Document:

Exhibit 10.1

CONVEYANCE OF NET PROFITS INTEREST

This
Conveyance of Net Profits Interest (this “Conveyance”) is made, as of
the date set forth on the signature page hereof, from MV Partners, LLC, a
Kansas limited liability company (successor by conversion to MV Partners, LP, a
Kansas limited partnership) to The Bank of New York Trust Company, N.A., with
offices at 221 West Sixth Street, 1st Floor,
Austin, Texas 78701, Attention: Mike J. Ulrich, as trustee (the “Trustee”), acting not in its individual capacity but solely
as trustee of the MV Oil Trust (the “Trust”), pursuant to the Amended and Restated Trust
Agreement of the Trust, among MV Partners, LLC, as Trustor, The Bank of New
York Trust Company, N.A., as Trustee and Wilmington Trust Company, as Delaware
Trustee, a statutory trust created under the Delaware Statutory Trust Act as of
August 3, 2006 (such Trustee acting as trustee of the Trust, “Grantee”).  Capitalized terms shall have the meaning set
forth in Article II below.

ARTICLE I

GRANT OF NET PROFITS INTEREST

For and in consideration of Ten and NO/100
Dollars ($10.00) and other good and valuable consideration (including the
issuance by Grantee to Grantor of 11,500,000 Trust Units) to Grantor paid by
Grantee, the receipt and sufficiency of which are hereby acknowledged by
Grantor, Grantor has bargained, sold, granted, conveyed, transferred, assigned,
set over, and delivered, and by these presents does hereby bargain, sell,
grant, convey, transfer, assign, set over, and deliver unto Grantee, its successors
and assigns, effective as of the Effective Time, (i) a net profits
interest (the “Net
Profits Interest”) in and to the Minerals in and under and
produced and saved from the Subject Interests during the Net Profits Period,
calculated in accordance with the provision of Article III below and payable
solely out of gross proceeds from the sale of the Subject Minerals produced and
saved through the Subject Wells, in an amount equal to the product of the
Proceeds Percentage times the Net Profits attributable to the Subject
Interests, all as more fully provided hereinbelow and (ii) without
duplication of the foregoing, an amount, payable by wire transfer of
immediately available funds on or before the fifth Business Day following the
first Quarterly Record Date, equal to the product of the Proceeds Percentage
times the Net Profits that would have been payable by Grantor to Grantee
pursuant to the terms of this Conveyance had Grantee been in existence and this
Conveyance been dated and in effect as of July 1, 2006 through, but excluding,
the Effective Time, provided that, in the event the amount payable by
Grantor pursuant to this clause (ii) cannot be definitively determined as of
the fifth Business Day following the first Quarterly Record Date, Grantor shall
pay Grantee, by wire transfer of immediately available funds on the such date,
an amount equal to Grantor’s good faith estimate of the amount payable by
Grantor pursuant to this clause (ii), and Grantor and Grantee shall cooperate
to subsequently determine the final amount payable by Grantor to Grantee
pursuant to this clause (ii) and (a) if such final amount is more than the
amount estimated and paid by Grantor to Grantee on the fifth Business Day
following the first Quarterly Record Date, then Grantor shall pay the
difference between these two amounts to Grantee by wire transfer in immediately
available funds within 10 Business Days following the determination of such
amount or (b) if such final amount is less than the amount estimated and paid
by Grantor to Grantee on such date, then such overpayment shall be addressed in
the manner specified in Section 3.4 hereof.

TO
HAVE AND TO HOLD the Net Profits Interest, together with all and singular the
rights and appurtenances thereto in anywise belonging, unto Grantee, its
successors and assigns, subject, however, to the following terms and
provisions, to-wit:

ARTICLE
II

DEFINITIONS

As used herein, the following terms
shall have the meaning ascribed to them below:

“Administrative Hedge Costs”
shall mean those costs paid by Grantor to counter-parties under the Existing
Hedges or to Persons that provide credit to maintain any Existing Hedge, (in
each case) after the Effective Time but excluding any Hedge Settlement Costs.

“Affiliate” shall mean with
respect to a specified Person, any Person that directly or indirectly controls,
is controlled by, or is under common control with, the specified Person.  As used in this definition, the term “control”
(and the correlative terms “controlling,” “controlled by,” and “under common
control”) shall mean the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.

“Assignment of Hedge Proceeds”
shall mean that certain Assignment of Hedge Proceeds of even date herewith
between Grantor and Grantee.

“Average Annual Capital Expenditure Amount” shall mean the quotient of (a) the sum of (i) the
capital expenditures to be debited to the Net Profits Account and (ii) the
amounts debited to the Net Profits Account pursuant to Section 3.1(b)(xiii) for
approved capital expenditure projects, in each case attributable to the three
twelve-month periods ending on the Capital Expenditure Limitation Date, divided
by (b) three.  Commencing on the Capital
Expenditure Limitation Date, and each anniversary of the Capital Expenditure
Limitation Date thereafter, the Average Annual Capital Expenditure Amount will
be increased by 2.5%.

“BOE” shall mean (a) for Oil
included in the Subject Minerals, one barrel, (b) for Gas Liquids included in
the Subject Minerals, 1.54 barrels, and (c) for Gas included in the Subject
Minerals, the amount of such hydrocarbons equal to one barrel, determined using
the ratio of six Mcf of Gas to one barrel of Oil.

“Business Day” shall mean a
day on which any bank to or from which a payment authorized hereunder may be
made are not closed as authorized or required by law under the laws of the
State of Kansas.

“Capital Expenditure Limitation Date” shall mean the later to occur of (a) June 30, 2023
and (b) the last day of the Payment Period during which the total volumes of
the Subject Minerals produced, saved and sold from and after July 1, 2006
equals the volume of 13.239134 MMBOE.

“Contingent Debt Regulations” shall have the meaning given such term in Section
8.9(b).

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“Code” shall mean the
Internal Revenue Code of 1986, as amended.

“Conveyance” shall mean this
Conveyance of Net Profits Interest, as the same may be amended or modified from
time to time by one or more instruments executed by both Grantor and Grantee.

“Debit Balance” shall have
the meaning given such term in Section 3.2(c).

“Effective Time” shall mean
7:00 a.m., local time, in effect where the Subject Interests are located, on
January 24, 2007.

“Eligible Materials” shall
mean Materials for which amounts in respect of the cost of such Materials were
properly debited to the Net Profits Account.

“Existing Hedges” shall mean
the Hedges entered into by Grantor with respect to the Subject Mineralsprior to the date hereof as more particularly described in
the Assignment of Hedge Proceeds.

“Fair Value” shall mean,
with respect to any portion of the Net Profits Interest to be released pursuant
to Section 5.2 in connection with a sale or release of any Subject Interest, an
amount equal to the excess of (i) the proceeds which could reasonably be
expected to be obtained from the sale of such portion of the Net Profits
Interest to a party which is not an Affiliate of either Grantor or the Trust on
an arms’-length negotiated basis, taking into account relevant market
conditions and factors existing at the time of any such proposed sale or
release, over (ii) Grantee’s proportionate share of any sales costs,
commissions and brokerage fees.

“Farmout Agreement” shall
mean any farmout agreement, participation agreement, exploration agreement,
development agreement or any similar agreement.

“Gas” shall mean natural gas
and other gaseous hydrocarbons or minerals, including helium, but excluding any
Gas Liquids.

“Gas Liquids” shall mean
those natural gas liquids and other liquid hydrocarbons, including ethane,
propane, butane and natural gasoline, and mixtures thereof, that are removed
from a Gas stream by the liquids extraction process of any field facility or
gas processing plant and delivered by the facility or plant as natural gas
liquids.

“Grantee” shall mean Grantee
as defined in the first paragraph of this Conveyance, and its successors and
assigns; and, unless the context in which used shall otherwise require, such
term shall include any successor owner at the time in question of any or all of
the Net Profits Interest.

“Grantor” shall mean MV
Partners, LLC and its successors and assigns; and, unless the context in which
used shall otherwise require, such term shall include any successor owner at
the time in question of any or all of the Subject Interests.

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“Hedge” shall mean any
commodity hedging transaction pertaining to Minerals, whether in the form of
(i) forward sales and options to acquire or dispose of a futures contract
solely on an organized commodities exchange, (ii) derivative agreements for a
swap, cap, collar or floor of the commodity price, or (iii) similar types of
financial transactions classified as “notional principal contracts” pursuant to
Treasury Regulation § 1.989-1T(a)(2).

“Hedge Settlement Costs”
shall mean any and all payments required to be made by Grantor to the
counterparties in connection with the settlement or mark-to-market of trades
made under any Existing Hedge and all payments made by Grantor for any early
termination of any Existing Hedge.

“Lease” shall mean (i) a
lease of one or more Minerals described in Exhibit A attached hereto as to all
lands and depths described in such lease (or the applicable part or portion
thereof if limited in depth and/or areal extent in Exhibit A) and any interest
therein and any leasehold interest in any other lease of Minerals derived from
the pooling or unitization of such lease (or portion thereof if limited on
Exhibit A) with other leases, together with any interest acquired or maintained
by Grantor in any and all extensions of such lease, (ii)  any replacement lease taken upon or in
anticipation of termination of such lease (if executed and delivered during the
term of or within one year after the expiration of the predecessor lease), as
to all lands and depths described in the predecessor lease (unless the extended
or predecessor lease is specifically limited in depth or areal extent in
Exhibit A, in which event only the corresponding portion of such lease shall be
considered a renewal or extension or a replacement lease subject to this
Conveyance), and (iii) any other Mineral leasehold, royalty, overriding royalty
or Mineral fee interest described in Exhibit A attached hereto; and “Leases” shall
mean all such leases and all such renewal and extensions and replacement
leases.

“LLC Agreement” shall have
the meaning given such term in Section 3.1(b)(i).

“Manufacturing Costs” shall
mean the costs of Processing that generate Manufacturing Proceeds received by
Grantor.

“Manufacturing Proceeds”
shall mean the excess, if any, of (i) proceeds received by Grantor from the
sale of Subject Minerals that are the result of any Processing over (ii) the
part of such proceeds that represents the Market Value of such Subject Minerals
before any Processing.

“Market Value” of any
Subject Minerals shall mean:

(a)           With respect to Oil and
Gas Liquids, (i) the highest price available to Grantor for such Oil and Gas
Liquids at the Lease on the date of delivery pursuant to a bona fide offer,
posted price or other generally available marketing arrangement from or with a
non-Affiliate purchaser, or (ii) if no such offer, posted price or arrangement
is available, the fair market value of such Oil and/or Gas Liquids, on the date
of delivery at the Lease, determined in accordance with generally accepted and
usual industry practices;

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(b)           With respect to Gas, (i) the price specified in any Production Sales
Contract for the sale of such Gas or (ii) if such Gas cannot be sold pursuant
to a Production Sales Contract, (A) the average of the three highest prices
(adjusted for all material differences in quality) being paid at the time of
production for Gas produced from the same field in sales between non-affiliated
Persons (or, if there are not three such prices within such field, within a
50-mile radius of such field) but, for any Gas subject to price restrictions
established, prescribed or otherwise imposed by any governmental authority
having jurisdiction over the sale of such gas, no more than the highest price
permitted for such category or type of gas after all applicable adjustments
(including without limitation tax reimbursement, dehydration, compression and
gathering allowances, inflation and other permitted escalations), or (B) if
subsection (b)(ii)(A) above is not applicable, the fair market value of such
Gas, on the date of delivery, at the Lease, determined in accordance with
generally accepted and usual industry practices.

