Document:

Exhibit 10.3

 

ASSIGNMENT, CONVEYANCE AND BILL OF SALE

This Assignment, Conveyance and Bill of Sale, effective June 1, 2018 (the “Effective Date”) is from Arete Industries Inc., 7260 Osceola Street, Westminster, CO 80030,   (collectively referred to as or “Assignors”) to Eagle United Truck Wash LLC, 6535 S. Dayton Street, #3700, Greenwood Village, CO 80111.  For  $100.00 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged Assignors hereby sell, assign, transfer, grant, bargain and convey to Assignee all undivided right, title and interests in and to the oil and gas properties, working interests, net revenue interests  (excepting and reserving all mineral interests held by the Seller and/or corporations controlled by Seller prior to the Effective Date), all as more fully described on Exhibit “A” attached hereto, including all wells, leasehold, operations, equipment, unit rights, and any other rights, permits or privileges relating to the ownership of said properties (collectively the “Properties”).

This offer is subject to the following terms and conditions:

	
1.

	
The Net Revenue and ORRI Interests to be conveyed by Seller shall not be less than, nor shall the Working Interests be greater than those shown in the attached Exhibit “A”.  These interests are as to all depths within the wellbores and the associated leasehold outside of the wellbores, unless otherwise specified on the attached Exhibits.  It is the intent of this Agreement for Buyer to purchase all of Seller’s undivided right, title and interests in and to the Properties more fully described on the Exhibit “A”, attached hereto, including all wells, leasehold, operations, equipment, unit rights, and any other rights, permits or privileges relating to the ownership of said Properties.

	
2.

	
Seller shall be liable for all unit costs (including but not limited to ad valorem, production, severance or excise taxes and royalties) and entitled to all unit revenues attributable to the Properties prior to the Effective Date.  Buyer shall be responsible for and entitled to same after the Effective Date.  Any adjustments pursuant to this section will be made at closing, if possible.  If adjustment amounts are indeterminable as of closing, an adjustment will be made within 90 days of closing.

		3.	
Buyer shall have a reasonable time to examine title, environmental condition, mechanical condition, applicable gas contracts, gas balancing status and payout status with all six being acceptable to Buyer before closing.

		4.	
Closing will occur on or before September 30, 2018. The Properties are, or will be assigned at Closing, without warranty of title either expressed or implied but free and clear of any mortgages, liens or other encumbrances.

		5.	
Standstill Agreement.  Following the execution of this letter and through the Closing Date, the Seller will not directly or indirectly solicit, initiate or participate in negotiations with any person regarding the disposition of the Properties.  The Seller will immediately notify the Buyer in the event any person or entity solicits, initiates negotiations or makes inquiries relative to the acquisition of the Properties.

		6.	
Conduct of Businesses.  During the period from the date of this letter until the Closing Date, the Seller will use commercially reasonable efforts to: (a) manage the Properties in a businesslike manner in the ordinary course of business consistent with prior practices; (b) to the best of the Seller's ability, maintain the Properties and the title to same (c) maintain all contracts, arrangements and relations with the operators, employees, suppliers, lessors and contractors for the Properties; and (d) pay operational expenses associated with the Properties; and (e) not permit the ownership of the Properties to be changed in a manner that is adverse to the Buyer.

		7.	
Plugging and Abandonment and Restoration.  Buyer shall assume and be responsible for all plugging and abandonment, removal, disposal and restoration of all wells on the Properties.

 

                                              Arete Industries Inc.

                                              ____________________________

                                              

                                              AGREED TO AND ACCEPTED

 

                                              This ________ day of , _____________ 2018

 

 

                                              Eagle United Truck Wash LLC

 

                                              BY: ____________________________

STATE OF Colorado        )

STATE OF Colorado        )

COUNTY OF                  )

The foregoing Instrument was acknowledged before me by ______________________________________ as, of _________________________________ this ___________day of _____________________, 2018.

WITNESS my hand and official seal.

                                                

                                              _____________________________________________________

                                              Notary Public

My Commission Expires:

___________________________________

STATE OF Colorado        )

STATE OF Colorado        )

COUNTY OF                  )

The foregoing Instrument was acknowledged before me by ______________________________________ as, of _________________________________ this ___________day of _____________________, 2018.

