Document:

Exhibit 10.1

 

FARMOUT AGREEMENT

BETWEEN

Bancorp
Holdings, LLC, Carrier Acquisitions, LLC, LHMF, LLC, 

as
farmors

AND

RICHLAND RESOURCES CORPORATION, SUN
DELTA, INC., AND AMERRIL

 ENERGY LLC,

 AS FARMEES

 

This Farmout Agreement
(this “Agreement”) is entered into effective as of the 23rd day of July, 2012
(the “Effective Date”), by and between BANCORP HOLDINGS, LLC, an Arkansas limited liability company,
CARRIER ACQUISITIONS, LLC, an Arkansas limited liability company and LHMF, LLC, a Nevada limited liability company (each a “Farmor”,
collectively, “Farmors”), and RICHLAND RESOURCES CORPORATION, a Nevada corporation d/b/a RRCH Corp.
(“Richland”), SUN DELTA, INC., a Colorado corporation (“Sun Delta”), and AMERRIL
ENERGY LLC, an Oklahoma limited liability company (“Amerril”)(each a “Farmee,”
collectively, “Farmees”). Where applicable, Farmors and Farmees may be referred to herein collectively
as the “Parties” or individually as a “Party.”

 

WHEREAS, Farmors
own the entire working interest in the oil, gas and mineral leases more particularly described on Schedule 1.1, attached hereto
(collectively, the “Subject Leases”);

 

WHEREAS, Farmees desire to drill
a well on the Subject Leases in search of oil and gas and thereby earn an assignment of the Subject Leases; and

 

WHEREAS, Farmors are willing to
grant Farmees the right to drill a well on the Subject Leases in search of oil and gas and thereby earn an assignment of the Subject
Leases.

 

NOW, THEREFORE, KNOW ALL MEN BY THESE
PRESENTS:

 

That, for and in consideration of the premises
and the mutual covenants and agreements contained herein, Farmors and Farmees hereby agree as follows:

 

ARTICLE I

SUBJECT INTERESTS; WELL UNITS

 

1.1           Definition
of Subject Interests. The “Subject Interests” refer to all of Farmors’ right title and interest
in and to the Subject Leases; less, save and except an 18.75% working interest and 14.0625% net revenue interest
in the Subject Leases INSOFAR AND ONLY INSOFAR as the Subject Leases cover production from the Test Well and corresponding
Well Unit (“Farmors’ Retained Interest”).

 

1.2           Well
Units. As used in this Agreement, the term “Well Unit” shall mean a tract of land surrounding a
well producing or capable of producing oil and/or gas in paying quantities and that consists of the total number of acres established
by the spacing order or applicable field rules of the Texas Railroad Commission (or other governmental authority having jurisdiction)
as the amount of acreage that must be included in the proration unit for such well in order for such well to receive or be assigned
its maximum allowable amount of production. If no such spacing order or field rules have been issued, such tract of land shall
consist of the maximum allowable unit acreage provided for in the Subject Leases. The acreage to be included in each Well Unit
shall be selected by Farmees in conformity with any such spacing order or field rules.

 

    	 

    	 

    

 

1.3           Warranties.
Farmors warrant to Farmees, as to matters arising by, through or under Farmors, that as of the date hereof and as of the date
the Assignment (hereinafter defined) is delivered to Farmees, Farmors are and will be vested with and shall have good and marketable
title to the Subject Interests, free and clear of all liens and encumbrances other than the Permitted Encumbrances (as defined
in the Assignment). Further, each Farmor represents and warrants that such Farmor has not conveyed or contracted to convey, any
of such Farmors’ right, title and interest in and to the Subject Leases to anyone other than Farmees, and such Farmor has
not created any overriding royalties, reversionary rights or similar burdens on the Subject Leases.

 

ARTICLE II

TEST WELL

 

2.1           Test
Well. Farmees shall commence or caused to be commenced, on or before forty-five (45) days from the Effective Date, or, in
the event a suitable rig is under contract but cannot commence drilling until after the expiration of such 45 day period, as soon
as commercially practicable thereafter (but in no event longer than 90 days) (the “Commencement Date”),
actual drilling operations on a well (the “Test Well”) in search of oil and/or gas at any legal location
on the Subject Interests/at the location specified on Exhibit A hereto. Thereafter, Farmees shall continue to drill the Test Well
with due diligence and in a good and workmanlike manner to a depth sufficient to penetrate and test in a horizontal wellbore the
Woodbine formation (the “Objective Depth”); provided that Farmees shall not be precluded from drilling
deeper than the Objective Depth. When Farmees have completed drilling operations on the Test Well, Farmees agree that (i) if the
Test Well can be completed as a well capable of producing in paying quantities, to be determined at Farmees’ sole discretion,
Farmees shall diligently prosecute the completion of the Test Well without unreasonable delays, or (ii) if the Test Well cannot
be completed as a well capable of producing in paying quantities, Farmees shall plug and abandon the Test Well in accordance with
the terms of the Subject Leases and all applicable laws and regulations. If Farmees do not commence, or cause to be commenced,
the actual drilling of the Test Well on or prior to the Commencement Date, Farmees’ right to earn the Assignment hereunder
shall terminate and, except as otherwise expressly provided herein, neither Party shall have any further rights or obligations
hereunder.

 

As set forth in Section
IV, hereinbelow, Richland shall be designated as “Operator” for operations conducted on the Subject Leases. Notwithstanding
such designation, any Farmee shall be entitled to commence, or cause to be commenced, actual drilling operations on the Test Well
if, in Farmee’s sole discretion based on good-faith belief, Richland is unable or will be unable to commence or cause to
be commenced actual drilling operations on the Test Well before the Commencement Date.

 

As used herein, “Operator”
shall mean and refer to the Party designated as “Operator” under the Operating Agreement (as hereinafter defined).

 

    	2

    	 

    

 

2.2 Substitute
Well or Wells. If, during the drilling of a Test Well, Farmees suffer mechanical difficulties or encounters an impenetrable
formation, cavity, excessive pressure or water flow, loss of circulation or any other formation, substance or condition, similar
or dissimilar, which cannot reasonably or economically be overcome by usual and customary drilling methods, Farmees shall have
the option, but not the obligation, not more than sixty (60) days following the cessation of drilling operations on such Test
Well, to commence actual drilling operations on a substitute well, at any legal location on the Subject Interests, and such substitute
well, if drilled in the manner and to the depth herein required for the drilling of the original Test Well, shall be considered
and treated for all purposes herein as though the same were the original Test Well. Farmees shall have the right to drill any
number of substitute wells pursuant to the foregoing, each of which shall be considered and treated for all purposes hereof as
though the same was the original Test Well for which such substitute well is being drilled; provided, however, not more than sixty
(60) days shall elapse between the time drilling operations for one substitute well are terminated and actual drilling operations
on another substitute well have commenced.

