Pledge of Collateral Agreement among Berwin Trading Limited, Profit Well Limited, Foothills Exploration, Inc., and Beijing Gas Blue Sky Holdings Limited

Summary

This agreement, dated January 18, 2020, is between Berwin Trading Limited, Profit Well Limited, Foothills Exploration, Inc., and Beijing Gas Blue Sky Holdings Limited. It secures a new promissory note of $5,476,505 owed by Foothills to BGBS by pledging Foothills’ Ute Tribal North properties as collateral. If Foothills fails to meet its obligations under the note, BGBS may claim the specified properties listed in the agreement. The agreement is formalized with signatures from all parties.

EX-10.24 4 ex10-24.htm

 

Exhibit 10.24

 

PLEDGE OF COLLATERAL

 

Reference is made to a certain Deed of Novation and Assignment dated January 18, 2020, by and between Berwin Trading Limited (“Berwin”), Profit Well Limited (“Profit Well”), Foothills Exploration, Inc. (“Foothills”) and Beijing Gas Blue Sky Holdings Limited (“BGBS”) (the “Novation”).

 

Pursuant to the Novation, a new promissory note between BGBS and Foothills for the combined amount of $5,476,505, shall be hereby secured and collateralized by Foothills’ Ute Tribal North properties, as described in the attached Exhibit A.

 

[Signature Pages Follow]

 

 
 

 

IN WITNESS WHEREOF this DEED has been executed and delivered as a DEED by the Parties on the date first above written.

 

SEALED with the COMMON SEAL of )  
BERWIN TRADING LIMITED )  
and SIGNED by )  
  )  
for and on its behalf )  
in the presence of: )  

 

SEALED with the COMMON SEAL of )  
PROFIT WELL LIMITED )  
and SIGNED by )  
  )  
for and on its behalf )  
in the presence of: )  

 

SEALED with the COMMON SEAL of )  
FOOTHILLS EXPLORATION, INC. )  
and SIGNED by B.P. Allaire, CEO )  
     
for and on its behalf )  
in the presence of: )  

 

SEALED with the COMMON SEAL of )  
BEIJING GAS BLUE SKY HOLDINGS )  
LIMITED )  
and SIGNED by )  
  )  
for and on its behalf )  
in the presence of: )  

 

 
 

 

EXHIBIT A

 

SPECIFIED LANDS

 

Township 1 North, Range 1 West, USB&M

 

  Ute Tribal 1-32 Z1 4301330324
Sec. 32 Tribal Lease: 14-20-H62-1934 (40.00 acres)
  NW/4NW/4 Duchesne County, Utah
   
Sec. 32 Tribal Lease: 14-20-H62-2457 (10.00 acres)
  NE/4NE/4SW/4
  Duchesne County, Utah

 

Township 1 North, Range 2 West, USB&M

 

  Ute Tribal 1-26B 4301330168
Sec. 26 Tribal Lease: 14-20-H62-4952 (640.00 acres)
  All
  Duchesne County, Utah

 

  L.E. Font 3-27 ###-###-####
Sec. 27 Tribal Lease: 14-20-H62-4733 (640.00 acres)
  All
  Duchesne County, Utah

 

  Badger Ute H.E. Mann 2-28Z2 ###-###-####
Sec. 28 Tribal BIA Lease: 14-20-H62-1709 (640.00 acres)
  All
  Duchesne County, Utah

 

Township 1 South, Range 4 West, USB&M

 

  A Rust 2 4301330290, Rust 3-22A4 4301331266
Sec. 22 Tribal Lease: 14-20-H62-1764 (40.00 acres)
  NW/4NE/4
  Duchesne County, Utah

 

Township 5 South, Range 4 West, USB&M

 

  Ute Tribe 1-13 4301320075, Ute Tribe 13-15X 4301330844
Sec. 13 Tribal Lease: 14-20-H62-4894 (480.00 acres)
  NE/4,SE/4,E/2NW,W/2SW/4
  Duchesne County, Utah

 

  Ute Tribal 24-12 4301330830
Sec. 24 Tribal Lease: 14-20-H62-4716 (160.00 acres)
  NW/4
  Duchesne County, Utah

 

 
 

 

Township 2 South, Range 6 West, USB&M

 