“Materials” shall mean
materials, supplies, equipment and other personal property or fixtures located
on or used in connection with the Subject Interests.

“Mcf” shall mean one
thousand cubic feet.

“Minerals” shall mean Oil,
Gas and Gas Liquids.

“MMBOE” shall mean one
million BOE.

“Net Profits” shall have the
meaning given such term in Section 3.2(b).

“Net Profits Account” shall
mean the account maintained in accordance with the provisions of Section 3.1.

“Net Profits Interest” shall
have the meaning given such term in Article I.

“Net Profits Period” shall mean
the period from and after the Effective Time until and including the
Termination Date.

“Oil” shall mean crude oil,
condensate and other liquid hydrocarbons recovered by field equipment or
facilities, excluding Gas Liquids.

“Payment Period” shall mean a
calendar quarter, provided that the first Payment Period shall mean the
period from and after the Effective Time until December 31, 2006, and the last
Payment Period shall mean any portion of the calendar quarter during which the
Termination Date occurs from the beginning of such calendar quarter until and
including the Termination Date.

“Permitted Encumbrances”
shall mean the following whether now existing or hereinafter created but only
insofar as they cover, describe or relate to the Subject Interests or the lands
described in any Lease:

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(a)           the terms, conditions, restrictions, exceptions, reservations,
limitations and other matters contained in the agreements, instruments and
documents that create or reserve to Grantor its interests in any of the Leases,
including any Prior Reversionary Interest;

(b)           any (i) undetermined or inchoate liens or charges constituting or
securing the payment of expenses that were incurred incidental to maintenance,
development, production or operation of the Leases or for the purpose of
developing, producing or processing Minerals therefrom or therein, and (ii)
materialman’s, mechanics’, repairman’s, employees’, contractors’, operators’ or
other similar liens or charges for liquidated amounts arising in the ordinary
course of business that Grantor has agreed to pay or is contesting in good
faith in the ordinary course of business;

(c)           any liens for taxes and assessments not yet delinquent or, if
delinquent, that are being contested in good faith in the ordinary course of
business;

(d)           any liens or security interests created by law or reserved in any Lease
for the payment of royalty, bonus or rental, or created to secure compliance
with the terms of the agreements, instruments and documents that create or
reserve to Grantor its interests in the Leases;

(e)           any obligations or duties affecting the Leases to any municipality or
public authority with respect to any franchise, grant, license or permit, and
all applicable laws, rules, regulations and orders of any governmental authority;

(f)            any (i) easements,
rights-of-way, servitudes, permits, surface leases and other rights in respect
of surface operations, pipelines, grazing, hunting, lodging, canals, ditches,
reservoirs or the like, and (ii) easements for streets, alleys, highways,
pipelines, telephone lines, power lines, railways and other similar
rights-of-way, on, over or in respect of the lands described in the Leases, provided
that, in the case of clauses (i) and (ii), such easements, rights-of-way,
servitudes, permits, surface leases and other rights do not materially impair
the value of the Net Profits Interest;

(g)           all lessors’ royalties, overriding royalties, net profits interests,
carried interests, production payments, reversionary interests and other
burdens on or deductions from the proceeds of production created or in
existence as of the Effective Time;

(h)           preferential rights to purchase or similar agreements and required
third party consents to assignments or similar agreements;

(i)            all rights to consent by, required notices to,
filings with, or other actions by any governmental authority in connection with
the sale or conveyance of the Leases or interests therein;

(j)            production sales contracts; division orders;
contracts for sale, purchase, exchange, refining or processing of Minerals;
unitization and pooling designations, declarations, orders and agreements;
operating agreements; agreements for development; area of mutual interest
agreements; gas balancing or deferred production agreements; processing
agreements;

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plant agreements; pipeline,
gathering and transportation agreements; injection, repressuring and recycling
agreements; salt water or other disposal agreements; seismic or geophysical
permits or agreements; and any and all other agreements entered into by Grantor
or its Affiliates in connection with the exploration or development of the
Leases or the extraction, processing or marketing of production therefrom or to
which any of the Leases were subject when acquired by Grantor or its
Affiliates;  and

(k)           conventional rights of reassignment upon release or abandonment of
property.

“Person” shall mean any
individual, partnership, limited liability company, corporation, trust,
unincorporated association, governmental agency, subdivision, or
instrumentality, or other entity or association.

“Possible Refundable Amounts”
shall have the meaning set forth in Section 3.1(a)(v).

“Prime Interest Rate” shall
mean the lesser of (a) the rate of interest per annum publicly announced from
time to time by JPMorgan Chase Bank, N.A. as its “prime rate” in effect at its
principal office in New York City (each change in the prime rate to be
effective on the date such change is publicly announced), with the
understanding that such bank’s “prime rate” may be one of several base rates,
may serve as a basis upon which effective rates are from time to time
calculated for loans making reference thereto, and may not be the lowest of
such bank’s base rates or (b) the maximum rate of interest permitted under
applicable law.

“Prior Reversionary Interest”
shall mean any contract, agreement, Farmout Agreement, lease, deed, conveyance
or operating agreement that exists as of the Effective Time or that burdened
the Subject Interests at the time such Subject Interests were acquired by
Grantor, that by the terms thereof requires a Person to convey a part of the
Subject Interests to another Person or to permanently cease production of any
Subject Well, including obligations arising pursuant to any operating
agreements, Leases, coal leases, and other similar agreements or instruments
affecting the Subject Interests.

“Proceeds Percentage” shall
mean eighty percent (80%).

“Processing” or “Processed”
shall mean to manufacture, fractionate or refine Subject Minerals, but such
terms do not mean or include activities involving the use of normal lease or
well equipment (such as dehydrators, gas treating facilities, mechanical
separators, heater-treaters, lease compression facilities, injection or
recycling equipment, tank batteries, field gathering systems, pipelines and
equipment and so forth) to treat or condition Minerals or other normal
operations on any of the Subject Interests.

“Production Sales Contracts”
shall mean all contracts, agreements and arrangements for the sale or
disposition of Minerals.

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“Quarterly Record Date”
shall mean the 15th day (or the
next Business Day, if the 15th day is not a Business Day) of the first month
following the close of each Payment Period. 
The first Quarterly Record Date shall be February 15, 2007.

“Related Party” shall mean either Vess Oil Corporation or Murfin
Drilling Company, Inc., as the case may be.

“Reserve Account” shall mean an account to be maintained by Grantor
pursuant to Section 3.1; provided that the balance in such account at
any time shall not exceed $1,000,000, and provided further that amounts
held in such account shall be expended by Grantor only with respect to the
exploration, development, maintenance or operation of the Subject Interests and
related activities.

“Subject Interests” shall
mean each kind and character of right, title, claim, or interest (collectively
the “rights”), that Grantor has or owns in the Leases whether such right be
under or by virtue of a lease, a unitization or pooling order, an operating
agreement, a division order, or a transfer order or be under or by virtue of
any other type of claim or title, legal or equitable, recorded or unrecorded,
all as such rights shall be (a) enlarged or diminished by virtue of the
provisions of Section 4.2, and (b) enlarged by the discharge of any payments
out of production or by the removal of any charges or encumbrances to which any
of such rights are subject on the Effective Time (provided that such
removal is pursuant to the express terms of the instrument that created such
charge or encumbrance) and any and all renewals and extensions of the right
occurring within one year after the expiration of such rights.

“Subject Minerals” shall
mean all Minerals in and under and that may be produced, saved, and sold from,
and are attributable to, the Subject Interests from and after the Effective
Time, after deducting the appropriate share of all royalties and any overriding
royalties, production payments and other similar charges (except the Net
Profits Interest) burdening the Subject Interests at the Effective Time, provided
that, (a) there shall not be included in the Subject Minerals (i) any Minerals
attributable to non-consent operations conducted with respect to the Subject
Interests (or any portion thereof) as to which Grantor shall be a
non-consenting party as of the Effective Time that are dedicated to the
recoupment or reimbursement of costs and expenses of the consenting party or
parties by the terms of the relevant operating agreement, unit agreement,
contract for development, or other instrument providing for such non-consent
operations (including any interest, penalty or other amounts related thereto),
or (ii) any Minerals unavoidably lost in production or used by Grantor for
production operations (including without limitation, fuel, secondary or tertiary
recovery) conducted solely for the purpose of producing Subject Minerals from
the Subject Interests and (b) there shall be included in the Subject Minerals
any Minerals attributable to non-consent operations conducted with respect to
the Subject Interests (or any portion thereof) as to which Grantor shall be a
non-consenting party as of the Effective Time that are produced, saved, and
sold from, and are attributable to the Subject Interests after the Effective
Time from and after the recoupment or reimbursement of costs and expenses
(including any interest, penalty or other amounts related thereto) of the
consenting party or parties by the terms of the relevant operating agreement,
unit agreement, contract agreement, contract development, or other instruments
providing for such non-consent operations.

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“Subject Well” shall mean
each well on the Subject Interests in respect of which Grantor owns any
interest or is entitled to any of the Minerals production or the proceeds
therefrom (whether directly or indirectly by virtue of the effect of any
farmout or farmin provisions or other provisions).

“Termination Date” shall
mean the later of (a) June 30, 2026 and (b) the day on which the total volume
of the Subject Minerals (including any Subject Minerals produced from the
Subject Interests Transferred by Grantor pursuant to Section 5.1 hereof)
produced, saved and sold from and after July 1, 2006 equals a volume of (i)
14.393950 MMBOE less (ii) the aggregate volume of proved reserves attributable
to the Subject Interests that are Transferred by Grantor pursuant to Section
5.2 hereof (with the volume of proved reserves attributable to any individual
Subject Interest so Transferred determined solely by reference to the quantity
of reserves attributable to such Subject Interest that are expected to be
produced during the term of the Net Profits Interest in the most recent reserve
report prepared by an independent reserve engineer in accordance with the
methodology specified in the rules and regulations of the Securities and
Exchange Commission, provided that, in the event an independent reserve
engineer has not prepared a reserve report satisfying the foregoing
requirements within 12 months prior to the date of the Transfer of such Subject
Interest, no volume of proved reserves for much Subject Interest shall be
included in such aggregate volume pursuant to this clause (ii)).

“Third Party” shall mean any
Person other than Grantor, Grantee or the Trust.

“Transfer” including its
syntactical variants, shall mean any assignment, sale, transfer, conveyance, or
disposition of any property; provided, Transfer as used herein does not
include the granting of a security interest in Grantor’s interest in any
property, including the Subject Interests or the Subject Minerals.

“Trust Units” shall have the
meaning ascribed to such term in the Amended and Restated Trust Agreement of MV
Oil Trust, dated of even date herewith, by and among Grantor, Grantee and
Wilmington Trust Company.