 

2.3 Insurance.
Richland covenants and agrees that Richland, or the successor operator, if necessary, shall maintain the insurance coverages to
be described in the “Operating Agreement” (hereinafter defined) during the performance of all operations
hereunder. All such insurance shall be carried with a company or companies reasonably satisfactory to Farmors, shall be endorsed
to name Farmors as additional insured parties thereunder and shall provide for a waiver of subrogation in favor of Farmors. Prior
to commencing any operations on the Subject Leases, Richland shall furnish Farmors with certificates of insurance evidencing the
coverages described above. Each such certificate shall reflect that Farmors shall be provided with at least sixty (60) days prior
written notice of any material change or termination of any coverage described therein.

 

ARTICLE III

INTEREST TO BE EARNED

 

3.1 Designation
of Well Unit. Upon the Test Well being drilled and completed, Farmees shall designate a Well Unit therefor. The location of
the Test Well within the Well Unit shall comply with the then prevailing rules and regulations (or exceptions thereto) of the
Texas Railroad Commission or other lawful governmental authority relative to well location and spacing. Farmees shall designate
the Well Unit for the Test Well by executing and recording an instrument setting forth the location of the well, the completion
date thereof, and a valid legal description of that portion of the Subject Leases to be included therein (the “Unit
Designation”). Not more than ninety (90) days after the completion of the Test Well, Farmees shall record the Unit
Designation in the appropriate records of real property of Leon County. A copy of the Unit Designation shall be mailed to Farmors
within thirty (30) days after the date such Unit Designation is recorded. If Farmees fails to comply with this paragraph, Farmors
shall be entitled to perform the obligations set forth in this Section 3.1, and Farmees shall be liable for all costs and expenses
associated therewith.

 

    	3

    	 

    

 

3.2 Assignment.

 

(a) If Farmees
drill and complete the Test Well, Farmees shall have earned the Subject Interests, whereupon Farmors shall execute, acknowledge
and deliver to Farmees an Assignment of Oil, Gas and Mineral Leases in the form attached hereto as Exhibit B (the “Assignment”).
The Assignment shall assign unto Farmees one hundred percent (100%) of the working interest in the Subject Leases, and a corresponding
seventy-five percent (75%) net revenue interest in the Subject Leases, together with a like interest in the Test Well and all
downhole, surface and other equipment (up to and including the wellhead check meter) associated with such Test Well (collectively,
the “Assigned Interests”), but SAVING, EXCEPTING AND RESERVING therefrom Farmors’
Retained Interest. The Subject Interests shall be assigned to Farmees in the following percentages:

 

	Richland	 	 	50	%
	 	 	 	 	 
	Sun Delta	 	 	25	%
	 	 	 	 	 
	Amerril	 	 	25	%

 

(b) The
interests assigned by Farmors under this Paragraph 3.2 shall be proportionately reduced to the extent that Farmors owns less than
the entire oil, gas and/or mineral leasehold estate in the Leases or the Leases cover less than the entire oil, gas and/or mineral
fee in the Subject Interests.

 

(c) The
obligation to execute the Assignment when herein provided shall be absolute. To the extent Farmors fail to execute and provide
the Assignment to Farmees, in addition to any other available remedies, Farmees shall be entitled to seek specific performance.
Pending resolution, Farmees shall be entitled, without recourse in favor or Farmors, to file a lis pendens in Leon County
and any other necessary counties.

 

3.3 Working Interest in Test Well and
Additional Working Interests.

 

(a) Farmors’
Retained Interest shall be carried to the tanks only, in the Test Well, subject to proportionate reduction as provided in subsection
3.2(b), above. During the “carry period” Farmees will effectively own a one hundred percent (100%) working interest
in the Test Well. Farmees will be obligated to pay one hundred percent (100%) of the costs associated with drilling and completing
the Test Well (the “Carry”). For purposes of this Agreement, the Test Well is “completed”
when the well has been drilled to total intended depth, stimulated and completed through and including the tanks in the case of
an oil well, or in the case of a gas well, through either (i) the lease production facility and/or (ii) equipment and facilities
such that the well would be able to produce into temporary flow lines, as applicable. After the Carry period, the ownership of
the Test Well and corresponding Well Unit, insofar and only insofar as production occurs from the Test Well, shall
be owned as follows:

 

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	        Figure 1 
	 	 	 	 	 	 	 
	 	 	Working Interest	 	 	Net Revenue Interest	 
	 	 	 	 	 	 	 
	Farmors	 	 	18.75	%	 	 	14.0625	%
	 	 	 	 	 	 	 	 	 
	Richland	 	 	40.625	%	 	 	30.46875	%
	 	 	 	 	 	 	 	 	 
	Sun Delta	 	 	20.3125	%	 	 	15.234375	%
	 	 	 	 	 	 	 	 	 
	Amerril	 	 	20.3125	%	 	 	15.234375	%
	 	 	 	 	 	 	 	 	 
	Farmors’ ORRI	 	 	0	%	 	 	5	%
	 	 	 	 	 	 	 	 	 
	Lessor Royalty	 	 	0	%	 	 	20	%

 

(b) For
the avoidance of doubt, subsequent wells drilled pursuant to this Section shall not include substitute wells drilled pursuant
to Section 2.2. Subsequent wells will be owned as follows:

 

	        Figure 2
	 	 	 	 	 	 	 
	 	 	Working Interest	 	 	Net Revenue Interest	 
	 	 	 	 	 	 	 
	Farmees	 	 	0	%	 	 	0	%
	 	 	 	 	 	 	 	 	 
	Richland	 	 	50	%	 	 	37.5	%
	 	 	 	 	 	 	 	 	 
	Sun Delta	 	 	25	%	 	 	18.75	%
	 	 	 	 	 	 	 	 	 
	Amerril	 	 	25	%	 	 	18.75	%
	 	 	 	 	 	 	 	 	 
	Farmors’ ORRI	 	 	0	%	 	 	5	%
	 	 	 	 	 	 	 	 	 
	Lessor Royalty	 	 	0	%	 	 	20	%

 

3.4          Fee
to Farmors

 

Farmees shall pay
to Farmors a one-time fee (“Fee”) of $500,000, within forty-eight (48) hours execution of this Agreement
in the following proportions: 50.00% of the Fee shall payable by Richland; 25% of the Fee shall be payable by Sun Delta; and 25%
of the Fee shall be payable by Amerril. If any Farmee does not pay its proportionate share of the Fee, the other Farmee or Farmees,
as applicable, shall be entitled to pay the non-paying Farmee’s proportionate share of the Fee and shall be entitled to
all rights of the non-paying Farmee hereunder. Upon failure to remit its proportionate share of the Fee, the non-paying Farmee
shall have no further right to earn interest pursuant to this Agreement.