  Ute 1-12B6 4301330268
Sec. 12 Tribal Lease: 14-20-H62-4951 (320.00 acres)
  E/2
  Duchesne County, Utah

 

Township 4 South, Range 6 West, USB&M

 

  Ute Tribal 1-14D-6 4301330480
Sec. 14 Tribal Lease: 14-20-H62-4893 (588.52 acres)
  Lot 1 (30.45 acres), Lot 4 (26.15 acres),
  Lot 5 (39.00 acres), Lot 6 (37.90 acres),
  Lot 7 (32.19 acres), Lot 8 (22.83 acres)
  NE/4, S/2SW/4, SE/4
  Duchesne County, Utah

 

Township 1 South, Range 1 East, USB&M

 

  Ute Tribal 1-16A1E ###-###-####
Sec. 16 Tribal Lease: 14-20-H62-4888 (480.00 acres)
  E/2, E/2W/2
  Uintah County, Utah

 

Sec. 21 Tribal Lease: 14-20-H62-4888 (120.00 acres)
  N/2NE/4, NE/4NW/4
  Uintah County, Utah

 

  CJ Hackford 1 ###-###-####
Sec. 23 Tribal Lease: 14-20-H62-2718 (480.00 acres)
  E/2NE/4, E/2W/2NE/4,
  SW/4NW/4, S/2
  Uintah County, Utah

 

  Fausett 1-26A1E ###-###-####
Sec. 26 Tribal Lease: 14-20-H62-4889 (160.00 acres)
  W/2W/2
  Uintah County, Utah

 

 
 

 

Township 2 South, Range 1 East, USB&M

 

  Ute Tribal 1-2B1E ###-###-####
Sec. 2 Tribal Lease: 14-20-H62-4710 (20.00 acres)
  SW/4SE/4NW/4, W/2NE/4SE/4NW/4,
  W/2NW/4NE/4SW/4
  Uintah County, Utah

 

Sec. 2 Tribal Lease: 14-20-H62-4711 (405.30 acres)
  Lots 2, 5, 9, 10, SE/4SW/4NW/4,
  W/2SW/NW/4, E/2NE/4SE/4NW/4,
  SE/4SE/4NW/4, W/2SE/4, W/2SW/4,
  SE/4SW/4, S/2NE/4SW/4, NE/4NE/4SW/4,
  S/2NW/4NE/4SW/4
  Uintah County, Utah

 

  Ute Tribal 1-14B1E ###-###-####
Sec. 14 Tribal Lease: 14-20-H62-5022 (270.00 acres)
  NENE, E/2NWNE, E/2W/2NWNE, W/2NENENW, W/2NENW,
  N/2N/2NWNW, SWSWNW, W/2SENW, W/2SESENW, NENESW,
  E/2W/2NESW, SENWSW, W/2NWSW, SW/4SW/4, E/2W/2SESW
  W/2W/2/E/2SESW, N/2N/2SENESW, W/2W/2E/2SW, W/2E/2W/2E/2SESW
  Uintah County, Utah

 

 
 

 

ADDITIONAL LANDS

 

Township 1 North, Range 2 West, USB&M

 

  Ute Tribal 1-34B 4301310494
Sec. 34 Tribal Lease: 14-20-H62-1704 (40.00 acres)
  Wellbore Only
  Duchesne County, Utah

 

  Ute Tribal 2-35B 4301330106
Sec. 35 Tribal Lease: 14-20-H62-1614 (640.00 acres)
  All
  Duchesne County, Utah

 

Township 4 South, Range 4 West, USB&M

 

  Coyote Ute Tribal 10-9 4301330861
Sec. 9 Tribal Lease: I109-IND-5351 (320.00 acres)
  S/2
  Duchesne County, Utah

 

Township 5 South, Range 4 West, USB&M

 

  Ute Tribal 16-2 4301330756
Sec. 2 Tribal Lease: 14-20-H62-3404 (560.00 acres)
  NW,NE,SW,E/2SE
  Duchesne County, Utah

 

  Ute Tribal 25-2, 25-5, 25-6
Sec. 25 Tribal Lease: 14-20-H62-3440 (320.00 acres)
  NW/4,W/2NE/4,W2SE/4
  Duchesne County, Utah