Re: Resaca Contract Number: RES-0016LS ConocoPhillips Contract Number:
Exhibit 10.65
July 10, 2009
ConocoPhillips Company
▇▇▇ ▇. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
Midland, TX 79701
Attention: ▇▇▇▇ ▇▇▇▇▇▇
Re: Resaca Contract Number: RES-0016LS
ConocoPhillips Contract Number:
Resaca and ConocoPhillips mutually agree to amend the subject contract by end-dating the Grand Clearfork Unit effective August 1, 2009. All other terms and conditions remain unchanged.
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QUALITY: |
West Texas Sour type crude oil. |
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TERM: |
September 1, 2008 through September 30, 2008 and continuing thereafter until cancelled by either party with 30 days written notice. |
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QUANTITY: |
All Resaca Exploitation, Inc.’s owned or controlled interest in the leases as represented by the attached Exhibit A. The current volume is estimated to be approximately 550 barrels per day. |
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DELIVERY: |
Title and risk of loss shall transfer to ConocoPhillips as the crude exits the lease tankage into ConocoPhillips’s designated carrier. |
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PRICE: |
ConocoPhillips shall hold the basic Division Order and pay Resaca and Resaca’s burdens for each barrel of crude oil delivered ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** (1) less the transportation and handling deduction listed on the attached Exhibit A. For pricing purposes all oil shall be considered to have been delivered in “equal daily quantities”. |
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CONTACTS: |
Resaca Marketing: ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇-▇▇▇-▇▇▇▇ or fax ▇▇▇-▇▇▇-▇▇▇▇ ConocoPhillips Marketing: ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇-▇▇▇-▇▇▇▇ or fax (▇▇▇) ▇▇▇-▇▇▇▇ |
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PAYMENT: |
Payment shall be made based on crude oil pipeline meter statements or crude oil run tickets by wire transfer or other electronic transfer of funds on or before the 20th of the month following the month of delivery Wire transfer instructions are: |
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Amegy Bank Texas |
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ABA: ▇▇▇▇▇▇▇▇▇ |
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A/C: ▇▇▇▇▇▇▇▇ |
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Account of Resaca |
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Reference: Lease Payment Detail |
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CREDIT: |
ConocoPhillip’s compliance with Resaca’s credit policies and requirements shall be a condition precedent to Resaca’s obligation to deliver crude oil under this Agreement. Furthermore, when reasonable grounds for insecurity of payment |
▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ #▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ 77010-3039
MAIN: ▇▇▇.▇▇▇.▇▇▇▇ FAX: ▇▇▇.▇▇▇.▇▇▇▇
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(1) CONFIDENTIAL TREATMENT HAS BEEN REQUESTED BY RESACA EXPLOITATION, INC. FOR CERTAIN PORTIONS OF THIS DOCUMENT. CONFIDENTIAL PORTIONS HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS AGREEMENT WITH “*****”.
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anse, Resaca may demand adequate assurance of payment, including, but not limited to, letters of credit, surety bonds or other guarantees acceptable to Resaca. |
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GENERAL |
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PROVISIONS: |
All other terms and conditions not specifically stated shall be governed by Conoco’s General Provisions dated January 1, 1993. |
Please acknowledge your acceptance of this amendment by executing both originals provided and returning one for our records within 10 (ten) business days.
Agreed to and accepted by:
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ConocoPhillips Company |
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/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ |
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/s/ ▇▇▇▇ ▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ |
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Name |
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Vice President |
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LEASE CRUDE RED. - CONOCOPHILLIPS. |
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Title |
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July 13, 2009 |
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7/17/2009 |
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Date |
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Date |
Exhibit A
Contract
RES-0016LS between
Resaca Exploitation, Inc. (Buyer) and ConocoPhillips Company (Seller)
Effective September 1, 2008
as amended July 10, 2009
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Effective |
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End |
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Lease Name |
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Operator |
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County |
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State |
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Percent |
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Transportation |
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9/1/2008 |
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▇▇▇▇▇▇ Jal Unit |
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Torch |
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Eddy |
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NM |
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90.608586 |
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***** |
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9/1/2008 |
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▇▇▇▇▇▇▇ Field Grayburg Unit |
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Torch |
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Ector/Crane |
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TX |
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100 |
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***** |
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9/1/2008 |
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8/1/2009 |
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Grand Clearfork Unit |
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Torch |
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Pecos |
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TX |
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100 |
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***** |
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9/1/2008 |
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▇▇▇ ▇▇▇▇▇▇ |
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▇▇▇▇▇ |
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▇▇▇▇▇ |
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TX |
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100 |
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***** |
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(2) CONFIDENTIAL TREATMENT HAS BEEN REQUESTED BY RESACA EXPLOITATION, INC. FOR CERTAIN PORTIONS OF THIS DOCUMENT. CONFIDENTIAL PORTIONS HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS AGREEMENT WITH “*****”.