 

Unless otherwise provided
in written instructions to Farmees executed by all Farmors, 64.32501834% of this Fee shall be payable to Farmor Bancorp Holdings,
26.48569333% shall be payable to Farmor Carrier Acquisitions and 9.189288333% shall be payable to Farmor LHMF.

 

ARTICLE IV

OPERATIONS

 

Subject to removal
pursuant to Section V.B.1 of the Operating Agreement, as defined hereinbelow, Richland shall be designated Operator for any well
drilled and completed under this Agreement on the Subject Interests. The operations on the Well Unit for any well shall be in
accordance with the terms of an Operating Agreement to be entered into by the Parties at least ten (10) days prior to the Commencement
Date (the “Operating Agreement,” attached herein as Exhibit C). If there are any conflicts between the
terms of this Agreement and the terms of the Operating Agreement, the terms of this Agreement shall control.

 

    	5

    	 

    

 

ARTICLE V

LEASE MAINTENANCE

 

Farmors shall maintain
the Subject Leases in full force and effect by the payment of delay rentals, minimum annual royalties, or any other lease maintenance
payments that may come due under the terms of the Subject Leases. In the event that Farmors elects not to maintain any Subject
Lease by the payment of delay rentals, minimum annual royalties or any other lease maintenance payments, Farmors shall give Farmees
notice thereof at least thirty (30) days prior to the date any such payment shall become due, and Farmees, at their sole election,
may make any such payment, and thereafter, Farmors shall have no interest in any such Subject Lease. If Farmors elect not to make
any such payment and any or all of the Subject Leases terminate, Farmors shall refund the Fee in full. Farmors agree to use reasonable
care and diligence in making the payments described in this Article V, provided that Farmors shall incur no liability to Farmees
for the failure to make any such payment, or any failure to make the same properly, timely, in the correct amount, to the proper
Party or otherwise, for whatever reason such failure may occur. Farmors shall indemnify Farmees against claims made by any third
party against Farmees for Farmors’ failure to make any such payment properly, timely, in the correct amount, to the proper
Party or otherwise.

 

ARTICLE VI

MISCELLANEOUS

 

6.1 Access and
Information. During the drilling of the Test Well, Operator shall (i) permit Farmors’ authorized representatives to
have access to the rig floor at all reasonable times, upon reasonable notice to Operator, at Farmors’ sole risk and expense,
(ii) furnish to Farmors at the address indicated in the notice provisions hereof, daily drilling reports covering the preceding
24 hours operations, and giving the depth drilled, formations penetrated and any shows of oil or gas encountered, (iii) provide
Farmors with sufficient prior notice of any log being run, any core samples being taken or any drillstem or production test being
made so that Farmors may have a representative present, and (iv) upon request by Farmors, furnish Farmors with a copy of core
samples, results of drillstem tests and field prints of any and all logs or surveys which may be run or made during drilling of
the Test Well. Operator shall only be obligated to provide one complete copy of information and date required under this Section.
Additional copies requested by Farmors shall be at Farmors’ sole expense.

 

6.2 Regulations
and Agreements. This Agreement is entered into subject to all applicable laws, rules, regulations and orders of all governmental
authorities having jurisdiction over the Subject Interests and to all applicable provisions, conditions, covenants and obligations,
express or implied, of the Subject Leases. Subject to the terms of this Agreement, Farmees assumes and agree to fully comply with
and timely perform each and every duty, obligation, covenant, provision and condition, both express and implied, arising under
the Subject Leases and any intermediate assignments thereof (if any), to the extent the same are imposed upon the lessee and/or
assignee thereunder.

 

    	6

    	 

    

 

6.3 Confidentiality.
The Parties agree that all geophysical, geological, engineering, technical, production test or other information obtained by Farmees
with respect to all wells drilled hereunder shall be the property of Farmees. All such information shall be maintained by Farmors
as confidential information for a period of three (3) years from the date hereof, unless all Parties agree in writing to a lesser
period of time.

 

6.4 Termination
and Survival. The failure of Farmees to commence the drilling of the Test Well as required under Section 2.1 above shall cause
the forfeiture of all rights, privileges and benefits of Farmees hereunder without the necessity of any action or notice by Farmors,
and Farmees shall not be entitled to any Assignment hereunder. This Agreement shall survive Farmors’ execution and delivery
of any Assignment(s) hereunder and shall be binding upon Farmors and Farmees and their respective successors and assigns.

 

6.5 Approval of
Assignment. If the Assignment of the Subject Interests requires approval of any party who is not a Party to this Agreement,
including, but not limited to, any state or federal authority having jurisdiction, Farmors agree to cooperate with Farmees in
Farmee’s efforts to obtain all such approvals. If any such approval cannot be obtained, Farmors and Farmees shall execute
an instrument or instruments containing provisions reflecting the terms and conditions of this Agreement which, in all other respects,
effectuate the provisions contained herein, but which do not violate any restrictions on assignment.

 

6.6 Renewals, Extensions
and Acquisitions. If during the term of this Agreement, Farmors (i) renew or extend any of the Subject Leases, then all such
renewals or extensions of the Subject Leases and all of Farmors’ interest in any such new leases shall be covered by this
Agreement.

 

6.7 Force Majeure.
Should any Party be prevented or hindered from complying with any obligation created hereunder, other than the obligation to pay
money, by reason of fire, flood, storm, act of God, act of governmental authority, labor disputes, war, or any other cause not
enumerated herein but which is beyond the reasonable control of the Party whose performance is affected, then the performance
of any such obligation shall be suspended during the period of such prevention or hindrance, provided the affected Party exercises
all reasonable diligence to remove the cause of force majeure. The requirement that any force majeure shall be remedied with all
reasonable diligence shall not require the settlement of strikes, lockouts, or other labor difficulties by the Party involved.

 

6.8 Notices.
Any notice required or permitted to be given under or in connection with this Agreement shall be in writing and shall be mailed
by postage prepaid certified mail, return receipt requested or sent by facsimile, email or other electronic transmission. No notice
shall be deemed to have been given to a Party until it is actually received by such Party at the address set forth below or until
receipt of a facsimile or other electronic transmission and confirmation to sender that such facsimile or other electronic transmission
has been received. All such notices shall be mailed, sent or delivered to:

 

    	7

    	 

    

 

Farmors:

 

Bancorp Holdings, LLC

One Information Way

Suite 400

Little Rock, AR 72202

Attn: Walter Quinn

501.664.8722

wquinn@rockfncl.com

 

Carrier Acquisitions, LLC

One Information Way

Suite 201

Little Rock, AR 72202

Attn: John Lewis

501.664.8722

jlewis@rockfncl.com

 

LHMF, LLC

13355 Noel Rd., Suite 1850

Dallas, TX 75240

Attn: Lane McNamara

214.674.5825

Lm1185@aol.com

 

Farmees:

 

Richland Resources Corp.

