Document:

Unassociated Document

    PURCHASE
      AND SALE AGREEMENT

    

    THIS
      PURCHASE AND SALE AGREEMENT (the
“Agreement”), is made and entered into this 9 day of June, 2007, by and between
      David G. and Annabelle L. Roark (“Seller”) and SOAM Oil & Gas Investments,
      LLC 2501 North Green Valley Parkway Suite 110 Henderson, NV 89120
      (“Buyer”).

     

    WITNESSETH:

     

     

    WHEREAS,
      Seller owns 1,760
      acres of certain real property located in North Central Oklahoma known
      as the Roark Property (“Property”), which Property includes twenty-three (23)
      oil wells and seven (7) gas wells drilled to the Mississippi Chat formation
      with
      current production from twelve (12) of the thirty (30) wells, and capacity
      to
      drill an additional eighty-eight (88) wells;

     

    WHEREAS,
      Seller owns certain oil and
      gas leases on said Property known as Cedar Creek (4 quarter sections), Whitetail
      (2 quarter sections), Matthews (1 quarter section), Sand Creek (1 quarter
      section), Meyers (1 quarter section), and Oklahoma Land and Cattle Lease (1
      quarter section) as more fully described in the leases attached hereto at
      Exhibit “A” (collectively, the “Leases”); and

    WHEREAS,
      Seller owns certain oil and
      gas production, storage and compression equipment, which is situated upon and
      used in connection with the production, storage and transportation of oil and
      gas purchased from the Leases, which equipment includes, without limitation,
      the
      equipment described in the Evaluation of Oil and Gas Properties for NEWCO Oil
      and Gas Company and the accompanying Appraisal attached hereto
      at  Exhibit “B” (the “Equipment”), as well as all rolling
      stock; and

    WHEREAS,
      Seller desires to sell the
      Leases and Equipment to Buyer, and Buyers desires to purchase the same from
      Seller on the terms and conditions hereinafter set forth;

    NOW,
      THEREFORE, in consideration of the
      mutual covenants herein contained, and other good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller
      agree as follows:

    1.           Agreement
      to Buy and Sell.  Upon the terms and conditions hereinafter set
      forth, Seller agrees to sell and assign to Buyer on Closing Date, and Buyer
      agrees to purchase and receive from Seller on Closing Date, the Assets, as
      hereinafter defined, including the Leases and Equipment.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.           Assets.
      The Leases and the Equipment are herein sometimes collectively referred to
      as
      the “Assets.”  The parties agree that the Assets to be sold by Seller
      to Buyer on Closing Date shall also include all personal property, fixtures,
      improvements, permits, licenses, approvals, servitudes, rights-of-way,
      easements, surface use agreements, rolling stock, and all other
      rights owned by Seller or used in connection with the Leases. The Assets shall
      also include all of the files, records, data and information relating to the
      Leases and maintained by Seller, copies of which have been heretofore delivered
      to Buyer.

    3.           Purchase
      Price. Buyer shall pay to Seller for the Assets, the total purchase price of
      One Million Four Hundred Thousand Dollars ($1,400,000) (the “Purchase
      Price”).  The parties acknowledge the deposit of the sum of $100,000
      as earnest money and partial payment of the Purchase Price (the “Earnest
      Money”).  On
Closing Date, as hereinafter
      defined, the balance of the Purchase Price
      will be paid to Seller by
Buyer.

    4.           Seller’s
      Representations and Warranties. Seller represents and warrants to Buyer the
      following, which representations and warranties shall be taken as true as of
      the
      date of this Agreement and as of Closing Date:

    4.1
      Seller owns good and marketable title to the Leases and the Equipment, and
      both
      the Leases and the Equipment are free, clear and unencumbered. The net revenue
      interest of Seller in the Leases is correctly reflected on Exhibit “A” attached
      to this Agreement.

    4.2
      Seller has the necessary authority to enter into this Agreement and to perform
      all of the obligations hereunder.  This Agreement and all documents
      and instruments required hereunder to be delivered on Closing Date shall
      constitute the legal, valid and binding obligations of Seller, enforceable
      in
      accordance with their respective terms, except to the extent enforceability
      may
      be affected by bankruptcy, reorganization, insolvency or similar laws affecting
      creditor's rights generally.