ARTICLE
III

ESTABLISHMENT OF NET PROFITS ACCOUNT

3.1           Net
Profits Account and Reserve Account.  Grantor shall establish and maintain true and
correct books and records in order to determine the credits and debits to a Net
Profits Account and a Reserve Account to be maintained by Grantor at all times
during the Net Profits Period, in accordance with the terms of this Conveyance
and prudent and accepted accounting practices. For purposes of this Section
3.1:

(a)           The Net Profits Account shall be credited
with an amount equal to the sum, from and after the Effective Time with respect
to each Payment Period, of the gross proceeds (determined before calculating
the Net Profits) received by Grantor from the sale of all Subject Minerals; provided,
however, that:

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(i)                                          gross
proceeds shall include all consideration received, directly or indirectly, for
Transfers of Subject Minerals as, if and when produced, including without
limitation (but subject to Section 3.1(a)(v)) advance payments and payments
under take-or-pay and similar provisions of Production Sales Contracts;

(ii)                                       if
any proceeds are withheld from Grantor for any reason (other than at the
request of Grantor), such proceeds shall not be considered to be gross proceeds
until such proceeds are actually received by Grantor;

(iii)                                    if
Grantor becomes an underproduced party under any Gas balancing or similar
arrangement affecting the Subject Interests, then the Net Profits Account shall
not be credited with any amounts for any Gas attributable to the Subject
Interests that is deemed to be stored for Grantor’s account under the terms of
such Gas balancing arrangement, and if Grantor becomes an overproduced party
under any Gas balancing or similar arrangement affecting the Subject Interests,
then the Net Profits Account shall not be credited with any amount for any Gas
taken by an underproduced party as “make-up” Gas that would otherwise be
attributable to the Subject Interests. 
The Net Profits Account shall be credited with amounts received by
Grantor (1) for any “make up” Gas taken by Grantor as a result of its position
as an underproduced party under any Gas balancing or similar arrangement
affecting the Subject Interests, (2) as a balancing of accounts under a Gas
balancing or other similar arrangement affecting the Subject Interests either
as an interim balancing or at the depletion of the reservoir, and (3) for any
Gas taken by Grantor attributable to the Subject Interests in excess of its
entitlement share of such Gas;

(iv)                                   if
Grantor shall be a party as to any non-consent operations conducted with
respect to all or any of the Subject Interests from and after the Effective
Time, all gross proceeds to be credited to the Net Profits Account with respect
thereto shall be governed by Section 4.3;

(v)                                      if
a controversy or possible controversy exists (whether by reason of any statute,
order, decree, rule, regulation, contract, or otherwise) as to the correct or
lawful sales price of any Subject Minerals, or if any amounts received or to be
received by Grantor as “take-or-pay” or “ratable take” payments are subject to
refund to any purchasers of Subject Minerals (in each case, such amounts
together with any other gross proceeds withheld from, or repayable by, Grantor,
“Possible Refundable Amounts”),
then:

(A)                                   amounts
withheld by such purchaser or deposited by it with an escrow agent shall not be
considered to have been received by Grantor and shall not be credited to the
Net Profits Account until actually collected by Grantor; provided,
however, that the Net Profits Account shall not be credited with any interest,
penalty, or other amount that is not derived from the sale of Subject Minerals;
and

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(B)                                     amounts
received or to be received by Grantor and promptly deposited or to be deposited
by it with a non-Affiliate escrow agent, to be placed in interest bearing
accounts under usual and customary terms, shall not be considered to have been
received by Grantor and shall not be credited to the Net Profits Account until
actually disbursed to Grantor by such escrow agent; provided, however,
that the Net Profits Account shall not be credited with any interest, penalty,
or other amount that is not derived from the sale of Subject Minerals;

(vi)                                   gross
proceeds shall not include any amount received by Grantor in respect of any
production of Subject Minerals prior to the Effective Time;

(vii)                                the
Net Profits Account shall not be credited with any amount that Grantor shall
receive for any sale or other disposition of any of the Subject Interests or in
connection with any adjustment of any well and leasehold equipment upon
unitization of any of the Subject Interests;

(viii)                             gross
proceeds shall not include any Manufacturing Proceeds or other amounts that are
reductions of debits to the Net Profits Account under the proviso of Section
3.1(b);

(ix)                                     in
the event that Subject Minerals are Processed prior to sale, gross proceeds
shall include only the Market Value of such Subject Minerals before any such
Processing;

(x)                                        the
amount of gross proceeds credited to the Net Profits Account during any Payment
Period shall be reduced by (1) the aggregate Hedge Settlement Costs paid by
Grantor with respect to such Payment Period and (2) overpayments pursuant to
Section 3.4;

(xi)                                     gross
proceeds shall not include any amount to which Grantor is entitled by virtue of
a judgment of a court of competent jurisdiction resolving a dispute hereunder
between Grantee and Grantor in favor of Grantor, or any amount paid to Grantor
in settlement of such dispute; and

(xii)                                  gross
proceeds shall not include any additional proceeds from the sale of Minerals
related to any Subject Well with respect to which Grantor elects to be a
participating party (whether pursuant to an operating agreement or other
agreement or arrangement, including without limitation, non-consent rights and
obligations imposed by statute or regulatory agency) with respect to any
operation with respect to such Subject Well where another party or parties have
elected not to participate in such operation (or have elected to abandon such
Subject Well) and Grantor elects to pay the costs of such nonparticipating or
abandoning party and as a result of which Grantor becomes entitled to receive,
either temporarily (i.e., through a period of recoupment) or permanently any
additional proceeds from the sale of Minerals related to such Subject Well.

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(b)           The Net Profits Account shall be debited
with an amount equal to the sum of the following (excluding in all events
Manufacturing Costs and Hedge Settlement Costs), to the extent that the same
are properly allocable to the Subject Interests (and any related equipment or
property used in connection therewith) and the production and (subject to
Section 4.5) marketing of Subject Minerals therefrom and have been incurred or
accrued (as described below) by Grantor from and after the Effective Time and
attributable to periods ending on or before the Termination Date:

(i)                                          all
direct costs (including capital costs) paid by Grantor (A) for all direct labor
(including fringe benefits) and other services necessary for exploring,
developing, operating, producing, reworking and maintaining the Subject
Interests, (B) for dehydration, compression, separation and transportation of
the Subject Minerals, and (C) for all Materials purchased for use on, or in
connection with, any of the Subject Interests (including without limitation (1)
all amounts charged Grantor for conformance of investment if the Subject
Interests or any part or parts thereof are hereafter from time to time unitized
or if any participating area in a federal divided-type unit is changed, (2) the
costs of any seismic (including 3-D seismic surveys), geological or geophysical
operations relating to the search for Subject Minerals, (3) the costs of
drilling, completing, testing, equipping, plugging back, reworking,
recompleting and plugging and abandoning any well on the Subject Interests,
whether or not such well is a producer or is abandoned as a dry hole or junked,
(4) the cost of constructing gathering facilities, tanks and other production
and delivery facilities on the Subject Interests, and (5) the cost of secondary
recovery, pressure maintenance, repressuring, recycling and other operations
conducted for the purpose of enhancing production); provided, however,
that the debits made to the Net Profits Account pursuant to this subsection
(and, to the extent applicable, pursuant to the other applicable provisions of
this Conveyance) with respect to any Subject Interest shall be made on the same
basis as such costs are charged under the operating agreement (if any)
applicable to such Subject Interest at the time the transaction giving rise to
such debit occurred, except that (I) in the case where Grantor, a Related Party
or one of Grantor’s Affiliates acts as operator of any Subject Interest, the
costs (including overhead charges) debited to the Net Profits Account with
respect to such Subject Interest shall not exceed the charges determined in
accordance with the applicable provisions of the First Amended and Restated
Operating Agreement of MV Partners LLC dated September 1, 2006 between MV
Energy, LLC and VAP-1, LLC, as currently in effect (the “LLC Agreement”); and (II) in
the event a Subject Interest is operated at such time by a non-Affiliate of
Grantor but is not subject to an operating agreement, such debit shall be made
on the same basis as Grantor is charged by such non-Affiliate of Grantor; provided,
further, if Grantor elects to pay the costs of a nonconsenting party or
nonparticipating party with respect to which the Net Profits Account is not
credited pursuant to Section 3.1(a), Grantor shall be solely responsible for
such costs;

(ii)                                       all
costs (including without limitation outside legal, accounting and engineering
services) attributable to the Subject Interests of (A) handling, investigating
and/or settling litigation, administrative proceedings and claims (including
without

 12
 

limitation
lien claims other than liens for borrowed funds) and (B) payment of judgments,
penalties and other liabilities (including interest thereon), paid by Grantor
(and not reimbursed under insurance maintained by Grantor or others) and
involving any of the Subject Interests, or incident to the development,
operation or maintenance of the Subject Interests, or requiring the payment or
restitution of any proceeds of Subject Minerals, or arising from tax or royalty
audits, except that there shall not be debited to the Net Profits Account any
expenses incurred by Grantor in litigation of any claim or dispute arising
hereunder between Grantor and Grantee or amounts paid by Grantor to Grantee
pursuant to a final order entered by a court of competent jurisdiction
resolving any such claim or dispute or amounts paid by Grantor to Grantee in
connection with the settlement of any such claim or dispute;

(iii)                                    all
taxes (except federal and state income, transfer, mortgage, inheritance,
estate, franchise and like taxes) incurred, accrued or paid by Grantor with
respect to the ownership of the Subject Interests or the extraction of the
Subject Minerals, including without limitation production, severance, and/or
excise and other similar taxes assessed against, and/or measured by, the
production of (or the proceeds or value of production of) Subject Minerals,
occupation taxes, sales and use taxes, and ad valorem taxes assessed against or
attributable to the Subject Interests or any equipment used in connection with
production from any of the Subject Interests and any extraordinary or windfall
profits taxes that may be assessed in the future based upon profits realized or
prices received from the sale of Subject Minerals; provided, however,
that if Grantee is assessed any of such taxes individually and Grantee pays
such taxes, then the taxes which Grantee is assessed individually and has paid
shall not be debited to the Net Profits Account;

(iv)                                   insurance
premiums attributable to the ownership or operation of the Subject Interests
paid by Grantor for insurance actually carried for periods after the Effective
Time with respect to the Subject Interests, or any equipment located on any of
the Subject Interests, or incident to the development, operation or maintenance
of the Subject Interests, it being recognized that where the coverage is
general in nature, or relates to a group of properties (or more than one
interest in the same property), only that portion which is reasonably allocated
to the Subject Interests shall be debited hereunder;

(v)                                      all
amounts paid by Grantor attributable to the Subject Interests and consisting of
(A) rent and other consideration paid for the use or damage to the surface, (B)
delay rentals, shut-in well payments, minimum royalties and similar payments paid
pursuant to the provisions of agreements in force and effect before the
Effective Time and (C) fees for renewals or extensions of the Leases included
in the Subject Interests;

(vi)                                   amounts
attributable to the Subject Interests and charged by the relevant operator
(including those amounts charged to Grantor by any Related Party) as overhead
charges specified in applicable operating agreements or other arrangements now

 13
 

or hereafter
covering the Subject Interests or Grantor’s operations with respect thereto
(subject to the first proviso in Section 3.1(b)(i));

(vii)                                if
as a result of the occurrence of the bankruptcy or insolvency or similar
occurrence of the purchaser of Subject Minerals any amounts previously credited
to the Net Profits Account are reclaimed from Grantor or its representative,
then the amounts reclaimed as promptly as practicable following Grantor’s
payment thereof;

