 
Bellingham, WA 98225 
USA

(hereinafter called the
“Assignee”)

OF THE THIRD PART

WHEREAS:

A. By an agreement dated August 28, 2008, a copy of which is
attached as Schedule “A” (the “Option Agreement”) between Claremont
Nevada Mines LLC , Scoonover Exploration LLC and JR Exploration LLC
(collectively the “Vendors”) and the Assignor, the Vendors granted the
Assignor the option to acquire a 100% undivided interest in certain mineral
claims situated in the Eurka County, Esmeralda County and Mineral County, Nevada
known as the Golden Snow Project, the Fish Project and the CPG Project
(collectively the “Properties”) as more particularly described in the
Option Agreement;

-2-

B. The Assignee wishes to acquire all of the Assignor’s right,
title and interest in the Option Agreement; and

C. The Assignor is a wholly-owned subsidiary of the Parent.

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in
consideration of the sum of $1.00 paid by the Assignee to the Assignor, the
receipt of which is hereby acknowledged, the parties hereto agree as
follows:

ASSIGNMENT

1. The Assignor will assign to the Assignee, at Closing, all of
its right, title and interest in the Option Agreement and all benefits to be
derived therefrom.

CONSIDERATION

2. The consideration for the Assignor assigning to the Assignee
the Assignor’s interest in the Option Agreement shall be the issuance to the
Parent at Closing, of 150,000 fully paid and non-assessable common shares (the
“Shares”) in the capital of the Assignee as constituted on the date
hereof, free and clear of all liens, charges, adverse interests or restrictions
on resale other than pursuant to applicable securities laws.

ASSUMPTION OF OBLIGATIONS

3. Upon Closing, the Assignee agrees to be bound by the
provisions of the Option Agreement and to assume the obligations thereunder as
if it had originally executed the same.

ASSIGNOR’S REPRESENTATIONS AND WARRANTIES

4. The Assignor represents and warrants to and covenants with
the Assignee that:

	 	(a) 	
      the Assignor has full corporate power and capacity to
      enter into this Agreement and this Agreement has been validly authorized,
      executed and delivered by the Assignor;

	 	 	 
	 	(b) 	
      the entering into and the performance of this Agreement
      and the transactions contemplated herein will not result in the violation
      of any of the terms and provisions of the constating documents of the
      Assignor, any shareholders’ or directors’ resolutions, or of any
      indenture, other agreement, written or oral, to which the Assignor may be
      bound or to which it may be subject, or any judgment, decree, order, rule
      or regulation of any court or administrative body by which the Assignor is
      bound, or any statute or regulation applicable to the
  Assignor;

3

	 	(c) 	
      the Assignor is the lawful owner of, has good legal and
      beneficial title to, and has the right to assign its interest in the
      Option Agreement;

	 	 	 
	 	(d) 	
      the Option Agreement is a valid and subsisting
      agreement;

	 	 	 
	 	(e) 	
      there have been no defaults or acts by the Assignor under
      the Option Agreement which have or would permit the Vendors to terminate
      the Option Agreement;

	 	 	 
	 	(f) 	
      to the best of the knowledge of the Assignor after due
      inquiry, the Properties are free and clear of all liens, charges, and
      encumbrances;

	 	 	 
	 	(g) 	
      to the best of the knowledge of the Assignor after due
      inquiry, the Vendors are, and on the exercise of the option in the Option
      Agreement, will be the beneficial owner of and have the right to dispose
      of and to give good marketable title to the Assignee, in and to the
      Properties, free and clear of all liens, charges and
  encumbrances;

	 	 	 
	 	(h) 	
      there is no litigation, proceeding or investigation
      pending or threatened against the Assignor or, to the best of the
      knowledge of the Assignor after due inquiry, the Vendors, the Option
      Agreement or the Properties, nor does the Assignor know, or have any
      grounds to know after due inquiry, of any basis for any litigation,
      proceeding or investigation which would affect the Option Agreement or the
      Properties;

	 	 	 
	 	(i) 	
      the Shares will be “restricted securities” within the
      meaning of the Securities Act and will be issued to the Assignor in
      accordance with Regulation S of the Securities Act. Any certificates
      representing the Shares will be endorsed with the following legend in
      accordance with Regulation S of the Securities Act:

	 	 	 
	 		
      “THE SECURITIES REPRESENTED BY THIS CERTIFICATE
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, AND HAVE BEEN ISSUED IN
      RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
      SECURITIES ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE SECURITIES
      ACT. SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE
      TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S,
      PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT, OR
      PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
      ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED
      UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

	 	 	 
	 	(j) 	
      the Parent is not a “U.S. Person” as defined by
      Regulation S of the Securities Act and is not acquiring the Shares for the
      account or benefit of a U.S. Person;

	 	 	 
	 	(k) 	
      the Parent is acquiring the Shares for investment
      purposes, only, with no present intention of dividing its interest with
      others or reselling or otherwise disposing of any or all of the Shares;
      and

4

	 	(l) 	
      the Parent was not in the United States at the time the
      offer to acquire the Shares was received.