2255 Ridge Road, Suite 100

Rockwall, TX 75087

972.722-7520

Fax: 972.722.7501

Attn: Kenneth A. Goggans, CEO

Ken.goggans@richlandcorp.com

 

Sun Delta Inc.

c/o U.S. King King, LLC

3721 Briarpark Drive, Suite 155

Houston, TX 77042

713.660.1620

Fax: 713.660.1627

Attn: John Kenny

jk@kennycapital.com.au

 

U.S. King King, LLC

3721 Briarpark Drive, Suite 155

Houston, TX 77042

713.660.1620

Fax: 713.660.1627

Attn: Ping He

phe@amerrienergy.com

 

    	8

    	 

    

 

No change of address,
facsimile number or email address shall become effective until written notice of such change shall have been given by the Party
desiring its address, facsimile number or e-mail address changed, and same has been received by the other Party.

 

6.9 Relationship
of the Parties. Each Party shall have the right to take in kind and separately dispose of its share of production from the
Subject Interests. The respective obligations and liabilities of the Parties hereto shall be separate and each Party shall be
responsible only for its own obligations. It is not the purpose or intention of this Agreement to create, and this Agreement shall
never be construed as creating, a joint venture, agency, general partnership, mining partnership or other relationship whereby
either of the Parties shall be liable for the acts, either of commission or omission, of the other Party hereto.

 

6.10 Income Tax
Election. If, for federal income tax purposes, this Agreement and the operations hereunder are regarded as a partnership,
Farmors and Farmees each elect to be excluded from the application of the provisions of Subchapter “K”, Chapter 1,
Subtitle “A” of the Internal Revenue Code of 1986, as amended (the “Code”), as permitted
and authorized by Section 761 of the Code and the regulations promulgated thereunder. Richland, as Operator under the Operating
Agreement, is authorized and directed to execute on behalf of Farmors and Farmees such evidence of this election as may be required.
In addition, Farmors shall execute such documents and furnish such other evidence as may be required to reflect this election.
In making the foregoing election, Farmors and Farmees each acknowledge that the income derived by each from the operations hereunder
can be adequately determined without the computation of partnership taxable income. If the income tax laws of the state in which
the Subject Interests are located contain, or may hereafter contain, provisions similar to those in Subchapter “K”,
Chapter 1, Subtitle “A” of the Code, under which a similar election is permitted, Farmors and Richland each agree
that such election shall be made.

 

6.11 Memorandum
of Farmout Agreement. Upon execution of this Agreement, Farmors and Farmees shall execute, acknowledge and deliver to each
other a memorandum of this Agreement in the form of Exhibit D attached hereto (the “Memorandum”), which
Memorandum shall be filed in the appropriate records of real property of Leon County, Texas.

 

6.12 Further Assurances.
Farmors and Farmees hereby agree to execute or perform, or cause to be executed or performed, any and all further documents and
things which may be necessary or appropriate to give effect to this Agreement. Without limiting the generality of the foregoing,
Farmors agrees, upon request from Farmees, to execute and deliver any and all Assignments or other instruments, in recordable
form, as may be necessary or appropriate to confirm title to the interests to be assigned to Farmees pursuant to the provisions
of Section 3.2 hereof.

 

6.13 Assignment.
The terms hereof shall be binding upon and shall inure to the benefit of Farmors and Farmees and their respective successors and
assigns.

 

    	9

    	 

    

 

6.14 Entire Agreement.
This Agreement and the Exhibits hereto embody the entire agreement between the Parties and supersede any and all prior written
or oral understandings or agreements relative to the subject matter hereof. No amendment, modification, extension or change to
this Agreement shall be binding upon any Party hereto unless and until a written instrument evidencing such amendment, modification,
extension or change has been duly executed by a duly authorized representative of both Parties.

 

6.15 Captions.
Captions for the Sections in this Agreement are used only for identification purposes and shall have no effect upon the construction
or interpretation of any part of this Agreement.

 

6.16 Governing
Law/Venue. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Texas,
without regard to the conflicts of law provisions thereof. The Parties hereby irrevocably agree that any dispute hereunder shall
be brought in the Federal or State District Courts in Harris County, Texas.

 

6.17 Time of the
Essence. Time is of the essence with respect to the performance of all provisions of this Agreement.

 

6.18 Severability.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under applicable law, such provision shall
be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had
never comprised a part hereof; and the remaining provisions hereof shall remain in full force and effect and shall not be affected
by the illegal, invalid or unenforceable provision or by its severance herefrom. Furthermore, in lieu of such illegal, invalid
or unenforceable provision, there shall be added automatically as part of this Agreement a provision as similar in terms to such
illegal, invalid, or unenforceable provision as may be possible and be legal, valid and enforceable.

 

6.19 Amendment.
 Any amendment or modification of this Agreement (including, without limitation, a waiver of a condition or deadline set forth
in this Agreement) shall be in a writing specifically identifying this Agreement and signed by the Party to be charged with such
amendment or waiver and delivered by such Party to the Party claiming the benefit of such amendment or waiver.

 

6.20 Counterparts.
This Agreement may be executed by Farmees and Farmors in any number of counterparts, each of which shall be deemed an original
instrument, but all of which together shall constitute one and the same instrument. Execution can be evidenced by fax signatures
with original signature pages to follow in due course.

 

6.21 Due Diligence.
Farmees shall have fourteen (14) days from the execution of this Agreement to conduct due diligence upon the Subject Interests
(the “Due Diligence Period”). Whether such due diligence is satisfactory to Farmees shall be determined
by Farmees in their sole and absolute discretion. In the event that such due diligence reveals defects in title as to any of the
Subject Leases, Farmors and Farmees agree to negotiate in good faith to determine an adequate resolution as to any title defects.
However, in the event that any Farmee determines that it is not able to agree to a resolution, then this Agreement will be null
and void as to all Parties and Farmors shall return the Fee to Farmees within forty-eight (48) hours of Farmees’ notice
of termination for title defect(s).

 

[The remainder of this page intentionally
left blank.]

 

    	10

    	 

    

 

EXECUTED as of the date first above written.

 

	FARMEES	 	FARMORS
	 	 	 
	RICHLAND RESOURCES CORPORATION	 	BANCORP HOLDINGS, LLC
	 	 	 	 	 
	BY:	/s/ Kenneth A. Goggans	 	BY:	/s/ Walter Quinn
	 	 	 	 
	Kenneth A. Goggans, Chief Executive Officer	 	 	Walter Quinn, Manager

 

 

	SUN DELTA INC.	 	CARRIER ACQUISITIONS, LLC
	 	 	 	 	 
	BY:	/s/ John Kenny	 	BY:	/s/ J.L. Lewis
	 	 	 	 
	John Kenny, Authorized Representative	 	 	Manager

 

 

	AMERRIL ENERGY LLC	 	LHMF, LLC
	 	 	 	 	 
	BY:	/s/ Ping He	 	BY:	/s/ Lane McNamara
	 	 	 	 
	Ping He, President	 	 	Manager

 

    	11

    	 

    

 

Signature Page- Farmout Agreement between Bancorp Holdings,
LLC, Carrier Acquisitions, LLC, LHMF, LLC and Richland Resources Corp, Sun Delta Inc., and Amerril Energy LLC.