(viii)                             if
Grantor shall be a party as to any non-consent operations conducted with
respect to all or any of the Subject Interests, all costs related to such
non-consent operations to be debited to the Net Profits Account with respect
thereto shall be governed by Section 4.3;

(ix)                                     the
costs paid by Grantor in connection with the exercise of its rights pursuant to
Section 4.6;

(x)                                        all
costs paid by Grantor for recording this Conveyance;

(xi)                                     all
Administrative Hedge Costs paid by Grantor;

(xii)                                  without
duplication of the costs described in (ix) above, all other direct costs paid
by Grantor for the necessary or proper drilling, completion, hook up,
production, operation, reworking, recompleting and maintenance of the Subject
Wells and Subject Interests, and the plugging and abandoning of any unplugged
Subject Wells located on the Subject Interests, abandoning of any facilities
used in connection with the Subject Interests and, where applicable, restoring
of the surface of the Subject Interests;

(xiii)                               any
Debit Balance carried forward pursuant to Section 3.2(c); and

(xiv)                              the
amount of any increase in the Reserve Account related to projected costs of
scheduled future capital expenditure projects, including well drilling,
recompletion and workover costs that have been approved by Grantor in writing;

provided that the costs referred to
in this Section 3.1(b) shall be reduced by the following amounts received by
Grantor from and after the Effective Time: (A) any amounts received by Grantor
as delay rentals, bonus, royalty or other similar payments in connection with
any Farmout Agreement or for dry hole, bottom hole or other similar contributions
related to the Subject Interests or otherwise, (B) upon salvage or other
disposition, the applicable actual salvage value (as determined in accordance
with the applicable operating agreement then in effect and binding upon
Grantor) of any Eligible Materials, less, in each instance the actual costs of
salvage or other disposition, (C) any cash payments received by Grantor as a
result of any pooling or unitization of the Subject Interests if the costs
giving rise to such payments were charged to the Net Profits Account, directly
or indirectly, (D) any insurance proceeds received by Grantor in respect of the
Subject Interests, Subject Minerals or Eligible Materials if the cost of such
insurance was charged to the Net Profits Account, directly or indirectly, (E)
any amounts received by Grantor from third parties as rental or use fees for
Eligible Materials, (F) the gross

 14
 

proceeds of any judgments or claims received by
Grantor for damages occurring on or after the Effective Time to the Subject
Interests (or any part thereof or interest therein) or any Materials (or any
part thereof or interest therein) used in connection with the operation of the
Subject Interests or any Subject Minerals, (G) any proceeds from the sale of
Eligible Materials, (H) any payments made to Grantor in connection with the
drilling or deferring of drilling of any Subject Well, (I) if, from and after
the Effective Time, any Subject Minerals shall be Processed before sale, the
excess, if any, of the Manufacturing Proceeds arising therefrom over the
Manufacturing Costs of such Processing, (J) any interest, penalty or other
amount not derived from the sale of the Subject Minerals that is paid to
Grantor by the purchaser of production or escrow agent in connection with
Possible Refundable Amounts withheld or deposited with an escrow agent, and (K)
any amounts in the Reserve Account that are used to pay for any costs specified
in clauses (i) through (xii) of this Section 3.1(b) (which amounts so used
shall reduce the amount of the Reserve Account); and provided further
that (1) during each 12-month period beginning on the Capital Expenditure
Limitation Date, the sum of (x) the capital expenditures to be debited to the
Net Profits Account and (y) the amounts debited to the Net Profits Accounts pursuant
to Section 3.1(b)(xiii) may not exceed the Average Annual Capital Expenditure
Amount, and (2) any amounts in the Reserve Account referred to in Section
3.1(b)(xiii) immediately preceding the Termination Date shall be credited to
Net Profits Account as of the Termination Date.

(c)           Notwithstanding anything herein to the
contrary, the amounts debited to the Net Profits Account shall not include any
of the following: (A) any amount that has also been used to reduce or offset
the amount of the Subject Minerals (or proceeds of production thereof) or has
otherwise not been included therein (including, by way of example and without
limitation, proceeds attributable to royalties, overriding royalties,
production payments and other charges burdening the Subject Interests at the
Effective Time); (B) any overriding royalty, production payment or other charge
burdening the Subject Interests which was created by Grantor after the
Effective Date; (C) any general, administrative or overhead costs paid or
incurred by Grantor or its Affiliates, except for those permitted under Section
3.1(b)(vi); (D) any amounts paid by Grantor (initial or a successor) to
such Grantor’s predecessor in interest with respect to part or all of the
Subject Interests (including without limitation any purchase price or other
consideration paid by Grantor to such predecessor in interest to acquire all or
part of the Subject Interests); and (E) any interest, premiums, fees or similar
charges arising out of borrowings or purchases of any goods, equipment or other
items on credit, whether or not used on or otherwise related to the Subject
Interests.

(d)           Nothing set forth in this Section 3.1 shall
be interpreted or applied in any manner that shall ever require or permit any
duplication of all or any part of any credit or debit (or reduction thereto) to
the Net Profits Account with respect to the same transaction, item of expense
or charge, under this Conveyance, or that shall ever require or permit any
inclusion of any charge to the Net Profits Account that is reimbursed to
Grantor by any Person.

(e)           GRANTEE,
BY ITS ACCEPTANCE OF THE NET PROFITS INTEREST, CLEARLY AND UNEQUIVOCALLY
EXPRESSES ITS INTENT THAT THE DEBITS TO THE NET PROFITS ACCOUNT CONTAINED IN
SECTION 3.2(b) SHALL BE APPLICABLE REGARDLESS OF WHETHER OR NOT THE LOSSES,
COSTS, EXPENSES AND DAMAGES THAT MAY BE DEBITED IN ACCORDANCE WITH SUCH SECTION
AROSE SOLELY OR IN PART FROM THE ACTIVE, PASSIVE OR

 15
 

CONCURRENT NEGLIGENCE, STRICT LIABILITY OR
OTHER FAULT OF GRANTOR OR ANY OF ITS AFFILIATES, OTHER THAN THE GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT OF GRANTOR OR ANY OF ITS AFFILIATES, EXCEPT TO
THE EXTENT THAT ANY SUCH LOSSES, COSTS, EXPENSES OR DAMAGES RESULT, DIRECTLY OR
INDIRECTLY, FROM ANY BREACH OR NONCOMPLIANCE WITH THE OPERATIONS STANDARD SET
FORTH IN SECTION 4.1 HEREOF, AND NOTHING CONTAINED HEREIN OR ELSEWHERE IN THIS
CONVEYANCE SHALL BE CONSTRUED AS A WAIVER OR RELEASE OF GRANTOR FROM ANY CLAIM,
ACTION OR LIABILITY ARISING UNDER SECTION 4.1 HEREOF.

3.2           Accounting.

(a)           At the end of each Payment Period, a
calculation of net profits shall then be made by Grantor by deducting (i) the
total debits (and reductions thereof) properly made to the Net Profits Account
during such Payment Period pursuant to Section 3.1(b) from (ii) the total credits
properly made to such Net Profits Account during such Payment Period pursuant
to Section 3.1(a).

(b)           If the computation made in accordance with
Section 3.1(a) results in a positive amount with respect to a Payment Period
(the “Net Profits”),
then (i) that positive amount shall be subtracted from the balance of the Net
Profits Account to cause the Net Profits Account to have a zero balance
immediately following the end of such Payment Period, (ii) that positive amount
shall be multiplied by the Proceeds Percentage to determine the Net Profits
Interest and (iii) the resulting product from the calculations in (ii) above
shall be payable to Grantee as specified in Section 3.3.

(c)           If the computation made in accordance with
Section 3.2(a) results in a negative amount with respect to a Payment Period,
the negative sum shall be deemed the “Debit
Balance.”  Any Debit
Balance shall be carried forward as a debit to the Net Profits Account for the
following Payment Period.  If there is a
Debit Balance at the end of any Payment Period, no payments shall be made to
Grantee in respect of the Net Profits Interest nor shall Grantee ever be liable
to make any payment to Grantor in respect of the Debit Balance.  In the event that any Debit Balance exists,
then an amount shall be computed equal to interest on such Debit Balance at the
Prime Interest Rate for the period between the last day of the Payment Period
that resulted in such Debit Balance and the last day of the next Payment
Period, which amount shall, on the last day of such next Payment Period, be
debited to the Net Profits Account in the same manner as other debits to the
Net Profits Account for such Payment Period.

(d)           All amounts received by Grantor from the
sale of the Subject Minerals for any Payment Period shall be held by Grantor in
one of its general bank accounts and Grantor shall not be required to maintain
a segregated account for such funds.

3.3           Payment
of Proceeds Percentage of Net Profits.  On or before the fifth Business Day following
the Quarterly Record Date for each Payment Period, Grantor shall transfer or
cause to be transferred to Grantee an amount in respect of the Subject
Interests equal to the product of the Proceeds Percentage times the Net Profits
with respect to the immediately

 16
 

preceding Payment Period in accordance with Section 3.2(b).  All funds delivered to Grantee on account of
the Net Profits Interest shall be calculated and paid entirely and exclusively
out of the gross proceeds attributable to the Subject Minerals attributable to
the Subject Interests.

3.4           Overpayment;
Past Due Payments.  If
Grantor ever pays Grantee more than the amount of money then due and payable to
Grantee under this Conveyance, Grantee shall not be obligated to return the
overpayment, but Grantor may at any time thereafter reduce the gross proceeds
used to calculate the Net Profits and retain for its own account an amount
equal to the overpayment, plus interest at the Prime Interest Rate on such
amount, commencing on the sixth (6th) day from the date of the overpayment to
the date such amount is recovered by Grantor from such proceeds.  Any amount not paid by Grantor to Grantee
with respect to the Net Profits Interest when due shall bear, and Grantor
hereby agrees to pay, interest at the Prime Interest Rate from the due date
until such amount has been paid.  Grantor
shall give Grantee written notice with respect to any underpayment or
overpayment described in this Section 3.4, together with supporting worksheets
and data.

3.5           Statements.

(a)           On each Quarterly Record Date, Grantor shall
deliver to Grantee a statement showing the computation of the Net Profits and
the Proceeds Percentage of the Net Profits, including gross proceeds and debits
therefrom (including any reductions to such gross proceeds and/or debits), with
respect to the preceding Payment Period.

(b)           On the first Quarterly Record Date after the
end of each calendar year and on the Quarterly Record Date after the
Termination Date, such statement shall also show the computation of the Net
Profits and the Proceeds Percentage of the Net Profits, including gross
proceeds and debits therefrom (including any reductions to such gross proceeds
and/or debits), for the preceding calendar year (or portion thereof when the
Net Profits Interest was in effect).

(c)           If Grantee takes exception to any item or
items included in any quarterly statement required by Section 3.5(a), Grantee
must notify Grantor in writing within one hundred and twenty (120) days after
the end of the fiscal year with respect to which such statements relate.  Such notice must set forth in reasonable
detail the specific debits complained of and to which exception is taken or the
specific credits which should have been made and allowed.  Adjustments shall be made for all complaints
and exceptions that are agreed to by the parties; provided that if the
parties do not agree, such disputed matters shall be subject to the arbitration
provisions set forth in Article XI of the Amended and Restated Trust Agreement
of MV Oil Trust dated of even date herewith by and among Grantor,  Wilmington Trust Company, a banking
corporation organized under the laws of the State of Delaware, and Grantee.

