Joint Operating Agreement between Maverick Minerals Corporation and Non-Operator for Lankford Trust No.1 Well
Maverick Minerals Corporation and a Non-Operator have agreed that the Non-Operator will purchase a 3% working interest in Maverick's initial test well, Lankford Trust No.1, in Fort Bend County, Texas, for $150,000. The Non-Operator will not pay additional costs until the well is completed or abandoned. After that, the Non-Operator must pay their share of ongoing maintenance and production expenses. The detailed terms of their operating relationship will be governed by a separate Joint Operating Agreement.
EXHIBIT “B”
The Non-Operator has agreed to purchase from Maverick Minerals Corporation, “Maverick”, for a sum of US$150,000.00 “The Purchase Price”, a 3% “Working Interest” in Maverick’s Initial Test Well to be drilled in Fort Bend County, Texas in December of 2010 and who’s permitted name is the Lankford Trust No.1.
The Non-Operator will be carried for a 3% Working Interest to Completion or P & A without further cost. Thereafter, the Non-Operator will be responsible for his pro-rata share of expenses for maintenance and production with the Operator. The specific terms and conditions of the operating relationship between the Operator and the Non-Operator will be the subject of the “Joint Operating Agreement” as set out in the Definition section of the Operating Agreement.