 

    	12

    	 

    

 

SCHEDULE 1.1 – LEASES

	Lease Id	Lease
    Name	Gross
    Acres	Net
    Acres	Recording
    Information
	2646C-0075	James Wesley Castleschouldt and wife,
    Evelyn Nelson Castleschouldt	71.11000000	35.55500000	11/30/2009, Book OR, Volume 1416, Page
    634, Entry 00367101
	2646C-0076	Dareleen Waldron	41.08000000	20.54000000	11/30/2009, Book OR, Volume 1416, Page
    637, Entry 00367102
	2646C-0077	T.J. Burk and wife, Charlotte Burk	87.71300000	11.88899907	11/30/2009, Book OR, Volume 1416, Page
    640, Entry 00367103
	2646C-0078	Garvin Ellis and wife, Mildred S. Ellis	154.50000000	141.62500000	11/30/2009, Book OR, Volume 1416, Page
    643, Entry 00367104
	2646C-0079	William R. Bitner, Sr. 
 aka Bill Bitner	120.79600000	61.19650000	11/30/2009, Book OR, Volume 1416, Page
    648, Entry 00367105
	2646C-0080	Betty H. Wingfield West	33.55000000	6.17875000	11/30/2009, Book OR, Volume 1416, Page
    651, Entry 00367106
	2646C-0081	John Robert Beeler	408.20000000	397.49000000	01/11/2010, Book OR, Volume 1419, Page
    920, Entry 00367863
	2646C-0083	Joseph Cleveland Brewton, Jr. and wife,
    Winnie Franks Brewton	10.00000000	5.00000000	11/30/2009, Book OR, Volume 1416, Page
    658, Entry 00367108
	2646C-0087	Ronald Brandon Ellis	51.50000000	12.87500000	11/30/2009, Book OR, Volume 1416, Page
    673, Entry 00367112
	2646C-0088	Linda Brown Hunter	453.00000000	425.44000920	11/30/2009, Book OR, Volume 1416, Page
    676, Entry 00367113
	2646C-0089	Raymond Ellis and wife, Maudie Ruth Ellis	5.00000000	2.50000000	11/30/2009, Book OR, Volume 1416, Page
    680, Entry 00367114
	2646C-0090	Raymond Voisin and wife, Betty M. Voisin	16.00000000	4.00000000	11/30/2009, Book OR, Volume 1416, Page
    683, Entry 00367115
	2646C-0105	Stanley Murff and wife, Linda Murff	87.71300000	8.92124907	11/30/2009, Book OR, Volume 1416, Page
    728, Entry 00367128
	2646C-0106	D. Ken Price and wife, Dorothy L. Price	47.48400000	2.96775000	12/14/2009, Book OR, Volume 1417, Page
    838, Entry 00367389
	2646C-0108	Stanley Murff as Attorney-in-Fact for
    Laura Lorene Murff	108.00000000	27.55999080	11/30/2009, Book OR, Volume 1416, Page
    735, Entry 00367130
	2646C-0109	Diana Spiva Powell	190.00000000	95.00000000	11/30/2009, Book OR, Volume 1416, Page
    738, Entry 00367131
	2646C-0110	Kenneth O. Goolsby	177.36700000	36.19350000	01/11/2010, Book OR, Volume 1419, Page
    908, Entry 00367860
	2646C-0111	James W. Wilson	45.13000000	7.09500000	11/30/2009, Book OR, Volume 1416, Page
    741, Entry 00367132
	2646C-0114	LaNell Goolsby Beaird	177.36700000	18.09675000	01/11/2010, Book OR, Volume 1419, Page
    916, Entry 00367862
	2646C-0118	Terry Ann Garver Benner	90.00033000	7.50002720	12/14/2009, Book OR, Volume 1417, Page
    846, Entry 00367391
	2646C-0119	Jody Gwynn Garver	90.00033000	7.50002720	12/14/2009, Book OR, Volume 1417, Page
    850, Entry 00367392
	2646C-0120	Amy Ruth Garver Corless	90.00033000	7.50002720	12/14/2009, Book OR, Volume 1417, Page
    854, Entry 00367393
	2646C-0121	Lexi Lefkowitz	33.55000000	3.08937500	01/11/2010, Book OR, Volume 1420, Page
    1, Entry 00367865
	2646C-0122	Jacquelyn Sue Goolsby	177.36700000	18.09675000	01/11/2010, Book OR, Volume 1420, Page
    4, Entry 00367866
	 	 	1,714.27000000	1,363.80970474	 

 

    	13

    	 

    

 

EXHIBIT A – MAP

 

    	14

    	 

    

 

EXHIBIT B – FORM OF ASSIGNMENT

 

ASSIGNMENT OF OIL, GAS AND MINERAL LEASES

 

	THE STATE OF TEXAS	§
	 	§
	COUNTY OF LEON	§

 

THIS ASSIGNMENT OF
OIL, GAS AND MINERAL LEASES (this “Assignment”) is executed and entered into by and between ______________________________
a [Texas corporation], whose address is _____________________________________________ (hereinafter called “Assignor”),
and RICHLAND RESOURCES CORPORATION, a Nevada corporation, whose address is 777 Main Street, Suite 1400, Fort Worth, Texas 76102,
(“Richland”), SUN DELTA, INC., a Colorado corporation (“Sun Delta”), and AMERRIL
ENERGY LLC, an Oklahoma limited liability company (“Amerril”) (hereinafter
called “Assignees”).

 

ARTICLE I

 

Assignment; Reservations

 

Section 1.1
Assignment. Assignor, for Ten Dollars ($10.00) and other good and valuable consideration in hand paid by Assignee, the
receipt and sufficiency of which consideration are hereby acknowledged and confessed, does hereby GRANT, BARGAIN, SELL, CONVEY,
ASSIGN AND DELIVER unto Assignees, all of Assignor's right, title and interest in and to those oil, gas and mineral leases described
on Exhibit A attached hereto (the “Subject Leases”), being a one hundred percent (100%) of the leasehold interest
and a corresponding seventy-five percent (75%) net revenue interest in the Subject Leases.

 

Section 1.2
Reservations and Exceptions from Assignment. Assignor hereby excepts and reserves to the Assignor an undivided three-sixteenths
(3/16) leasehold working interest in and to the Subject Leases insofar, and only insofar, as to production from the following
well:

 

[WELL IDENTIFICATION].