    4.3
      Seller's execution, delivery and performance of this Agreement will not result
      in the breach of any condition of, or constitute a default under or cause the
      acceleration of any obligation under any agreement or instrument to which Seller
      is a party or by which Seller is bound, or violate or conflict with any
      applicable judgment, decree, order, permit, law, rule or
      regulation.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.4
      Seller has incurred no liability; contingent or otherwise, for broker’s or
      finder’s fees with respect to this transaction for which Buyer shall have any
      responsibility whatsoever.

    4.5
      Seller is not a “foreign person” within the meaning of the IRS Code, Sections
      1445 and 7701 (i.e., none of the Seller are nonresident aliens, foreign
      corporations, foreign partnerships, foreign trusts, or foreign estates as those
      terms are defined in the IRS Code and regulations promulgated
      thereunder).

    4.6
      Seller has not received any written notice of any suit, claim, action or other
      proceeding (“Action”) pending, or, to the knowledge of any of Seller,
      threatened, before any court or governmental agency as of the date of this
      Agreement that relates to the Assets and is not aware of the possibility of
      any
      such Action.

    4.7
      The
      Assets constitute all of the property rights and assets necessary for Buyer
      to
      own, operate, use and enjoy the Leases and the Equipment for the same or similar
      purposes for which, and in the same or similar manner in which the Assets have
      been owned, operated, used and enjoyed by Seller prior to the transfer
      contemplated in this Agreement.

    4.8
      Until
      this Agreement is closed, Seller shall operate the Leases and maintain the
      equipment in the ordinary and normal course consistent with Seller’s best past
      practices.  The Leases and Equipment will be on Closing Date in as
      good as condition as they are of the date of the execution of this Agreement,
      wear and tear from ordinary uses and elements excepted.

    5.           Buyer’s
      Representations and Warranties. Buyer represents and warrants to Seller the
      following, which representations and warranties shall be true as of the date
      of
      this Agreement and as of Closing Date:

    5.1
      Buyer
      is a limited liability company organized and existing under the laws of the
      State of Texas.

    5.2
      Buyer
      has the necessary authority to enter into this Agreement and to perform all
      of
      its obligations hereunder.  This Agreement has been duly executed and
      delivered on Buyer’s behalf, and, on Closing Date, all documents and instruments
      required hereunder shall have been duly executed and delivered by
      Buyer.  This Agreement and all documents and instruments to be
      delivered on Closing Date shall constitute the legal, valid and binding
      obligations of Buyer

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     enforceable
      in accordance with the respective terms, except to the extent enforceability
      may
      be affected by bankruptcy, organization (solvency or some other similar law
      affecting creditor’s rights generally).

    5.3
      Buyer’s execution, delivery and performance of this Agreement and the
      transactions contemplated hereby will not violate or conflict with any provision
      of its governing documents; result in the breach of any condition or constitute
      a default under, or cause the acceleration of any obligation under any agreement
      or instrument to which Buyer is a party under which it is bound; or violate
      or
      conflict with any applicable judgment, decree, order, permit, law, rule or
      regulation.

    5.4
      Buyer
      has incurred no liability, contingent or otherwise, for broker’s or finder’s
      fees with respect to this transaction for which Seller shall have any
      responsibility whatsoever.

    6.           Effective
      Time. The purchase and sale of the Assets shall be effective no later than
      forty-five (45) days from the date of this Agreement on a Closing Date to be
      agreed by the parties.  Buyer shall take possession of the Assets as
      of the Closing Date and shall commence operating the Leases from and after
      the
      Closing Date. The parties shall determine the amount of oil in storage tanks
      (above the pipeline connections) as of the Effective Time, and shall determine
      the volumes of all gas produced by Seller prior to the Effective
      Time.  Buyer and Seller shall cooperate with one another to notify
      crude oil purchasers and gas purchasers of the transfer of ownership of the
      Lease as of the Effective Time and cause such oil and gas purchasers to pay
      to
      Buyer the proceeds for the sale of oil and gas produced from and after the
      Effective Time.  In the event Buyer receives payment for oil or gas
      produced by Seller prior to the Effective Time, upon receipt of any such
      payment, Buyer shall remit the same to Seller. On the other hand, in the event
      Seller should receive payment for gas or oil produced by Buyer subsequent to
      the
      Effective Time, Seller shall remit payment therefor to Buyer. Seller shall
      pay
      when and as the same becomes due all of the expenses attributable to the
      operation of the Lease prior to the Effective Time, and Buyer shall pay all
      expenses attributable to the operation of the Lease subsequent to the Effective
      Time.

