Amendment No. 1 to Purchase and Sale Agreement between III Exploration Company and Petroglyph Energy, Inc.

Contract Categories: Business Finance › Purchase Agreements
Summary

This amendment, dated September 25, 2000, updates the original Purchase and Sale Agreement between III Exploration Company (Seller) and Petroglyph Energy, Inc. (Buyer) regarding the sale of certain oil and gas properties in Utah, Colorado, and Wyoming. The amendment revises the list of properties conveyed and requires the Seller to pay the Buyer $402,909.85 to adjust the purchase price. All other terms of the original agreement remain unchanged.

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EX-10.1 2 d81988ex10-1.txt AMENDMENT NO. 1 TO PURCHASE AND SALE AGREEMENT 1 EXHIBIT 10.1 AMENDMENT NO. 1 TO PURCHASE AND SALE AGREEMENT THIS AMENDMENT NO. 1 TO PURCHASE AND SALE AGREEMENT (this "Amendment") dated September 25, 2000, is made by and between III Exploration Company, an Idaho corporation ("Seller"), and Petroglyph Energy, Inc., a Delaware corporation ("Buyer"). WITNESSETH: WHEREAS, pursuant to that certain Purchase and Sale Agreement dated December 28, 1999 by and between Seller and Buyer, as supplemented by that certain letter agreement dated February 18, 2000 (collectively, the "Agreement"), Seller sold, assigned and conveyed to Buyer, and Buyer purchased and accepted, certain oil and gas properties and related assets located in the States of Utah, Colorado and Wyoming; WHEREAS, Seller and Buyer desire to amend the Agreement to accurately reflect the oil and gas properties actually conveyed to Buyer; and WHEREAS, Seller and Buyer deem it in their mutual best interests to execute and deliver this Amendment. NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants and agreements contained herein, Seller and Buyer do hereby agree as follows: 1. Amendment to Property Exhibits. Exhibit II to the Agreement is amended and restated in its entirety as set forth on Exhibit II to this Amendment. 2. Purchase Price Adjustment. In consideration for the amendment of Exhibit II to the Agreement, Seller shall pay to Buyer the sum of $402,909.85 in immediately available funds by wire transfer to a bank account designated by Buyer. 3. Defined Terms. Capitalized terms used in this Amendment and not otherwise defined shall have the respective meanings assigned to such terms in the Agreement. 4. Counterparts. This Amendment may be executed in counterparts, all of which are identical and all of which constitute one and the same instrument. It shall not be necessary for Buyer and Seller to sign the same counterpart. 5. No Further Modification. Except as expressly modified hereby, all of the representations, warranties, terms, covenants, conditions and other provisions of the Agreement shall remain in full force and effect in accordance with their respective terms. -1- 2 IN WITNESS WHEREOF, this Agreement is executed by the parties hereto on the date set forth above. SELLER: III EXPLORATION COMPANY By: /s/ William C. Glynn --------------------- William C. Glynn President BUYER: PETROGLYPH ENERGY, INC. By: /s/ Robert C. Murdock --------------------- Robert C. Murdock President -2- 3 EXHIBIT II
WELL NAME STATE OPERATOR --------- ----- -------- 1 Wilkin Ridge 13-23 ? Chandler 2 E. Hunter Mesa 3-11 CO Chandler 3 Antelope Draw #2-17-4C UT Chandler 4 Antelope Draw #3-17-3C UT Chandler 5 Desert Springs 16-19-10-1 UT Chandler 6 Desert Springs 3-29-10-18 UT Chandler 7 Desert Springs Fed 20-1 UT Chandler 8 E Coyote Fed 14-4-8-25 UT Chandler 9 Fed 14-4 UT Chandler 10 Flu Knolls Fed 23-3 UT Chandler 11 Glen Bench 2-36 UT Chandler 12 Glen Bench 8-19 UT Chandler 13 Glen Bench Federal #13-20 UT Chandler 14 Glen Bench Federal #31-20 UT Chandler 15 Glen Bench Federal #31-30 UT Chandler 16 Glen Bench State #6-16 UT Chandler 17 Glen Bench State 6-36-8-21 UT Chandler 18 Glen Bench State 8A-36-8-21 UT Chandler 19 Glen Bench Unit 11-16-8-22 UT Chandler 20 Glen Bench Unit 12-36 UT Chandler 21 Glen Bench Unit 15-19-8-22 UT Chandler 22 Sage Grouse Fed 6-14 UT Chandler 23 UTD Walton 26-03 UT Chandler 24 W. River Bend 16-17-10-1 UT Chandler 25 W. River Bend 3-12-10-15 UT Chandler 26 White River Unit 13-35-8-22 UT Chandler 27 White River Unit 15-35-8-22 UT Chandler 28 WRU #16-9 UT Chandler
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WELL NAME STATE OPERATOR --------- ----- -------- 29 WRU #31-4 UT Chandler 30 WRU #43-16 UT Chandler 31 WRU #45-16 UT Chandler 32 Tribal 36-53 UT Coastal 33 Duncan Fed 33-09 UT Coastal/Conoco 34 Fed 35-05 UT Coastal/Conoco 35 Tribal 36-17 UT Coastal/Conoco 36 Stage Coach 14-34 UT Enron 37 Stage Coach 19-33 UT Enron
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