 

Section 1.3 Assigned
Interest Percentages. The Subject Leases are assigned to Assignees in the following percentages:

 

	Richland	 	 	50	%
	 	 	 	 	 
	Sun Delta	 	 	25	%
	 	 	 	 	 
	Amerril	 	 	25	%

 

TO HAVE AND TO HOLD
the Assigned Interests unto Assignees, their successors and assigns forever, subject, however, to the matters set forth herein.

 

    	15

    	 

    

 

ARTICLE II

 

Warranty of Title; Limitation of
Warranties

 

Section 2.1
Warranty of Title. Assignor hereby binds itself to warrant and forever defend, all and singular, the Assigned Interests
unto Assignees, its successors and assigns, against every person whomsoever lawfully claiming or to claim the same or any part
thereof, by, through or under Assignor, but not otherwise, subject, however, to the matters set forth herein.

 

Section 2.2
Limitation of Warranties. Except for the warranty of title set forth in Section 2.1 above, the Assigned Interests are assigned
to Assignees without warranty of any kind, express, implied or statutory.

 

Section 2.3 Permitted
Encumbrances. The Assigned Interests are assigned and conveyed by Assignor and accepted by Assignees expressly subject to
the following (the “Permitted Encumbrances”): the terms, conditions, restrictions and limitations contained in the
Subject Leases and any intervening assignments through which Assignor acquired its interest in the Subject Leases.

 

ARTICLE III

 

Miscellaneous

 

Section 3.1
Additional Agreements. Assignor and Assignees each covenant and agree to execute and deliver to the other Party such other
and additional instruments and documents as may be necessary to evidence of record the respective interests of Assignor and Assignees
in and to the Assigned Interests.

 

Section 3.2
Taxes. All ad valorem, property, production, severance and similar taxes and assessments relative to the Assigned Interests
shall be apportioned and prorated between Assignor and Assignees as of the effective date hereof.

 

Section 3.3
Successors and Assigns. All of the provisions hereof shall inure to the benefit of and be binding upon the respective successors
and assigns of Assignor and Assignees. All references herein to either Assignor or Assignees shall include their respective successors
and assigns.

 

Section 3.4
Counterparts. This Assignment may be executed in any number of counterparts, and each counterpart hereof shall be deemed
to be an original instrument, but all such counterparts shall constitute but one and the same assignment.

 

Section 3.5
No Ratification. The reference herein to the Permitted Encumbrances is for the purposes of defining the nature and extent
of Assignor's warranty and shall not be deemed toratify or create any rights in third parties.

 

    	16

    	 

    

 

IN WITNESS WHEREOF,
the Parties hereto have executed this Assignment on the dates of the acknowledgments set forth below, to be effective, however,
for all purposes, as of the___ day of ___________________, 2____.

 

	Address:	 	 	 
	 	 	 	 
	[Street]	By:	 	 
	 	 	 	 
	[Street 2]	Name:	 	 
	 	 	 	 
	[City], Texas [Zip]	Title:	 	 
	 	 	 	 
	“ASSIGNOR”	 	 	 

 

	 	RICHLAND RESOURCES CORPORATION	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	777 Main Street	By:	 	 
	 	 	 	 
	Suite 1400	Name:	 	 
	 	 	 	 
	Fort Worth, Texas 76102	Title:	 	 

 

	“RICHLAND	SUN DELTA INC.	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	c/o US King King LLC	By:	 	 
	 	 	 	 
	3721 Briarpark Dr., Ste. 155	Name:	 	 
	 	 	 	 
	Houston, Texas 77042	Title:	 	 
	 	 	 	 
	“SUN DELTA”	 	 	 

 

	 	AMERRIL ENERGY LLC	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	3721 Briarpark Dr., Ste. 155	By:	 	 
	 	 	 	 
	Houston, Texas 77042	Name:	 	 
	 	 	 	 
	“AMERRIL”	Title:	 	 

 

	THE STATE OF TEXAS	§
	 	§
	COUNTY OF ___________	§

 

    	17

    	 

    

 

This instrument was acknowledged before
me on the day of , 201___, by ________________________, of ______________________________________________, a Texas corporation,
on behalf of said corporation.

 

(SEAL)

 

Notary Public in and for the State of
Texas

 

My commission expires:                                                        

 

	THE STATE OF TEXAS	§
	 	§
	COUNTY OF ___________	§

 

This instrument was acknowledged before
me on the day of , 201___, by _____________________________, of RICHLAND RESOURCES CORPORATION, a Nevada corporation, on behalf
of said corporation.

 

(SEAL)

 

Notary Public in and for the State of Texas

 

My commission expires:                                                         

 

	THE STATE OF TEXAS	§
	 	§
	COUNTY OF ___________	§

 

This instrument was acknowledged before me on the day of ,
201___, by _____________________________, of SUN DELTA INC., a Colorado corporation, on behalf of said corporation.

 

(SEAL)

 

Notary Public in and for the State of Texas

 

My commission expires:                                                        

 

	THE STATE OF TEXAS	§
	 	§
	COUNTY OF ___________	§

 

    	18

    	 

    

 

This instrument was acknowledged before me on the day of ,
201___, by _____________________________, of AMERRIL ENERGY LLC, an Oklahoma limited liability company, on behalf of said company.

 

(SEAL)

 

Notary Public in and for the State of Texas

 

My commission expires:                                                         

 

    	19

    	 

    

 

EXHIBIT C

 

Joint Operating Agreement

 

(See attached)

 

    	20

    	 

    

 

EXHIBIT D – FORM OF MEMORANDUM
OF AGREEMENT

 

MEMORANDUM OF FARMOUT AGREEMENT

 

	THE STATE OF TEXAS	§
	 	§
	COUNTY OF LEON	§

 

This Memorandum of
Farmout Agreement (this “Memorandum”) is made and entered into as of the day of _____________, 201__, by and between
_______________________, a Texas corporation (“Farmors”), and RICHLAND RESOURCES CORPORATION, a Nevada corporation
(“Richland”), SUN DELTA, INC., a Colorado corporation (“Sun Delta”), and AMERRIL ENERGY
LLC, an Oklahoma limited liability company (“Amerril”) (each a “Farmee,” collectively,
“Farmees”).

 

WITNESSETH:

 

WHEREAS, Farmors,
as “Farmors,” and Farmees, as “Farmee,” entered into that certain Farmout Agreement dated as of _____________,
2012 (the “Farmout Agreement”), covering and describing Farmors’ interest in and to those oil, gas and mineral
leases described on Exhibit A attached hereto and made a part hereof for all purposes (collectively, the “Subject Leases”);
and

 

WHEREAS, Farmors
and Farmees desire to evidence of record the existence of the Farmout Agreement.