    7.           Taxes.
      All taxes, including ad valorem, personal property, production, excise,
      severance and similar obligations assessed against the Assets or based on or
      measured by the ownership of the Assets or production therefrom, shall be
      prorated 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    between
      Seller and Buyer as of the Effective Time. Buyer shall be responsible for
      reporting and remitting payment for all sales, use or similar taxes payable
      in
      connection with the transaction contemplated by this Agreement.

    8.           Liabilities
      and Obligations of Seller and Buyer.  Seller shall pay, perform,
      fulfill and discharge all claims, costs, expenses, liabilities and obligations
      relating to Seller’s ownership and operation of the Assets prior to the
      Effective Time. Buyer shall pay, perform, fulfill and discharge all claims,
      costs, expenses, liabilities and obligations relating to Buyer’s ownership and
      operation of the Assets subsequent to the Effective Time.

    9.           Indemnification
      and Release. Buyer shall defend, indemnify, save and hold harmless Seller,
      and its employees, representatives, agents, successors and assigns, from and
      against all Losses which arise from or in connection with Buyer’s ownership and
      operation of the Assets subsequent to the Effective Time.

    Seller
      shall defend, indemnify, save and hold harmless Buyer, its employees,
      representatives, agents, successors and assigns from and against all Losses
      which arise from or in connection with Seller’s ownership and operation of the
      Assets prior to the Effective Time.

    The
      term
“Losses” as used in this Section 9 shall mean any actual losses, costs,
      expenses, liabilities, damages, demands suits
      and sanctions of every kind and character, including reasonable fees and
      expenses of attorneys, technical experts and expert witnesses reasonably
      incident to matters indemnified against. Buyer shall be deemed to have released
      Seller at Closing Date from any Losses for which Buyer has agreed to indemnify
      Seller hereunder. Seller shall be deemed to have released Buyer at Closing
      Date
      from any Losses for which Seller has agreed to indemnify Buyer
      hereunder.

    10.           Title
      Matters. Buyer shall satisfy itself as to the title of Seller in and to the
      Assets prior to Closing Date. In the event Buyer determines that a defect in
      title exists, Buyer shall provide Seller written notice describing such title
      defect not later than five (5) business days prior to Closing Date. The term
      “defect” means any lien, encumbrance or encroachment associated with Seller’s
      title to the Assets. With respect to any alleged title defect, Seller may
      undertake to satisfy and cure same, all or none of such defects. Buyer and
      Seller shall meet prior to Closing Date to attempt to mutually agree on any
      proposed satisfaction or cure of title defects. If Seller is unwilling or unable
      to satisfy or cure any such title defect and to deliver to Buyer good and
      marketable title to all of the Assets, 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Buyer
      shall be entitled to rescind in writing this Agreement, or Buyer, at Buyer’s
      option, may elect to waive any such title defect and proceed with the closing
      of
      this transaction.

    11.           Closing.  The
      closing of the transactions contemplated by this Agreement (herein sometimes
      referred to as the “Closing” or “Closing Date”) shall be conducted on at the
      offices of the Seller’s attorneys, or at such other time and place as the
      parties may agree in writing.  At the Closing, the Seller shall
      deliver to Buyer properly executed and acknowledged assignments of the Leases
      and a properly executed Assignment, Bill of Sale and Conveyance in the form
      attached hereto as Exhibit “C”, covering the Assets, with full warranties of
      title subject only to the exceptions permitted in this Agreement.  In
      addition, on Closing Date and thereafter Seller shall execute such other
      assignments, bills of sale, deeds, or Oklahoma Corporation Commission forms,
      transfer orders or division orders necessary to transfer the Assets to Buyer
      and
      to comply with all of the requirements of the Oklahoma Corporation Commission
      and the Bureau of Indian Affairs if applicable.  At Closing, Buyer
      shall cause to be paid to Seller in collected funds the Purchase
      Price.

    12.           Breach;
      Litigation.  In the event Buyer shall refuse to close the
      transactions contemplated by this Agreement and pay the Purchase Price to Seller
      on Closing Date for any reasons other than those set forth herein, Seller shall
      be entitled to terminate this Agreement and retain the Earnest Money as
      liquidated damages, the parties agreeing the damages of such breach to be of
      different ascertainment, or seek specific performance of the Agreement or seek
      any other equitable remedy available to Seller under Oklahoma law. In the event
      Seller shall refuse to close the transaction contemplated by this Agreement
      for
      any reasons other than those set forth herein, Buyer shall be entitled to
      terminate this Agreement and receive a refund of the Earnest Money paid herewith
      or seek specific performance of this Agreement or seek any other legal or
      equitable remedy available to Buyer under Oklahoma law. In the event litigation
      is instituted by either Seller or Buyer to interpret or enforce the terms and
      provisions of this Agreement, the prevailing party in any such litigation shall
      be entitled to recover, in addition to any other relief, the costs of litigation
      including reasonable attorney fees.

