Amendment No. 1 to Offer to Purchase – Gastar Exploration Inc. and Kleinheinz Group (Chisholm Trail & Prairie Grove Areas, Kingfisher County, OK)
This amendment updates the original offer to purchase agreement between Gastar Exploration Inc. and the Kleinheinz Group, along with other parties, for oil and gas interests in Kingfisher County, Oklahoma. The amendment clarifies that the total purchase price of $51,417,000 consists of $45,487,610 for undeveloped leasehold acreage and $5,929,390 for proven reserves in producing wells. All parties have agreed to this revised pricing structure as of March 2017.
Exhibit 10.5
March 16, 2017
Fred N. Reynolds
420 Throckmorton, Suite 750
Fort Worth, Texas 76101
RE:Amendment No. 1
Revised Offer to Purchase
Kleinheinz Group
Chisholm Trail & Prairie Grove Areas
Kingfisher County, Oklahoma
Dear Mr. Reynolds:
Gastar Exploration Inc. (“Gastar”) hereby proposes that the Acquisition Price paragraph in the executed offer to purchase later dated February 24, 2016 be amended by adding the following sentence at the end of such section:
|
| • | Acquisition Price:The purchase price of $51,417,000 is comprised of $45,487,610 for undeveloped leasehold acreage and $5,929,390 for proven reserves in the producing wells and interest as reflected on the attached Exhibit 1. |
If you are in agreement with the above amendment, please indicate your acceptance in the space provided for below. All counterparts together shall constitute only one letter agreement, but each counterpart shall be considered an original.
[The signature pages are the following pages.]
Offer to Purchase Amendment No. 1
March 16, 2017
Kleinheinz Group
Chisholm Trail & Prairie Grove Areas
Kingfisher County, Oklahoma
Sincerely,
GASTAR EXPLORATION INC.
/s/ Henry J. Hansen
Henry J. Hansen
Vice-President, Land
ACCEPTED AND AGREED TO ON THIS _21st______DAY OF March, 2017.
JOHN B. KLEINHEINZ
/s/ John B. Kleinheinz____________________________________
BY: JOHN B. KLEINHEINZ
KLEINHEINZ CAPITAL PARTNERS, INC
/s/ John B. Kleinheinz_____________________________________
BY: JOHN B. KLEINHEINZ
PRESIDENT
Page 2 of 5
Offer to Purchase Amendment No. 1
March 16, 2017
Kleinheinz Group
Chisholm Trail & Prairie Grove Areas
Kingfisher County, Oklahoma
ACCEPTED AND AGREED TO ON THIS __21___DAY OF March, 2017.
GKK HUSKY, LLC
/s/ John C. Goff____________________________________
BY: Goff Capital, Inc., its manager
John C. Goff, President
Page 3 of 5
Offer to Purchase Amendment No. 1
March 16, 2017
Kleinheinz Group
Chisholm Trail & Prairie Grove Areas
Kingfisher County, Oklahoma
ACCEPTED AND AGREED TO ON THIS _21______DAY OF March, 2017.
HUSKY OKLAHOMA, LLC
/s/ Richard Davidovich____________________________________
BY: Richard Davidovich, Manager
Page 4 of 5
Offer to Purchase Amendment No. 1
March 16, 2017
Kleinheinz Group
Chisholm Trail & Prairie Grove Areas
Kingfisher County, Oklahoma
ACCEPTED AND AGREED TO ON THIS __20___DAY OF March, 2017.
STRONG OIL AND GAS, LTD
/s/ Gary B. Strong____________________________________
BY: Strong Oil & Gas, Ltd.
Strong Genpar, LC (its general partner)
Gary B. Strong, MD, President
Page 5 of 5
