EXHIBIT 10.7
ASSIGNMENT OF OIL AND GAS LEASE WITH
RESERVATION OF OVERRIDING ROYALTY
Know All Men by These Presents, that the undersigned, Sharon K. Fowler,
hereinafter called Assignor (whether one or more) for and in consideration of
One Hundred Fifty Thousand Dollars, the receipt whereof is hereby acknowledged,
does hereby sell, assign, transfer and set over to Sun River Energy, Inc.,
hereinafter called Assignee, all of its right, title and interest, subject to
the overriding royalty reservation hereinafter set out, in and to the oil and
gas leases
Lease No. Dated T. R. Section Acres County
- --------- ----- ------------- ----- ------
0600246 4/2/06 516T41nr79W 640 Johnson
0600247 4/2/06 536T42NR79W 640 Johnson
0600249 4/2/06 536T42NR81W 640 Johnson
0600256 4/2/06 536T41NR81W 640 Natrona
together with the rights incident thereto and the personal property thereon,
appurtenant thereto, or used or obtained in connection therewith.
The Assignor herein expressly excepts, reserves and retains title to an
undivided 4% of all oil, gas and casinghead gas produced, saved and marketed
from the above described land under the provisions of the aforesaid lease, or
any extension or renewal thereof, as an overriding royalty, free and clear of
any cost and expense of the development and operation thereof, excepting taxes
applicable to said interest and the production therefrom. There is an existing
12.5% royalty to the State of Wyoming.
This Assignment is conditional upon Assignees agreement. To begin the
drilling of a well on some part of the above described land within one year
hereafter and continue such drilling with reasonable diligence until a well has
been completed to the known oil producing sand of that territory, or granite or
other impenetrable substances, through which a reasonably prudent operator would
not undertake to drill, be encountered. If such well is not commenced by such
date, or extension thereof, then this Assignment shall be terminated and will
expire.
And for the same consideration the Assignor covenants with the
Assignee, its or his heirs, successors or assigns, that the Assignor is the
lawful owner of and has good title to the interest above assigned in and to said
lease, estate, rights and property, free and clear from all liens, encumbrances
or adverse claims; that said lease is a valid and subsisting lease on the land
above described, and all rentals and royalties due thereunder have been paid and
all conditions necessary to keep the same in full force have been duly
performed; and that the Assignor will warrant and forever defend the same
against all persons whomsoever, lawfully claiming or to claim the same.
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Executed this 25 day of April 2006.
ASSIGNEE
SUN RIVER ENERGY, INC.
By: /s/
ASSIGNOR
By: /s/Sharon K. Fowler
Sharon K. Fowler
STATE OF COLORADO
ss.
COUNTY OF JEFFERSON {
On this 26th day of April 2006, before me, the undersigned, a Notary Public
in and for said State, personally appeared Sharon K. Fowler, known to me to be
the person whose name is subscribed to this within instrument, and who upon oath
swore that the statements therein contained are true and correct.
WITNESS my hand and official seal.
My Commission expires: __________
----------------------------
Notary Public
STATE OF COLORADO
ss.
COUNTY OF JEFFERSON {
On this 26 day of April 2006, before me, the undersigned, a Notary Public
in and for said State, personally appeared Michael A. Littman, President of Sun
River Energy, Inc., known to me to be the person whose name is subscribed to
this within instrument, and who upon oath swore that the statements therein
contained are true and correct.
WITNESS my hand and official seal.
My Commission expires: __________
---------------------------
Notary Public
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