(d)           Notwithstanding anything to the contrary
herein, all matters reflected in Grantor’s statements for the preceding
calendar year (or portion thereof) that are not objected to by Grantee in the
manner provided by this Section 3.5(c) shall be deemed correct as rendered by
Grantor to Grantee.

 17
 

3.6           Information/Access.

(a)           Grantor shall maintain true and correct
books, records, and accounts of (i) all transactions required or permitted by
this Conveyance and (ii) the financial information necessary to effect such
transactions, including the financial information needed to calculate the Net
Profits with respect to any Payment Period.

(b)           Grantee or its representative, at the Trust’s
expense, may inspect and copy such books, records, and accounts in the offices
of Grantor during normal business hours and upon reasonable notice.

(c)           At Grantee’s request, subject to applicable
restrictions on disclosure and transfer of information, Grantor shall give
Grantee and its designated representatives (on behalf of the Trust) reasonable
access in Grantor’s office during normal business hours to (i) all geological,
Subject Well and production data in Grantor’s possession or Grantor’s
Affiliates’ possession, relating to operations on the Subject Interests and
(ii) all reserve reports and reserve studies in the possession of Grantor or of
Grantor’s Affiliates, relating to the Subject Interests, whether prepared by
Grantor, by Grantor’s Affiliates, or by consulting engineers.

(d)           Grantor makes no representations or
warranties about the accuracy or completeness of any such data, reports, or
studies referred to in Section 3.6(c) and shall have no liability to Grantee,
the Trust or any other Person resulting from such data, studies, or reports.

ARTICLE
IV

OPERATION OF THE SUBJECT INTERESTS

4.1           Operations
Standard.  To the extent
that Grantor controls such matters and notwithstanding anything to the contrary
herein, Grantor agrees that it will conduct and carry on, or cause to be
conducted and carried on, the exploration, development, maintenance and
operation of the Subject Interests in the same manner as a reasonably prudent
operator in the State of Kansas would do under the same or similar
circumstances acting with respect to its own properties (without regard to the
existence of the Net Profits Interest); provided that in no event shall
Grantor be deemed in breach of the foregoing standard in connection with costs
or charges paid by Grantor to any Related Party for operations with respect to
the Subject Interests in accordance with Sections 5.5 and 5.6 of the LLC
Agreement.  Grantee acknowledges that
Grantor is and shall be an undivided interest owner with respect to the Subject
Interests.  Grantee agrees that the acts
or omissions of Grantor’s co-owners shall not be deemed to constitute a
violation of the provisions of this Section 4.1, nor shall any action required
by a vote of co-owners be deemed to constitute such a violation so long as
Grantor has voted its interest in a manner designed to comply with this Section
4.1.  Nothing contained in this Section
4.1 shall be deemed to prevent or restrict Grantor from electing not to
participate in any operations that are to be conducted under the terms of any
operating agreement, unit operating agreement, contract for development, or
similar instrument affecting or pertaining to the Subject Interests (or any
portion thereof) and permitting consenting parties to conduct non-consent
operations thereon if a reasonably prudent operator in the State of Kansas
acting with respect to its own properties (without regard to the existence of
the Net Profits Interest) would make such elections.

 18
 

4.2           Pooling
and Unitization.  Grantor
shall have the right to pool or unitize all or any of the Leases as to any one
or more of the formations or horizons thereunder, and as to any of the Subject
Minerals, when, in the reasonable judgment of Grantor, it is necessary or
advisable to do so in order to form a drilling or proration unit to facilitate
the orderly development of the Subject Interests or to comply with the
requirements of any law or governmental order or regulation relating to the
spacing of wells or proration of the production therefrom.  For purposes of computing the Net Profits,
there shall be allocated to the Subject Interests included in such unit a pro
rata portion of the Minerals produced from the pooled unit on the same basis
that production from the pool or unit is allocated to other working interests
in such pool or unit.  The interest in
any such unit attributable to the Subject Interests (or any part thereof)
included therein shall become a part of the Subject Interests and shall be
subject to the Net Profits Interest in the same manner and with the same effect
as if such unit and the interest of Grantor therein were specifically described
in Exhibit A to this Conveyance.

4.3           Non-Consent.  If Grantor elects to be a non-participating
party (whether pursuant to an operating agreement or other agreement or
arrangement, including without limitation, non-consent rights and obligations
imposed by statute or regulatory agency) with respect to any operation on any
Subject Interest or elects to be an abandoning party with respect to a Subject
Well located on any Subject Interest, the consequence of which election is that
Grantor’s interest in such Subject Interest or part thereof is temporarily
(i.e., during a recoupment period) or permanently forfeited to the parties
participating in such operations, or electing not to abandon such Subject Well,
then the costs and proceeds attributable to such forfeited interest shall not,
for the period of such forfeiture (which may be a continuous and permanent
period), be debited or credited to the Net Profits Account and such forfeited
interest shall not, for the period of such forfeiture, be subject to the Net
Profits Interest.  Notwithstanding
anything to the contrary contained herein, Grantor shall not elect, as to any
Subject Interest, to be a non-participating party with respect to any operation
contemplated in this Section 4.3 in the event any Affiliate of Grantor will
also be a participating party in such operation.

4.4           Marketing/Hedges.  As between Grantor and Grantee, Grantor shall
have exclusive charge and control of the marketing of all Subject Minerals
allocable to the Net Profits Interest. 
Grantor shall market the Subject Minerals allocable to the Net Profits
Interest in the same manner that it markets its Subject Minerals and Grantor
shall not be entitled to deduct from the calculation of the Net Profits any fee
for marketing the Subject Minerals allocable to the Net Profits Interest.  Grantor shall not enter into any Hedges
(other than the Existing Hedges) with respect to the Subject Minerals from and
after the Effective Time.

4.5           Amendment
of Leases.  Grantor shall
have the unrestricted right to renew, extend, modify, amend, or supplement the
Leases with respect to any of the lands covered thereby in any particular
without the consent of Grantee; provided, that the Net Profits Interest
shall apply to all renewals, extensions, modifications, amendment, supplements
and other similar arrangements (and/or interests therein) of the Leases,
whether or not such renewals, extensions modifications, amendment, supplements
or arrangements have heretofore been obtained, or are hereafter obtained, by
Grantor and no renewal, extension, modification, amendment, or supplementation
shall adversely affect any of Grantee’s rights hereunder, including, without
limitation, the amount, computation, or method of payment of the Net Profits
Interest; provided further that any fees payable with respect to such
renewal, extension, modification, amendment

 19
 

or supplementation may be debited to the Net Profits Account pursuant
to Section 3.1(b).  Grantor shall furnish
Grantee with written notice of any renewal, extension, modification, amendment,
or supplementation, which materially affects the Net Profits Interest within 30
days after Grantor has entered into the same, which notice shall specify the
date thereof and the location and the acreage covered thereby.

4.6           Abandonment.  Grantor shall have the right without the
joinder of Grantee to release, surrender and/or abandon its interest in the
Subject Interests, or any part thereof, or interest therein even though the
effect of such release, surrender or abandonment will be to release, surrender
or abandon the Net Profits Interest the same as though Grantee had joined
therein insofar as the Net Profits Interest covers the Subject Interests, or
any part thereof or interest therein, so released, surrendered or abandoned by
Grantor; provided, however, that Grantor shall not release, surrender or
abandon any Subject Interest unless and until Grantor has determined (acting
like a reasonably prudent operator in the Mid-Continent region with respect to
its own properties, without regard to the existence of the Net Profits
Interest) that such Subject Interest will no longer produce Subject Minerals in
paying quantities; and provided further that Grantor will, at least
thirty (30) days prior to the release, surrender or abandonment of any Subject
Interest, or any part thereof or interest therein, notify Grantee in writing,
giving a description of each Subject Interest, or part thereof or interest
therein, proposed to be released, surrendered or abandoned, and the date upon
which such release, surrender or abandonment is projected to occur.  Grantor shall have an unequivocal right to
abandon the Subject Interests, or any part thereof if such abandonment is
necessary for health, safety or environmental reasons, or the Subject Minerals
that would have been produced from the abandoned Subject Interests would
otherwise be produced from Subject Wells located on the remaining Subject Interests.

4.7           Contracts
with Affiliates.  Grantor
or its Affiliates may perform services and furnish supplies and/or equipment
with respect to the Subject Interests that are required to operate the Subject
Interests in accordance with the operations standard set forth in Section 4.1
hereof and debit the Net Profits Account for the costs of such services and/or
furnishing of such supplies and/or equipment, provided that the terms of
the provision of such services or furnishing of supplies and/or equipment shall
not be less favorable than those terms available from non-Affiliates in the
area engaged in the business of rendering comparable services or furnishing
comparable equipment and supplies, taking into consideration all such terms,
including the price, term, condition of supplies or equipment, availability of
supplies and/or equipment, and all other terms, and provided further
that nothing in this Section 4.7 shall operate to prevent or limit any charges
debited to the Net Profits Accounts for costs or charges paid to any Related
Party in accordance with Sections 5.5 and 5.6 of the LLC Agreement.

ARTICLE V

RELEASES AND TRANSFERS OF SUBJECT INTERESTS/SUBJECT WELLS

5.1           Assignment
by Grantor Subject to Net Profits Interest.

(a)           Grantor may from time to time Transfer,
mortgage, or pledge the Subject Interests, or any part thereof or undivided
interest therein, subject to the Net Profits Interest and this Conveyance.

 20

(b)           Upon any Transfer of the Subject Interests,
or any part thereof or undivided interest therein, by Grantor pursuant to this
Section 5.1, Grantor may delegate to its transferee all obligations,
requirements, and responsibilities of Grantor arising under this Conveyance
with respect to the property Transferred, but, as between Grantor and Grantee,
Grantor shall remain responsible therefor as if the Transfer had not taken
place.

(c)           Grantee is not entitled to receive any share
of the sales proceeds received by Grantor in any transaction permitted by this
Section 5.1.

(d)           For purposes of computing Net Profits from
and after the effective date of any Transfer pursuant to this Section 5.1, the
Transfer shall be disregarded; provided however, that the debits
and credits to the Net Profits Account during each Payment Period in respect of
the Subject Interests Transferred shall reflect items received or incurred by
the transferee, such items to be computed in accordance with the provisions of
Article III hereof.

5.2           Sale
and Release of Properties.

(a)           Grantor may from time to time Transfer the
Subject Interests, or any part thereof or undivided interest therein, free of
the Net Profits Interest and the Conveyance provided that:

(i)                                          no
Subject Interest or portion thereof may be transferred pursuant to this
Section 5.2 where the production of Subject Minerals from such Subject
Interest or part thereof for the twelve (12) months immediately preceding the
proposed sale date for such Subject Interest or part thereof exceeds one
quarter of one percent (0.25%) of the total production of total Subject
Minerals produced from all of the Subject Interests for the twelve (12) months
immediately preceding the proposed sale date for such Subject Interest or part
thereof;

(ii)                                       in
connection with any such Transfer, Grantee shall receive as compensation for
the release of its Net Profits Interest in the Subject Interest (or portion
thereof) so Transferred the Fair Value of the portion of the Net Profits
Interest so released; and

(iii)                                    the
aggregate fair market value of all portions of the Net Profits Interest
released pursuant to Section 5.2(a) during any consecutive twelve (12) month
period shall not exceed $500,000.

