SEC Contract Filing

Filing Date: 2020-09-29

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ASSET
PURCHASE AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
ASSET PURCHASE AGREEMENT (the &ldquo;<B><I>Agreement</I></B>&rdquo;) is made as of September 25, 2020 by and between Randolph
N. Osherow, as Chapter 7 trustee in the Bankruptcy Case (as defined below) (the &ldquo;<B><I>Seller</I></B>&rdquo;), on the one
hand, and US Energy Corporation, a Texas corporation (the &ldquo;<B><I>Buyer</I></B>,&rdquo; and together with Seller, the &ldquo;<B><I>Parties</I></B>,&rdquo;
and each, a &ldquo;Party&rdquo;), on the other hand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
on June 24, 2020, a voluntary petition was filed under Chapter 7 of Title 11 of the United States Code (the &ldquo;<B><I>Bankruptcy
Code</I></B>&rdquo;) by FieldPoint Petroleum Corporation, a Texas corporation (the &ldquo;<B><I>Debtor</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Debtor&rsquo;s bankruptcy case is pending in the United States Bankruptcy Court for the Western District of Texas (the &ldquo;<B><I>Bankruptcy
Court</I></B>&rdquo;) styled In re FieldPoint Petroleum Corporation, Case Number 1:20-bk-10726 (the &ldquo;<B><I>Bankruptcy Case</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
Seller was appointed as Chapter 7 trustee for the Debtor&rsquo;s estate (the &ldquo;<B><I>Estate</I></B>&rdquo;) in the Bankruptcy
Case on June 24, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
Buyer desires to purchase and Seller desires to sell to Buyer, or a successful overbidder, as the case may be, substantially all
of the Debtor&rsquo;s assets, except the Excluded Assets as hereafter defined, free and clear of all liens, claims, encumbrances,
licenses and interests in accordance with Section 363 of the Bankruptcy Code, and otherwise on the terms and conditions set forth
herein.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
CONSIDERATION OF the premises and mutual covenants contained in this Agreement, and for good and valuable consideration, the Parties
agree as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
<U>Purchase and Sale of Assets</U>.</B> On the Closing Date (as hereinafter defined), Seller will transfer, sell, assign and convey
to Buyer, and Buyer will purchase and acquire from Seller, free and clear of all liens, claims, licenses, encumbrances and interests,
in accordance with Section 363 of the Bankruptcy Code, all of the Estate&rsquo;s right, title and interest in and to all of the
assets of the Debtor, including those set forth on <U>Exhibit A</U> attached hereto, but excluding only those Excluded Assets
identified on <U>Exhibit B</U> (collectively referred to herein as the &ldquo;<B><I>Assets</I></B>&rdquo;). The Assets shal