 

NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS:

 

This Memorandum is
given to place every person on notice of the existence of the Farmout Agreement, to which reference is here made for all purposes,
and the respective rights and obligations of Farmors and Farmees in and to the Subject Leases by virtue of the Farmout Agreement.

 

This Memorandum is
not intended in any way to alter, amend or change any of the terms and conditions of the Farmout Agreement.

 

    	21

    	 

    

 

IN WITNESS WHEREOF, this instrument is
executed in multiple counterpart copies as of the date first hereinabove:

 

	Address:	 	 	 
	 	 	 	 
	[Street]	By:	 	 
	 	 	 	 
	[Street 2]	Name:	 	 
	 	 	 	 
	[City], Texas [Zip]	Title:	 	 
	 	 	 	 
	“ASSIGNOR”	 	 	 

 

	 	RICHLAND RESOURCES CORPORATION	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	777 Main Street	By:	 	 
	 	 	 	 
	Suite 1400	Name:	 	 
	 	 	 	 
	Fort Worth, Texas 76102	Title:	 	 
	 	 	 	 
	 	SUN DELTA INC.	 

 

	Address:	 	 	 
	 	 	 	 
	c/o US King King LLC	By:	 	 
	 	 	 	 
	3721 Briarpark Dr., Ste. 155	Name:	 	 
	 	 	 	 
	Houston, Texas 77042	Title:	 	 
	 	 	 	 
	 “SUN DELTA”	 	 	 

 

	 	AMERRIL ENERGY LLC	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	3721 Briarpark Dr., Ste. 155	By:	 	 
	 	 	 	 
	Houston, Texas 77042	Name:	 	 
	 	 	 	 
	“AMERRIL”	Title:	 	 

 

    	22

    	 

    

 

	THE STATE OF TEXAS	§
	 	§
	'COUNTY OF ___________	§

 

This instrument was acknowledged before me on the day of ,
201___, by ________________________, of ______________________________________________, a Texas corporation, on behalf of said
corporation.

 

(SEAL)

 

Notary Public in and for the State of Texas

 

My commission expires:                                                       

 

	THE STATE OF TEXAS	§
	 	§
	'COUNTY OF ___________	§

 

This instrument was acknowledged before me on the day of ,
201___, by _____________________________, of RICHLAND RESOURCES CORPORATION, a [Nevada] corporation, on behalf of said corporation.

 

(SEAL)

 

Notary Public in and for the State of Texas

 

My commission expires:                                                       

 

	THE STATE OF TEXAS	§
	 	§
	COUNTY OF ___________	§

 

This instrument was acknowledged before me on the day of ,
201___, by _____________________________, of SUN DELTA INC., a Colorado corporation, on behalf of said corporation.

 

(SEAL)

 

Notary Public in and for the State of Texas

 

My commission expires:                                                     

 

    	23

    	 

    

 

	THE STATE OF TEXAS	§
	 	§
	COUNTY OF ___________	§

 

This instrument was acknowledged before me on the day of ,
201___, by _____________________________, of AMERRIL ENERGY LLC, an Oklahoma limited liability company, on behalf of said company.

 

(SEAL)

 

Notary Public in and for the State of Texas

 

My commission expires:                                                       

 

    	24

    	 

    

 

EXHIBIT E – GLOSSARY OF DEFINED
TERMS

 

“Affected Acreage” defined in Article VI.

 

“Assigned Interests” defined in Article III, Section
3.2(a)

 

“Code” defined in Article VIII, Section 8.10

 

“Commencement Date” defined in Article II, Section
2.1

 

“Commencement of actual drilling operations” defined
in Article II, Section 2.2(b)

 

“Drilling Option Period” defined in Article II,
Section 2.2(a)

 

“Memorandum” defined in Article VIII, Section 8.11

 

“Objective Depth” defined in Article II, Section
2.1

 

“Operating Agreement” defined in Article IV.

 

“Partial Assignment” defined in Article III, Section
3.2(a)

 

“Subject Interests” defined in Article I, Section
1.1

 

“Subject Leases” defined in Article I, Section
1.1

 

“Unit Designation” defined in Article III, Section
3.1

 

“Well Unit” defined in Article I, Section 1.2.

 

“Working Interest” defined in Article III, Section
3.3(d)

 

    	25Exhibit 10.2

 

OPTION AGREEMENT

 

This Option Agreement
(this “Agreement”) is entered into effective as of the 23rd day of July, 2012 (the
“Effective Date”), by and between BANCORP HOLDINGS, LLC, an Arkansas limited liability company (“Bancorp”),
CARRIER ACQUISITIONS, LLC, an Arkansas limited liability company (“Carrier”), LHMF, LLC, a Nevada limited
liability company (“LHMF”), RICHLAND RESOURCES CORPORATION, a Nevada corporation d/b/a RRCH Corp. (“Richland”),
SUN DELTA, INC., a Colorado corporation (“Sun Delta”), AMERRIL ENERGY LLC, an Oklahoma limited liability
company (“Amerril”), and LEON COUNTY MINERALS, LLC, a Texas limited liability company (“LCM”).
Where applicable, the above parties may be referred to herein collectively as the “Parties” or individually
as a “Party.”

 

WHEREAS, Bancorp,
Carrier, and LHMF, as “Farmors,” have entered into a Farmout Agreement of even date herewith (the “Farmout
Agreement”) with Richland, Sun Delta, and Amerril, as “Farmees”; and

 

WHEREAS, as
consideration for entering into the Farmout Agreement, the Farmees agree to grant LCM the option of participating in the Farmout
Agreement for up to fifty percent (50%) of Farmees’ interest in the Farmout Agreement;

 

NOW, THEREFORE,
in consideration of the foregoing, the covenants and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Parties hereto, intending to be legally bound, hereby covenant
and agree as follows:

 

1.          
Grant of Option. Farmors and Farmees hereby grant LCM an option (the “Option”) to participate
in the Farmout Agreement for up to fifty percent (50%) of the interest being acquired by the Farmees. In the event LCM exercises
its option to participate in the Farmout Agreement, then the Parties agree that the Farmout Agreement will be amended as described
in Paragraph 4, below. LCM shall have all rights and duties pursuant to the Farmout agreement as if it had been an original party
to the Farmout Agreement.