(b)           In connection with any Transfer pursuant to
this Section 5.2, Grantor shall remit to Grantee an amount equal to the Fair
Value of the portion of the Net Profits Interest being released.  Grantor shall make such payment to Grantee on
the Quarterly Record Date for the Payment Period in which Grantor receives the
payment with respect to any such Transfer of the Subject Interest.

(c)           In connection with any Transfer provided for
in this Section 5.2, Grantee shall, on request, execute, acknowledge, and
deliver to Grantor a recordable instrument (reasonably acceptable to Grantor)
that releases the Net Profits Interest with respect to the Subject Interests
being Transferred.

 21
 

(d)           From and after the actual date of any such
Transfer by Grantor, Grantor and any assignee, purchaser, transferee or grantee
of such Subject Interest shall be relieved of all obligations, requirements,
and responsibilities arising under the Net Profits Interest or this Conveyance
with respect to the Subject Interests Transferred, except for those that
accrued prior to such date.

5.3           Release
of Other Properties.

(a)           In the event that any Person notifies
Grantor that, pursuant to a Prior Reversionary Interest, Grantor is required to
convey any of the Subject Interests to such Person or cease production from any
Subject Well, Grantor may provide such conveyance with respect to such Subject
Interest or permanently cease production from any such Subject Well.

(b)           In the event that Grantor receives
compensation pursuant to any Prior Reversionary Interest Grantee shall not be
entitled to any share of such compensation.

(c)           In connection with any conveyance or
permanent cessation of production provided for in Section 5.3(a) above, Grantee
shall, on request, execute, acknowledge, and deliver to Grantor a recordable
instrument (reasonably acceptable to Grantor) that releases the Net Profits
Interest and this Conveyance with respect to any such Subject Well or Subject
Interests.

(d)           From and after the actual date of any
conveyance or permanent cessation of production provided for in Section 5.3(a),
Grantor and any assignee, purchaser, transferee or grantee of such Subject
Interest shall be relieved of all obligations, requirements, and
responsibilities arising under the Net Profits Interest or this Conveyance with
respect to the Subject Interests Transferred, except for those that accrued
prior to such date.

5.4           Farmouts.

(a)           Grantor may from time to time enter into
Farmout Agreements with Third Persons with respect to a Subject Interest.  In the event that Grantor enters into any
Farmout Agreement with a Third Person, the Net Profits Interest and this
Conveyance shall burden only Grantor’s retained interest in the Subject
Interest after giving effect to any interest in the Subject Interest that a
counterparty to the Farmout Agreement may earn under such Farmout Agreement.

(b)           In connection with Grantor entering into any
Farmout Agreement, Grantee shall, upon request, execute, acknowledge, and
deliver to Grantor a recordable instrument (reasonably acceptable to Grantor)
that releases the Net Profits Interest and this Conveyance with respect to the
Subject Interests being Transferred pursuant to such Farmout Agreement; provided,
the Net Profits Interest shall continue to burden the Subject Interest retained
by Grantor.

ARTICLE
VI

OWNERSHIP OF PROPERTY; LIABLITY OF GRANTEE; NO RIGHT OF OPERATIONS BY GRANTEE

6.1           Ownership
of Certain Property.  The
Net Profits Interest does not include any right, title, or interest in and to
any personal property, fixtures, or equipment and is exclusively

 22
 

an interest in and to the Minerals in and under and produced and saved
from the Subject Interests, and Grantee shall look solely to the Subject
Minerals and payments in respect thereof (as provided herein) for the
satisfaction and realization of the Net Profits Interest.

6.2           No
Personal Liability. 
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS CONVEYANCE,
GRANTEE SHALL NEVER PERSONALLY BE RESPONSIBLE FOR PAYMENT OF ANY PART OF THE
COSTS, EXPENSES OR LIABILITIES INCURRED IN CONNECTION WITH THE EXPLORING,
DEVELOPING, OPERATING AND MAINTAINING OF THE SUBJECT INTERESTS; PROVIDED,
HOWEVER, ALL SUCH COSTS AND EXPENSES SHALL, TO THE EXTENT THE SAME RELATE TO
ACTS, OMISSIONS, EVENTS, CONDITIONS OR CIRCUMSTANCES OCCURRING FROM AND AFTER
THE EFFECTIVE DATE, NEVERTHELESS BE CHARGED AGAINST THE NET PROFITS ACCOUNT AS
AND TO THE EXTENT HEREIN PERMITTED.

6.3           No
In-Kind Rights.  Grantee
shall have no right to take in kind any Subject Minerals allocable to the Net
Profits Interest.

6.4           No
Operating Rights.  IT IS
THE EXPRESS INTENT OF GRANTOR AND GRANTEE THAT THE NET PROFITS INTEREST SHALL
CONSTITUTE (AND THIS CONVEYANCE SHALL CONCLUSIVELY BE CONSTRUED FOR ALL
PURPOSES AS CREATING) A SINGLE, SEPARATE NON-OPERATING MINERAL RIGHT WITH
RESPECT TO THE SUBJECT INTERESTS FOR ALL PURPOSES AND A FULLY VESTED AND FULLY
CONVEYED INTEREST IN PROPERTY (REAL OR PERSONAL, AS APPLICABLE).  WITHOUT LIMITATION OF THE GENERALITY OF THE
IMMEDIATELY PRECEDING SENTENCE, GRANTOR AND GRANTEE ACKNOWLEDGE THAT GRANTEE
HAS NO RIGHT OR POWER TO PARTICIPATE IN THE SELECTION OF A DRILLING CONTRACTOR,
TO PROPOSE THE DRILLING OF A WELL, TO DETERMINE THE TIMING OR SEQUENCE OF
DRILLING OPERATIONS, TO COMMENCE OR SHUT DOWN PRODUCTION, TO TAKE OVER
OPERATIONS, OR TO SHARE IN ANY OPERATING DECISION WHATSOEVER.  GRANTOR AND GRANTEE HEREBY EXPRESSLY NEGATE
ANY INTENT TO CREATE (AND THIS CONVEYANCE SHALL NEVER BE CONSTRUED AS CREATING)
A MINING OR OTHER PARTNERSHIP OR JOINT VENTURE OR OTHER RELATIONSHIP SUBJECTING
GRANTOR AND GRANTEE TO JOINT LIABILITY.

ARTICLE
VII

WARRANTY AND NEGATIVE COVENANT

7.1           Warranty.  Grantor agrees to warrant and forever defend,
all and singular, the Net Profits Interest unto Grantee, its successors and
assigns, against all persons whomsoever claiming or to claim the same, or any
part thereof, by, through or under Grantor, but not otherwise, subject to the
Permitted Encumbrances.  Subject to the
Net Profits Interest and the Permitted Encumbrances, Grantor further warrants
to Grantee that
with respect to claims made by, through or under Grantor, immediately following
the transfer made pursuant to his Conveyance, 
Grantor is (i) entitled to receive not less than the percentage set
forth in Exhibit A hereto as the “Net Revenue Interest” of all Minerals
produced, saved and marketed from the Lease described on

 23
 

Exhibit A to which such Net Revenue Interest corresponds
without reduction of such interest throughout the duration of the life of such
Lease, except as specifically set forth in Exhibit A, and (ii) obligated to
bear the percentage of the costs and expenses relating to the maintenance,
development and operation of such Lease not greater than the “Working Interest”
shown in Exhibit A with respect to such Lease, without increase throughout the
duration of the life of such Lease, except as specifically set forth in Exhibit
A.  Grantor also hereby transfers
to Grantee by way of substitution and subrogation (to the fullest extent that
same may be transferred), all rights or actions over and against all
predecessor (other than Affiliates of Grantor) covenantors or warrantors of title.

7.2           Senior
Obligation.  Grantor
agrees that it shall cause each agreement, indenture, bond, deed of trust,
filing, application or other instrument that creates or purports to create a
lien, mortgage, security interest or other charge secured by the Subject
Interests, Subject Minerals or the proceeds from the sale of the Subject
Minerals or the Existing Hedges that is entered into on or after the date
hereof to include an express agreement and acknowledgement by the parties
thereto that the Net Profits Interest is senior in right of payment and
collection to any and all obligations created thereby in respect of the Subject
Interests, Subject Minerals or the proceeds from the sale of the Subject
Minerals or the Existing Hedges; provided, however, that this Section 7.2 shall
not apply to (a) any agreement, indenture, bond, deed of trust, filing,
application or other instrument that creates a lien, mortgage, security
interest or other charge secured by (i) not more than Grantor’s residual
interest in the Subject Interests, Subject Minerals or the proceeds from the
sale of the Subject Minerals, (in each case) subject and subordinate to the Net
Profits Interest (and the Net Profits Interest shall not be burdened or
encumbered by any such lien, mortgage, security interest or other charge) or
(ii) not more than Grantor’s residual interest in the Existing Hedges, (in each
case) subject and subordinate to Grantor’s obligations under that the
Assignment of Hedge Proceeds, and (b) the lien and security interest created by
the Assignment of Hedge Proceeds as in effect on the date hereof.

ARTICLE
VIII

MISCELLANIOUS

8.1           Notices.  All notices and other communications required
or permitted under this Conveyance shall be in writing and, unless otherwise
specifically provided, shall be delivered personally, by electronic
transmission, by registered or certified mail, postage prepaid, or by delivery
service for which a receipt is obtained (except for quarterly statements
provided for under Section 3.5 above which may be sent by regular mail), at the
respective addresses of Grantor and Grantee shown below, and shall be deemed
delivered on the date of receipt.  Either
party may specify his proper address or any other post office address within
the continental limits of the United States by giving notice to the other
party, in the manner provided in this Section, at least fifteen (15) days prior
to the effective date of such change of address.  For purposes of notice, the addresses of
Grantor and Grantee shall be as follows:

 24
 

If to Grantor:         MV Partners, LLC

c/o
Murfin Drilling Company, Inc.

250 N. Water, Suite 300

Wichita,
Kansas 67202

Attention:              David L. Murfin

If to Grantee:         The Bank of New York Trust Company, N.A.

Global Corporate Trust

221 West Sixth Street, 1st Floor

Austin,
Texas 78701

Attention:              Mike J. Ulrich

8.2           Payments.  Grantor shall transfer or cause to be
transferred all monies to which Grantee is entitled hereunder by Federal funds
wire transfer not later than the date when due, to Grantee at the bank account
specified by Grantee in writing to Grantor.

8.3           Amendments.  This Conveyance may not be amended, altered,
or modified except pursuant to a written instrument executed by Grantor and
Grantee.

8.4           Further
Assurances.  Grantor and
Grantee shall from time to time do and perform such further acts and execute
and deliver such further instruments, conveyances, and documents as may be
required or reasonably requested by the other party to establish, maintain, or
protect the respective rights and remedies of Grantor and Grantee and to carry
out and effectuate the intentions and purposes of this Conveyance, provided
in each case the same does not conflict with any provision of this Conveyance.

8.5           Waivers.  The failure of Grantor or Grantee to insist
upon strict performance of any provision hereof shall not constitute a waiver
of or estoppel against asserting the right to require such performance in the
future, nor shall a waiver or estoppel in any one instance constitute a waiver
or estoppel with respect to a later breach of a similar nature or otherwise.