WITNESS my hand and official seal.

                                                

                                              _____________________________________________________

                                              Notary Public

My Commission Expires:

___________________________________Exhibit

FOURTH AMENDMENT 
TO
MANAGEMENT AGREEMENT
This FOURTH AMENDMENT TO MANAGEMENT AGREEMENT (this “Amendment”) dated as of March 31, 2019, is entered into between TEEKAY TANKERS LTD., a corporation formed under the laws of the Republic of The Marshall Islands (the “Company”), and TEEKAY SHIPPING LTD., a company formed under the laws of the Bermuda (the “Manager”) as successor by merger to TEEKAY TANKERS MANAGEMENT SERVICES LTD.  
RECITALS
A.    The Company and the Manager, as successor by merger to Teekay Tankers Management Services Ltd. are parties to the Management Agreement dated as of December 18, 2007, as amended and supplemented by the First Amendment to Management Agreement dated as of May 7, 2009 and the Second Amendment to Management Agreement dated as of September 21, 2010, the Third Amendment to Management Agreement dated as of January 1, 2011 and the Addendum to Management Agreement dated as of March 23, 2016 (as amended or supplemented, the “Agreement”), pursuant to which the Company engaged the Manager to provide, directly or indirectly, certain commercial, technical, administrative and strategic services with respect to the Company's vessels and its business.
B.    The Company and the Manager desire to further amend the Agreement as set forth herein.
C.    Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.    Amendment to Agreement
The Company and the Manager hereby modify and amend the Agreement, with effect given to such modifications and amendments as of March 31, 2019 by deleting Section 8.2 in its entirety and by replacing it with the following:

“8.2    Invoicing 
The Manager shall, in good faith, determine the expenses related to the Management Services that are allocable to the Company Group in any reasonable manner determined by the Manager as follows: 
(a)    Administrative and Strategic Services
With respect to the Administrative and Strategic Services, the Manager shall provide to the Company on or before the first day of each quarter of the Company’s fiscal year, an invoice for the all estimated Costs and Expenses to be incurred in a given quarter (plus a reasonable profit mark-up), which shall be payable by the Company in three equal installments on the 15th day (or next business day) of each month of the quarter.  The Manager shall maintain the records of all Costs and Expenses incurred, including any invoices, receipts and supplementary materials as are necessary or proper for the settlement of accounts between the Parties.  Within 30 days of the end of the quarter, the Manager will provide the Company with a statement of actual Costs and Expenses incurred in connection with providing Administrative Services and Strategic Services during the quarter (plus a reasonable profit mark-up), and the parties will promptly settle any adjustment required to true-up the quarter-end statement with the amount of installments paid to that date, unless such amounts are being disputed in accordance with this Agreement. 
(b) Commercial Services and Technical Services
With respect to the Commercial Services and Technical Services, the Manager shall provide to the Company on a quarterly basis an invoice for the Commercial Management Services Fee and fee for Technical Services, and the Company shall pay such invoices within thirty (30) days of receipt, unless the invoice is being disputed in accordance with this Agreement.”  
2.    Effect on Agreement
Except as specifically amended and modified by this Amendment, the terms and provisions of the Agreement remain unchanged and in full force and effect.  All references in the Agreement or otherwise to the Agreement shall hereinafter refer to the Agreement as amended and modified by this Amendment.
3.    Miscellaneous
(a)    This Amendment is governed exclusively by, and is to be enforced, construed and interpreted exclusively in accordance with, English law, which is deemed to be the proper law of the Amendment.
(b)    The descriptive headings contained in this Amendment are included for convenience of reference only and shall not affect in any way the meaning or interpretation of this Amendment.
(c)    This Amendment may be executed in counterparts, all of which together shall constitute one agreement binding on the parties hereto.

[Remainder of this Page Left Blank]

IN WITNESS WHEREOF, this Fourth Amendment to Management Agreement has been duly executed by the parties hereto as of the date first written above.

TEEKAY TANKERS LTD.
By:  /s/ Edith Robinson    
Name:  Edith Robinson
Title:    Secretary

TEEKAY SHIPPING LTD.

By:  /s/ Edith Robinson    
Name:  Edith Robinson
Title:    Secretary

Amendment to Management Agreement
-1-

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