 

2.          
Exercise of Option. LCM may exercise the Option by delivering to Farmees a one-time fee (“Fee”)
of $250,000 for a fifty percent (50%) interest. In the event LCM elects to purchase less than a fifty percent (50%) interest,
then the Fee shall be proportionately reduced. By way of example, in the event LCM exercises its option to participate in the
Farmout Agreement for a thirty percent (30%) interest, then the Fee to be paid by LCM shall be $150,000. Payment shall be made
by wire transfer to Looper Reed’s trust account the details for which are:

 

	 	Wire Routing Number:	114-000-093
	 	 	 
	 	Bank Name:	Frost Bank, N.A.
	 	 	100 W. Houston St.
	 	 	San Antonio, Texas 78205
	 	 	 
	 	Bank Contact:	Brent Bike

 

    	 

    	 

    

 

 

	 	Beneficiary Account:	502153343
	 	 	 
	 	Beneficiary Name:	Looper Reed & McGraw PC IOLTA Trust 
	 	Account	
	 	 	1300 Post Oak Blvd., Suite 2000
	 	 	Houston, Texas 77056
	 	 	 
	 	ATTN:	Denise Dart (713.986.7159)
	 	 	Accounting Manager
	 	 	 
	 	Reference:	Client/Matter No. 7440/2

 

Once paid to
Looper Reed’s trust account, the Fee shall then be paid to Richland, Sun Delta and Amerril in such proportions so as reflect
their revised interests as Farmees as set out in Paragraph 4 below. By way of example, in the event LCM exercises its option to
participate in the Farmout Agreement for a fifty percent (50%) interest and pays the Fee of $250,000 then Looper Reed shall pay
the Fee of $250,000 to Richland, Sun Delta and Amerril in the following proprtions:

 

	Richland	 	$	166,666	 
	 	 	 	 	 
	Sun Delta	 	$	41,667	 
	 	 	 	 	 
	Amerril	 	$	41,667	 

 

3.          Time
of Exercise. The Option may be exercised by LCM anytime prior to August 3, 2012, 5:00 p.m. CDT. The Option shall terminate
if not exercised prior to August 3, 2012, 5:00 p.m. CDT.

 

4.          Amendment
of Farmout Agreement. Upon exercise of the Option, the Parties agree to amend the Farmout Agreement within ten (10) business
days to provide for LCM being a party to the Farmout Agreement as a farmee. The interest of Richland, Sun Delta, and Amerril will
be reduced by the interest acquired by LCM such that subsequent to the acquisition by LCM the interest to be held in aggregate
by Richland, Sun Delta, and Amerril shall be divided equally. By way of one example, in the event LCM exercises its option to
participate in the Farmout Agreement for a fifty percent (50%) interest, then the interest to be assigned to the Farmees and LCM
pursuant to Paragraph 3.2(a) of the Farmout Agreement will be in the following percentages:

 

	LCM	 	 	50.0000	%
	 	 	 	 	 
	Richland	 	 	16.66	%
	 	 	 	 	 
	Sun Delta	 	 	16.67	%
	 	 	 	 	 
	Amerril	 	 	16.67	%

 

Option Agreement

To Participate in Farmout Agreement

Page2  of 5

 

    	 

    	 

    

 

By way of a second example, in the event
LCM exercises its option to participate in the Farmout Agreement for a twenty percent (20%) interest, then the interest to be
assigned to the Farmees and LCM pursuant to Paragraph 3.2(a) of the Farmout Agreement will be in the following percentages:

 

	LCM	 	 	20.0000	%
	 	 	 	 	 
	Richland	 	 	26.66	%
	 	 	 	 	 
	Sun Delta	 	 	26.67	%
	 	 	 	 	 
	Amerril	 	 	26.67	%

 

By way of a third example, in the event
LCM exercises its option to participate in the Farmout Agreement for a five percent (5%) interest, then the interest to be assigned
to the Farmees and LCM pursuant to Paragraph 3.2(a) of the Farmout Agreement will be in the following percentages:

 

	LCM	 	 	5.0	%
	 	 	 	 	 
	Richland	 	 	31.66	%
	 	 	 	 	 
	Sun Delta	 	 	31.67	%
	 	 	 	 	 
	Amerril	 	 	31.67	%

 

5.          Severability.
If any provision of this Agreement is held to be illegal, invalid, or unenforceable, such provision shall be fully severable and
this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision never comprised a part
hereof; the remaining provisions hereof shall remain in full force and effect and shall not be affected by the illegal, invalid,
or unenforceable provision or by its severance herefrom. Furthermore, in lieu of such illegal, invalid, or unenforceable provision,
there shall be added automatically as part of this Agreement a provision as similar in its terms to such illegal, invalid, or
unenforceable provision as may be possible and be legal, valid, and enforceable.

 

6.          Entire
Agreement. This Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof.

 

7.          Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Texas, without
regard to the conflicts of law provisions thereof. The Parties hereby irrevocably agree that any dispute hereunder shall be brought
in the Federal or State District Courts in Harris County, Texas.

 

Option Agreement

To Participate in Farmout Agreement

Page 3 of 5

 

    	 

    	 

    

 

8.          Notices.
Any notice or communication pursuant hereto must be in writing and given by (a) deposit in the mail, addressed to the party to
be notified at the address identified in the Farmout Agreement, postage prepaid and registered or certified with return receipt
requested, (b) delivery in person or by courier service or overnight delivery service, or (c) transmission by email. Any party
may change its addresses for notice by written notice given to the other party. LCM’s address, for Notice purposes, shall
be:

 

Leon County Minerals, LLC

Attn: Lane McNamara

13155 Noel Rd., Suite 1850

Dallas, Texas 75240

(214) 674-5825

LM1185@aol.com

 

9.          Miscellaneous.
This Agreement may be modified only by a writing signed by each Party hereto. There are no oral agreements between the Parties
to this Agreement. This Agreement may be executed in counterparts. Neither Party may assign any of its rights hereunder or delegate
any of its duties hereunder.

 

[Signature page to follow]

 

Option Agreement

To Participate in Farmout Agreement

Page 4  of 5

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have duly executed and delivered this Agreement as of the date first set forth above.

 

	FARMEES	 	FARMORS
	 	 	 
	RICHLAND RESOURCES CORPORATION	 	 	•   
    BANCORP HOLDINGS, LLC
	 	 	 	 	 
	BY:	/s/ Kenneth A. Goggans	 	BY:	/s/ Walter Quinn
	 	 	 	 	 
	Kenneth A. Goggans, Chief Executive Officer	 	 	Walter Quinn, Manager
	 	 	 	 	 
	 	•   
    SUN DELTA INC.	 	 	•   
    CARRIER ACQUISITIONS, LLC
	 	 	 	 	 
	BY:	/s/ John D. Kenny	 	BY:	/s/ J. L Lewis
	 	 	 	 	 
	John Kenny, Authorized Representative	 	 	Manager
	 	 	 	 	 
	 	•   
    AMERRIL ENERGY LLC	 	 	•   
    LHMF, LLC
	 	 	 	 	 
	BY:	/s/ Ping He	 	BY:	/s/ Lane McNamara
	 	 	 	 	 
	Ping He, President	 	 	Manager

 

	LEON COUNTY MINERALS, LLC
	 
	BY:	/s/ Lane McNamara
	 	 
	 	Manager

 

Option Agreement

To Participate in Farmout Agreement

Page 5  of 5

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