8.6           No
Partition.  Grantor and
Grantee acknowledge that Grantee has no right or interest that would permit
Grantee to partition any portion of the Subject Interests, and Grantee hereby
waives any such right.

8.7           Governing
Law.  THIS CONVEYANCE
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
KANSAS UNLESS THE REAL PROPERTY LAWS OF THE STATE IN WHICH THE SUBJECT
INTERESTS ARE LOCATED ARE MANDATORILY APPLICABLE, AND THEN ONLY TO THE EXTENT
OF SUCH MANDATORY APPLICATION.

8.8           Rule
Against Perpetuities.  It
is not the intent of Grantor or Grantee that any provision herein violate any
applicable law regarding the rule against perpetuities, the suspension of the
absolute power of alienation, or other rules regarding the vesting or duration
of estates, and this Conveyance shall be construed as not violating any such
applicable law to the extent the same can be so construed consistent with the
intent of the parties.  In the event,
however, that any provision hereof is determined to violate any such applicable
law, then such provision shall

 25
 

nevertheless be effective for the maximum period (but not longer than
the maximum period) permitted by any such applicable law that will result in no
violation.  To the extent such maximum
period is permitted to be determined by reference to “lives in being”, Grantor
and Grantee agree that “lives in being” shall refer to the lifetime of the last
to die of the now living lineal descendants of the late Joseph P. Kennedy (father
of the late President of the United States of America).

8.9           Tax
Matters.

(a)           Nothing herein contained shall be construed
to constitute a partnership or to cause either party hereto (under state law or
for tax purposes) to be treated as being the agent of, or in partnership with,
the other party.  In addition, the
parties hereto intend that the Net Profits Interest conveyed hereby to Grantee
shall at all times be treated as an incorporeal (i.e., a non-possessory) interest
in real property or land under the laws of the state in which the Subject
Interests are located, a production payment under Section 636 of the Code, and
therefore, for tax purposes, debt, payable out of net profits (rather than as a
working or any other interest).

(b)           Grantor and Grantee agree, and by
acquisition of an interest in Grantee each holder of an interest in Grantee
shall be deemed to have agreed, for United States federal income tax purposes,
(1) to treat the Net Profits Interest as indebtedness that is subject to
Treasury Regulations Section 1.1275-4 (the “Contingent Debt Regulations”) and, for purposes of the
Contingent Debt Regulations, to treat payments received with respect to the Net
Profits Interest as contingent payments, and (2) to accrue interest with
respect to the Net Profits Interest according to the “noncontingent bond method”
set forth in Treasury Regulations Section 1.1275-4(b), using the comparable
yield of 9.0% per annum compounded semi-annually.

(c)           Grantor and Grantee acknowledge and agree,
and by acquisition of an interest in Grantee each holder of an interest in
Grantee shall be deemed to have agreed, that (i) the comparable yield and the
schedule of projected payments are not determined for any purpose other than
for the determination of interest accruals and adjustments thereof in respect
of the Net Profits Interest for United States federal income tax purposes and
(ii) the comparable yield and the schedule of projected payments do not
constitute a projection or representation regarding the amounts payable on the
Net Profits Interest.

(d)           Grantor may cause to be withheld from any
payment hereunder any tax withholding required by law or regulations,
including, in the case of any withholding obligation arising from income that
does not give rise to any cash or property from which any applicable
withholding tax could be satisfied, by way of set off against any subsequent
payment of cash or property hereunder.

8.10         Counterparts.

(a)           Multiple counterparts of the Conveyance have
been recorded in the counties of the States of Kansas and Colorado where the
Subject Interests are located.  The
counterparts are identical except that, to facilitate recordation, the
counterpart recorded in each county may contain property descriptions relating
only to the Subject Interests located in that county.

 26
 

A counterpart of the Conveyance containing all property descriptions of
Subject Interests will be filed for record in Butler County, Kansas.

(b)           If any Subject Interests are located in more
than one county, the description of such Subject Interests may be included in
any one or more counterparts prepared for recordation in separate counties, but
the inclusion of the same property description in more than one counterpart of
this Conveyance shall not be construed as having effected any cumulative,
multiple, or overlapping interest in the Subject Interests in question.

8.11         Binding
Effect.  All the covenants
and agreements of Grantor herein contained shall be deemed to be covenants
running with Grantor’s interest in the Subject Interests and the lands affected
thereby.  All of the provisions hereof
shall inure to the benefit of Grantee and its successors and assigns and shall
be binding upon Grantor and its successors and assigns and all other owners of
the Subject Interests or any part thereof or any interest therein.

 27

EXECUTED
effective for all purposes as of the Effective Time.

	
  

  	
  GRANTOR:

  
	
   

  	
   

  
	
   

  	
  MV PARTNERS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MV Energy, LLC,

  
	
   

  	
   

  	
  its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Murfin, Inc.,

  
	
   

  	
   

  	
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L. Murfin

  
	
   

  	
  Name:

  	
  David L. Murfin

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GRANTEE:

  
	
   

  	
   

  
	
   

  	
  MV OIL TRUST

  
	
   

  	
   

  
	
   

  	
  By its Trustee, The Bank of New York

  
	
   

  	
  Trust Company, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Mike J. Ulrich

  
	
   

  	
  Name:

  	
  Mike J. Ulrich

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

Signature Page to Conveyance of Net Profits Interest

	
  STATE OF 

  	
  §

  
	
   

  	
  §

  
	
  COUNTY OF 

  	
  §

  

 

BE IT
REMEMBERED, THAT I, the undersigned authority, a notary public duly qualified,
commissioned, sworn and acting in and for the county and state aforesaid, and
being authorized in such county and state to take acknowledgments, hereby
certify that, on this           
day of                           ,
2007, there personally appeared before me                                               ,
                                              
of MV Partners, LLC, a Kansas limited liability company, known to me to be such
officer, such limited liability company being a party to the foregoing
instrument and duly acknowledged the execution of same.

IN
WITNESS WHEREOF, I have hereunto set my hand and official seal in the City of             ,
                  
County,               ,
on the day and year first above written.

	
   

  	
  

  
	
   

  	
  Notary Public in and for

  
	
   

  	
  the State of 

  
	
   

  	
  Printed Name of Notary:

  
	
   

  	
  Commission Expires:

  
	
   

  	
   

  
	
  STATE OF 

  	
  §

  
	
   

  	
  §

  
	
  COUNTY OF 

  	
  §

  

 

BE IT
REMEMBERED, THAT I, the undersigned authority, a notary public duly qualified,
commissioned, sworn and acting in and for the county and state aforesaid, and
being authorized in such county and state to take acknowledgments, hereby certify
that, on this            day
of                           ,
2007, there personally appeared before me                                               ,
                                              
of The Bank of New York Trust Company, N.A., as trustee of MV Oil Trust, known
to me to be such officer of such trustee being a party to the foregoing
instrument and duly acknowledged the execution of same.

IN
WITNESS WHEREOF, I have hereunto set my hand and official seal in the City of             ,
                  
County,               ,
on the day and year first above written.

	
  

  	
   

  
	
   

  	
  Notary Public in and for

  
	
   

  	
  the State of

  
	
   

  	
  Printed Name of Notary:

  
	
   

  	
  Commission Expires: 

  

 

EXHIBIT A

SUBJECT INTERESTS

 A-1Exhibit 10.2
  Administrative Services Agreement
  This ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”)
is dated as of January 24, 2007 by and between MV Partners, LLC, a limited
liability company formed under the laws of the State of Kansas (the “Company”),
and The Bank of New York Trust Company, N.A., in its capacity as trustee of MV
Oil Trust (the “Trustee”), a statutory trust formed under the laws of
the State of Delaware (the “Trust”).
  WHEREAS, pursuant to a
Conveyance of Net Profits Interest of even date herewith (the “Conveyance”),
the Company has conveyed to the Trust a net profits interest in certain oil and
gas properties located in the States of Kansas and Colorado (the “Net
Profits Interest”);
  WHEREAS, in connection with the
conveyance of the Net Profits Interest, the Company has agreed to provide
certain administrative services for the Trust in exchange for an administrative
services fee as described herein.
  NOW, THEREFORE, in consideration
of the premises and the covenants hereinafter contained and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intended to be legally bound hereby, it is agreed as follows:
  ARTICLE I
  DEFINITIONS
  Section 1.01         Definitions.  As used in this Agreement, the following
terms have the respective meanings set forth below or set forth in the Sections
referred to below:
  “Administrative Services
Fee” has the meaning set forth in Section 3.01.
  “Affiliate”
means with respect to a specified person, any person that directly or
indirectly controls, is controlled by, or is under common control with, the
specified person.  As used in this
definition, the term “control” (and the correlative terms “controlling,” “controlled
by,” and “under common control”) shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of a person, whether through ownership of voting securities, by
contract or otherwise.
  “Agreement” has
the meaning set forth in the introductory paragraph.
  “Business Day”
means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on
which banking institutions in Wichita, Kansas are authorized or obligated by
law or executive order to close.
  “Company” has
the meaning set forth in the introductory paragraph.
  “Conveyance” has
the meaning set forth in the recitals.
  “External Expenses”
means the actual out-of-pocket fees, costs and expenses incurred by the Company
in connection with the provision of the Services.

    “Force Majeure”
shall mean any cause beyond the reasonable control of the Company, including
the following causes: acts of God, strikes, lockouts, acts of the public enemy,
wars or warlike action (whether actual or impending), arrests and other
restraints of government (civil or military), blockades, embargoes,
insurrections, riots, epidemics, landslides, lightning, earthquakes, fires,
sabotage, tornadoes, named tropical storms and hurricanes, and floods, civil
disturbances, terrorism, mechanical breakdown of machinery or equipment,
explosions, confiscation or seizure by any government or other public
authority, any order of any court of competent jurisdiction, regulatory agency
or governmental body having jurisdiction.
  “Net Profits Interest”
has the meaning set forth in the recitals.
  “person” shall
mean any individual, partnership, limited liability company, corporation,
trust, unincorporated association, governmental agency, subdivision, or
instrumentality, or other entity or association.
  “Services” has
the meaning set forth in Section 2.01.
  “Termination Date”
has the meaning assigned to such term in the Conveyance.
  “Trust” has the
meaning set forth in the introductory paragraph.
  “Trust Agreement”
means that certain Amended and Restated Trust Agreement of even date herewith
among the Company, the Trustee and Wilmington Trust Company, as the same may be
amended from time to time.
  “Trustee” has
the meaning set forth in the introductory paragraph.
  Section 1.02         Construction.  Unless the context requires otherwise: (a)
any pronoun used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns, pronouns and verbs
shall include the plural and vice versa; (b) references to Articles and
Sections refer to Articles and Sections of this Agreement; (c) the terms “include,”
“includes,” “including” or words of like import shall be deemed to be followed
by the words “without limitation;” and (d) the terms “hereof,” “herein” or “hereunder”
refer to this Agreement as a whole and not to any particular provision of this
Agreement.  The headings contained in
this Agreement are for reference purposes only, and shall not affect in any way
the meaning or interpretation of this Agreement.
  ARTICLE
II
  SERVICES
  Section 2.01         Services.  Subject to the terms of this Agreement and in
exchange for the payment described in Section 3.01, the Company hereby agrees
to provide the Trust with such accounting, bookkeeping and informational
services as are necessary to comply with Article III of the Conveyance and such
other administrative services of similar character and scope to the foregoing
that the Trustee may reasonably request the Company to provide during the term
of this Agreement (the “Services”).

