Purchase Agreement Between Teryl Resources Corp. and IAS Energy, Inc. for Gas Well Interests (April 7, 2008)

Summary

Teryl Resources Corp. and IAS Energy, Inc. have agreed that Teryl will purchase all of IAS Energy's interest in three gas wells located in Kentucky, representing a 40% working interest (24% net revenue interest) in each well. Teryl will pay an initial $25,000, with the remaining amount to be determined by an independent petroleum geologist's report. All revenue from the wells will go to Teryl after the agreement is signed. The deal is subject to approval by relevant regulatory authorities.

EX-10.1 2 exhibit10-1.htm PURCHASE AGREEMENT EFFECTIVE APRIL 7, 2008 Filed by Automated Filing Services Inc. (604) 609-0244 - IAS Energy Inc. - Exhibit 10.1

AGREEMENT

THIS AGREEMENT is dated for reference the 7th day of April, 2008.

BETWEEN:

TERYL RESOURCES CORP.
240 - 11780 Hammersmith Way
Richmond, BC V7A 5E9

(hereinafter referred to as "Teryl")

OF THE FIRST PART

AND:

IAS ENERGY, INC.
240 - 11780 Hammersmith Way
Richmond, BC V7A 5E9

(hereinafter referred to as "IASCA")

OF THE SECOND PART

WHEREAS:

Teryl wishes to purchase all of IAS Energy, Inc.’s interest in three (3) gas wells located in Knox and Laurel County, Kentucky. The Clarence Bright #1 in Laurel County, The Ken Lee in Knox County, and The Elvis Farris #2 in Knox County, as to a 40% working interest (24% NRI) in each gas well (hereinafter collectively “The Gas Wells”).

NOW THEREFORE in consideration of the mutual covenants and conditions set forth herein, the parties hereto agree as follows:

	1.	IASCA agrees to sell 100% of its interest in The Gas Wells in consideration of an initial payment of US$25,000. The balance of funds owed by Teryl to IASCA for the purchase of The Gas Wells will be determined by an independent report, prepared by a qualified petroleum geologist.

	2.	All revenue received from The Gas Wells will now be received by Teryl upon execution of this Agreement.

	3.	This Agreement and the purchase of The Gas Wells is subject to the approval of the TSX Venture Exchange and the British Columbia Securities Commission (“Regulatory Authorities”).

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

TERYL RESOURCES CORP.		IAS ENERGY, INC.
/s/ John Robertson		/s/ James Vandeberg
Signature		Signature

John Robertson		James Vandeberg
Print Name		Print Name

President		Chief Operating Officer and Chief Financial Officer
Title		Title