REPRESENTATIONS AND WARRANTIES SURVIVE

5. The representations and warranties of the Assignor shall
survive the completion of the assignment of the Option Agreement. The Assignor
agrees to indemnify the Assignee against any loss or damage sustained by the
Assignee, directly or indirectly, by reason of a breach of any of the Assignor’s
warranties or representations. The Assignor acknowledges that the Assignee has
entered into this Agreement relying on such warranties and representations, and
no information which is now known or which may hereafter become known to the
Assignee or its officers, directors or professional advisors, will limit or
extinguish the right to indemnify hereunder.

ASSIGNEE’S REPRESENTATIONS AND WARRANTIES

6. The Assignee represents and warrants to and covenants with
the Assignor that:

	 	(a) 	
      the Assignee has full corporate power and capacity to
      enter into this Agreement and this Agreement has been validly authorized,
      executed and delivered by the Assignee;

	 	 	 
	 	(b) 	
      the entering into and the performance of this Agreement
      and the transactions contemplated herein will not result in the violation
      of any of the terms and provisions of the constating documents of the
      Assignee, any shareholders’ or directors’ resolutions, or of any
      indenture, other agreement, written or oral, to which the Assignee may be
      bound or to which it may be subject, or any judgment, decree, order, rule
      or regulation of any court or administrative body by which the Assignee is
      bound, or any statute or regulation applicable to the Assignee;

	 	 	 
	 	(c) 	
      there is no litigation, proceeding or investigation
      pending or threatened against the Assigne nor does the Assignee know, or
      have any grounds to know after due inquiry, of any basis for any
      litigation, proceeding or investigation which would affect the value of
      the Shares;

	 	 	 
	 	(d) 	
      upon their issuance, the Shares will be validly issued to
      the Assignor as fully paid and non-assessable shares in the capital of the
      Assignee, free and clear of all liens, charges, adverse interests or
      restrictions on resale other than pursuant to applicable securities
      laws;

	 	 	 
	 	(e) 	
      the Assignee is a "registrant" in the United States of
      America within the meaning of securities laws therein and is not in
      default of any applicable laws; and

5

	 	(f) 	
      the common shares of the Assignee are quoted on the OTC
      Bulletin Board and are not listed or quoted on any other stock
      exchange.

CLOSING

7. Closing will take place on the fourth business day following
execution of this agreement.

Closing will be conditional on the representations set out in
paragraph 4 continuing to be true on Closing.

At the Closing the Assignor shall deliver to the Assignee a
document executed by the Vendors acknowledging the Assignment and confirming
that the Option Agreement is in good standing.

At the Closing the Assignee will deliver to the Parent the
certificate representing the Shares.

FURTHER ACTS

8. The parties shall do such further and other acts and execute
such further and other documents as may be necessary to carry out the true
intent and purposes of this Agreement fully and effectively.

NOTICE

9. Any notice required to be given under this Agreement shall
be in writing and addressed to the parties as hereinbefore set out and may be
delivered or faxed. Any notice given as aforesaid shall be deemed to have been
received, if delivered, when delivered or, if faxed, on the business day after
the date of faxing.

6

ENUREMENT

10. This Agreement shall enure to the benefit of and be binding
upon the parties, their respective successors and assigns.

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

PORTAL RESOURCES US INC.

/s/ David Hottman
By Its Authorized
Signatory

PORTAL RESOURCES LTD.

/s/ David Hottman
By Its Authorized
Signatory

PENGRAM CORPORATION

/s/ Richard W. Donaldson
By Its Authorized
Signatory

7

SCHEDULE ‘A’

Agreement dated August 28, 2008 among Portal Resources U.S. Inc.

Claremont Nevada Mines LLC , Scoonover Exploration LLC and JR Exploration
LLC

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