Exhibit 10.1 Purchase Agreement effective April 7, 2008
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 |