    13.           Miscellaneous.

    13.1           Notices.   All
      notices under this Agreement shall be in writing and addressed as set forth
      below. Any communication or delivery hereunder shall be deemed to have been
      duly
      made and the receiving party charged with notice (i) if 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    personally
      delivered, when received, (ii) if mailed, three business days after mailing,
      certified mail, return receipt requested, or (iii) if sent by overnight courier,
      one day after sending.  All notices shall be addressed as
      follows:

    

    If
to
Seller:

    

    Ash
      Mascarenhas

    SOAM
      Oil
& Gas Investments, LLC

    2501
      North Green Valley Parkway Suite 110

    Henderson,
      NV 89120

    

    If
      to
      Buyer:

    

    [Buyer:  Please
      Provide.]

    

    13.2           Amendments.
      This Agreement may not be amended nor any rights hereunder waived except by
      an
      instrument in writing signed by the
      party to be charged.

    13.3           Governing
      Law.  This Agreement and the transactions contemplated hereby
      shall be construed in accordance with, and governed by, the laws of the State
      of
      Oklahoma.

    13.4           Entire
      Agreement. This Agreement constitutes the entire agreement among the
      parties, their respective partners, shareholders, officers, directors and
      employees with respect to the subject matter hereof.

    13.5           Binding
      Effect. This Agreement shall be binding upon and inure to the benefit of the
      parties hereto, and their heirs, devisees, personal representatives, successors
      and assigns.

    13.6           Representations,
      Warranties and Covenants. All representations, warranties and covenants of
      the parties set forth in this Agreement, or any document executed in connection
      with the consummation of this Agreement, shall survive the Closing of this
      Agreement and the transfer of the Assets from Seller to Buyer.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    13.7           Counterparts.
      This Agreement may be executed by
the parties in counterparts.
      All counterparts together shall constitute
      one document binding on all parties. The execution pages and the pages necessary
      to show acknowledgments may be combined with the other pages of this Agreement
      to form what is deemed and treated as a single original Agreement showing
      execution by all
      parties. An electronically transmitted facsimile (“fax”) of the signature of a
      party is binding on the signing party, and delivery of this Agreement by fax
      constitutes delivery of this Agreement for all purposes and is thus binding
      on
      the party sending the fax.

    Dated
      the
      date first above written.

    

    SELLER:

    

    /s/
      David G. Roark

    By:
      ______________________________

    

    

    BUYER:

    

    Ashvin
      Mascarenhas,
      Manager

    By:
      ______________________________EX-10.1

UGI CORPORATION

DESCRIPTION OF EMPLOYMENT ARRANGEMENT

FOR

PETER KELLY

Effective September 4, 2007, Peter Kelly will be Vice President – Finance and Chief Financial
Officer of UGI Corporation. Mr. Kelly has an oral arrangement with UGI Corporation for “at will”
employment which includes the following:

Mr. Kelly:

	 	 	 	 	 
	 

	 	 
	 	 
	1.

	 	 
	 	is entitled to an annual base salary of $400,036;
	 

	 	 
	 	 
	2.

	 	 
	 	participates in UGI Corporation’s annual bonus

plan, with bonus payable based on the achievement

of pre-approved financial and/or business

performance objectives, which support business

plans and strategic goals;
	 

	 	 
	 	 
	3.

	 	 
	 	participates in UGI Corporation’s long-term

compensation plan, the Amended and Restated 2004

Omnibus Equity Compensation Plan, with annual

awards as determined by the Compensation and

Management Development Committee of the Board;
	 

	 	 
	 	 
	4.

	 	 
	 	will receive cash benefits upon termination of

his employment without cause following a change

in control of UGI Corporation;
	 

	 	 
	 	 
	5.

	 	 
	 	participates in UGI Corporation’s benefit plans,

including the Senior Executive Employee Severance

Pay Plan and the Supplemental Executive

Retirement Plan; and
	 

	 	 
	 	 
	6.

	 	 
	 	is eligible for executive perquisites including

financial planning/tax preparation services and

participation in the executive health maintenance

program.

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