 2
 

    Section 2.02         Performance of
Services by Others.  The parties
hereby agree that in discharging the Company’s obligations under this
Agreement, the Company may, in its sole discretion, engage any other person,
including its Affiliates, to perform the Services (or any part of the Services)
on its behalf and that the performance of the Services (or any part of the
Services) by any such person shall be treated as if the Company performed such
Services itself.  Notwithstanding the
foregoing, nothing contained herein shall relieve the Company of its
obligations hereunder.
  Section 2.03         Intellectual Property.  Any (i) inventions, whether patentable or
not, developed or invented, or (ii) copyrightable material (and the intangible
rights of copyright therein) developed, in each case by the Company, its
Affiliates or its or their employees in connection with the performance of the
Services shall be the property of the Company; provided,
however, that the Trust shall be granted an irrevocable,
royalty-free, non-exclusive and non-transferable right and license to use such
inventions or material; and provided  further, however, that the Trust shall only be granted such
a right and license to the extent such grant does not conflict with, or result
in a breach, default, or violation of a right or license to use such inventions
or material granted to the Company by any person other than an Affiliate of the
Company.  Notwithstanding the foregoing,
the Company will use all commercially reasonable efforts to grant such right
and license to the Trust.
  Section 2.04         Independent Status.  It is expressly acknowledged by the parties
hereto that each party is an “independent contractor” and nothing in this
Agreement is intended nor shall be construed to create an employer/employee
relationship, or a joint venture or partnership relationship, or to allow any
party to exercise control or direction over the other party.  Except as required in connection with the
performance of the Services, neither the Company nor any agent, employee,
servant, contractor or subcontractor of the Company or any of its Affiliates
shall have the authority to bind the Trust to any contract or arrangement.  Neither the Trust nor the Trustee shall be
liable for the salary, wages or benefits, including workers’ compensation
insurance and unemployment insurance, of any employee, agent, servant,
contractor or subcontractor of the Company or its Affiliates by virtue of this
Agreement.
  Section 2.05         Warranties; Limitation
of Liability.  The Company will
use commercially reasonable efforts to provide the Services in a good and
workmanlike manner in accordance with the sound and prudent practices of
providers of similar services.  EXCEPT AS
SET FORTH IN THE PRECEDING SENTENCE, THE COMPANY MAKES NO (AND HEREBY DISCLAIMS
AND NEGATES ANY AND ALL) WARRANTIES OR REPRESENTATIONS WHATSOEVER, EXPRESS OR
IMPLIED, WITH RESPECT TO THE SERVICES. 
IN NO EVENT WILL THE COMPANY OR ANY OF ITS AFFILIATES BE LIABLE TO ANY
OF THE PERSONS RECEIVING ANY SERVICES OR TO ANY OTHER PERSON FOR ANY EXEMPLARY,
PUNITIVE, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES
RESULTING FROM ANY ERROR IN THE PERFORMANCE OF SUCH SERVICE, REGARDLESS OF
WHETHER THE PERSON PROVIDING SUCH SERVICE, ITS AFFILIATES OR OTHERS MAY BE
WHOLLY, CONCURRENTLY, PARTIALLY OR SOLELY NEGLIGENT OR OTHERWISE AT FAULT,
EXCEPT TO THE EXTENT SUCH EXEMPLARY, PUNITIVE, DIRECT, INDIRECT, INCIDENTAL,
CONSEQUENTIAL OR SPECIAL DAMAGES ARE PAID BY THE PARTY INCURRING SUCH DAMAGES
TO A PERSON THAT IS NOT A PARTY TO THIS

 3
 

    AGREEMENT.  THE PROVISIONS OF
THIS SECTION 2.05 WILL SURVIVE TERMINATION OF THIS AGREEMENT.
  Section 2.06         Disputes.  Should there be a dispute over the nature or
quality of the Services or the calculation or allocation of the Administrative
Services Fee, the Company and the Trustee, on behalf of the Trust, shall first
attempt to resolve such dispute, acting diligently and in good faith, using the
past practices of the Company and the Trustee as guidelines for such
resolution.  If the Company and the
Trustee are unable to resolve any such dispute within thirty days, or such
additional time as may be reasonable under the circumstances, the dispute shall
be resolved by arbitration in accordance with the provisions of Article XI of
the Trust Agreement.  The provisions of
this Section 2.06 will survive termination of this Agreement.
  ARTICLE
III
  ADMINISTRATIVE SERVICES FEE
  Section 3.01         Administrative
Services Fee.  The Trust shall
pay to the Company in immediately available funds, on or before the 25th day following each calendar quarter, an
administrative services fee of $15,000 (the “Administrative Services Fee”).  Effective January 1 of each calendar year,
the amount of the Administrative Services Fee payable in each of the calendar
quarters in that calendar year shall increase by 4.0% of the amount of the
Administrative Services Fee that was payable during each of the calendar
quarters of the previous calendar year. 
In the event that this Agreement is terminated during a calendar quarter
pursuant to Section 5.01, the amount of the Administrative Services Fee for
such calendar quarter shall be based upon the pro rata portion of the
Administrative Services Fee that shall have accrued during such quarter up to
and including the date of termination of this Agreement.  In addition to the Administrative Services
Fee, the Trust shall reimburse the Company on or before the 25th day following each calendar quarter for all
reasonable and necessary External Expenses associated with the provision of
Services in the preceding quarter as set forth in a reasonably detailed invoice
provided by the Company to the Trust on or before the 15th day following each calendar quarter.
  Section 3.02         Set-Off.  In the event that the Company owes the Trust
a sum certain in an uncontested amount under any other agreement, then any such
amounts may, in the sole discretion of the Company, be aggregated and the Trust
and the Company shall discharge their obligations by netting those amounts
against any amounts owed by the Trust to the Company under this Agreement.
  ARTICLE
IV
  FORCE MAJEURE
  Section 4.01         Force Majeure.  The Company’s obligation under this Agreement
shall be excused when and to the extent its performance of that obligation is
prevented due to Force Majeure.  The
Company shall promptly notify the Trustee that it is prevented from performing
its obligations by reason of Force Majeure and shall exercise due diligence to
end its inability to perform as promptly as practicable.  Notwithstanding the foregoing, the Company
shall not be required to settle any strike, lockout or other labor dispute in
which it or any of its Affiliates may be involved.

 4
 

    ARTICLE V
  MISCELLANEOUS
  Section 5.01         Term and Termination.  This Agreement shall become effective on the
date of this Agreement and shall continue until the Termination Date unless
earlier terminated by mutual agreement of the parties to this Agreement.  Upon termination of this Agreement in
accordance with this Section 5.01, all rights and obligations under this
Agreement shall cease except for (i) obligations that expressly survive termination
of this Agreement, (ii) liabilities and obligations that have accrued prior to
such termination, including the obligation to pay any amounts that have become
due and payable prior to such termination, and (iii) the obligation to pay any
portion of the Administrative Services Fee that has accrued prior to such
termination, even if such portion has not become due and payable at the time of
termination.
  Section 5.02         Notice.  All notices and other communications provided
for or permitted hereunder shall be made in writing by hand delivery, by
facsimile, by courier guaranteeing overnight delivery or by first-class mail,
return receipt requested, and shall be deemed given (i) when made, if made by
hand delivery, (ii) upon confirmation, if made by facsimile, (iii) one (1)
Business Day after being deposited with such courier, if made by overnight
courier or (iv) on the date indicated on the notice of receipt, if made by
first-class mail, to the parties as follows:
  (a)           if
to the Trust or the Trustee, to:
  MV Oil Trust
  c/o The Bank of New York Trust Company, N.A.
  Global Corporate Trust
  221 West Sixth Street, 1st Floor
  Austin, Texas 78701
  Attention:  Mike J. Ulrich
  Fax: (512) 479-2553
  with a copy to:
  Andrews Kurth LLP
  600 Travis, Suite 4200
  Houston, Texas 77002
  Attention:  David C. Buck
  Fax: (713) 238-7126
  (b)           if
to the Company, to:
  MV Partners, LLC
  250 N. Water, Suite 300
  Wichita, Kansas 67202
  Attention: David L. Murfin
  Fax: (316) 267-6004

 5
 

    with a copy to:
  Vinson & Elkins L.L.P.
  1001 Fannin, Suite 2500
  Houston, Texas  77002
  Attention: Thomas P. Mason
  Fax: (713) 615-5320
  or to such other address
as such person may have furnished to the other persons identified in this
Section 5.02 in writing in accordance herewith.
  Section 5.03         Entire Agreement;
Supersedure.  This Agreement
constitutes the entire agreement of the parties relating to the matters
contained herein, superseding all prior contracts or agreements, whether
written or oral, relating to the matters contained herein.
  Section 5.04         Effect of Waiver or
Consent.  Except as otherwise
provided in this Agreement, a waiver or consent, express or implied, to or of
any breach or default by any party in the performance by that party of its
obligations under this Agreement is not a consent or waiver to or of any other
breach or default in the performance by that party of the same or any other
obligations of that party under this Agreement.
  Section 5.05         Amendment or
Modification.  This Agreement may
be amended or modified from time to time only by a written instrument executed
by each of the parties to this Agreement.
  Section 5.06         Assignment.  Except as provided in Section 2.02, no party
to this Agreement shall have the right to assign its rights or obligations
under this Agreement without the consent of the other party to this Agreement.
  Section 5.07         Counterparts.  This Agreement may be executed in any number
of counterparts with the same effect as if all parties to this Agreement had
signed the same document.  All
counterparts shall be construed together and shall constitute one and the same
instrument.
  Section 5.08         Severability.  If any provision of this Agreement or the
application thereof to any party to this Agreement or circumstance shall be
held invalid or unenforceable to any extent, the remainder of this Agreement
and the application of such provision to other party to this Agreement or
circumstances shall not be affected thereby and shall be enforced to the
greatest extent permitted by law.
  Section 5.09         Further Assurances.  In connection with this Agreement and all
transactions contemplated by this Agreement, each party hereto agrees to
execute and deliver such additional documents and instruments and to perform
such additional acts as may be necessary or appropriate to effectuate, carry
out and perform all of the terms, provisions and conditions of this Agreement
and all such transactions.
  Section 5.10         Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF KANSAS.

 6

IN WITNESS WHEREOF, the parties have executed this
Agreement as of the date first written above.

	
  

  	
  MV PARTNERS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MV Energy, LLC,

  
	
   

  	
   

  	
  its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Murfin, Inc.,

  
	
   

  	
   

  	
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L. Murfin

  	
   

  
	
   

  	
  Name:

  	
  David L. Murfin

  
	
   

  	
  Title:

  	
  Chairman and Chief Executive

  
	
   

  	
   

  	
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK TRUST

  COMPANY, N.A., as trustee of MV Oil

  Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mike J. Ulrich

  	
   

  
	
   

  	
  Name:

  	
  Mike J. Ulrich

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

Signature Page to Administrative Services Agreement

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