August 19, 2008
ConocoPhillips Company
▇▇▇ ▇. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
Midland, TX 79701
Attention: ▇▇▇▇ ▇▇▇▇▇▇▇
Re: Resaca Contract Number: RES-0016LS
ConocoPhillips Contract Number:
We are pleased to confirm the following agreement between Resaca Exploitation, Inc. (Resaca). Setter, and ConocoPhillips Company (ConocoPhillips), Buyer, whereby each agrees to sell and purchase crude oil and/or condensate under the following terms and conditions:
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QUALITY: |
West Texas Sour type crude oil. |
|
|
|
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TERM: |
September 1, 2008 through September 30, 2008 and continuing thereafter until cancelled by either party with 30 days written notice. |
|
|
|
|
QUANTITY: |
All Resaca Exploitation, Inc.’s owned or controlled interest in the leases as represented by the attached Exhibit A. The current volume is estimated to be approximately 550 barrels per day. |
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|
|
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DELIVERY: |
Title and risk of loss shall transfer to ConocoPhillips as the crude exits the lease tankage into ConocoPhillips’s designated carrier. |
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PRICE: |
ConocoPhillips shall hold the basic Division Order and pay Resaca and Resaca’s burdens for each barrel of crude oil delivered **** **** **** **** **** **** **** **** (3) listed on the attached Exhibit A. For pricing purposes all oil shall be considered to have been delivered in “equal daily quantities”. |
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CONTACTS: |
Resaca Marketing: ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇-▇▇▇-▇▇▇▇ or fax ▇▇▇-▇▇▇-▇▇▇▇ ConocoPhillips Marketing: ▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇-▇▇▇-▇▇▇▇ or fax |
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PAYMENT: |
Payment shall be made based on crude oil pipeline meter statements or crude oil run tickets by wire transfer or other electronic transfer of funds on or before the 20th of the month following the month of delivery. Wire transfer instructions are: |
▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ #▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ 77010-3039
MAIN: ▇▇▇.▇▇▇.▇▇▇▇ FAX: ▇▇▇.▇▇▇.▇▇▇▇
▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
(3) CONFIDENTIAL TREATMENT HAS BEEN REQUESTED BY RESACA EXPLOITATION, INC. FOR CERTAIN PORTIONS OF THIS DOCUMENT. CONFIDENTIAL PORTIONS HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS AGREEMENT WITH “*****”.
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Amegy Bank Texas |
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ABA: ▇▇▇▇▇▇▇▇▇ |
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A/C: ▇▇▇▇▇▇▇▇ |
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Account of Resaca |
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Reference: Lease Payment Detail |
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CREDIT: |
ConocoPhillip’s compliance with Resaca’s credit policies and requirements shall be a condition precedent to Resaca’s obligation to deliver crude oil under this Agreement. Furthermore, when reasonable grounds for insecurity of payment arise, Resaca may demand adequate assurance of payment, including, but not limited to, letters of credit, surety bonds or other guarantees acceptable to Resaca. |
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GENERAL |
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PROVISIONS: |
All other terms and conditions not specifically stated shall be governed by Conoco’s General Provisions dated January 1, 1993. |
This document evidences our understanding of the agreement between Resaca and ConocoPhillips. Please acknowledge your acceptance of this agreement by executing both originals provided and returning one for our records within 10 (ten) business days.
Agreed to and accepted by:
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ConocoPhillips Company |
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/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ |
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/s/ ▇▇▇▇ ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ |
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Name ▇▇▇▇ ▇▇▇▇▇▇▇ |
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Vice President |
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Lease Representative |
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Title |
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8-19-08 |
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8/25/08 |
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Date |
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Date |
Exhibit A
Contract
RES-0016LS between
Resaca Exploitation, Inc. (Buyer) and ConocoPhillips Company (Seller)
Effective September 1, 2008
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Effective |
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Lease Name |
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Operator |
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County |
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State |
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Percent |
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Transportation |
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9/1/2008 |
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▇▇▇▇▇▇ Jal Unit |
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Torch |
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Eddy |
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NM |
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90.608586 |
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**** |
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9/1/2008 |
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▇▇▇▇▇▇▇ Field Grayburg Unit |
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Torch |
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Ector/Crane |
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TX |
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100 |
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**** |
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9/1/2008 |
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Grand Clearfork Unit |
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Torch |
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Pecos |
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TX |
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100 |
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**** |
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9/1/2008 |
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▇▇▇ ▇▇▇▇▇▇ |
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▇▇▇▇▇ |
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▇▇▇▇▇ |
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TX |
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100 |
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**** |
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(4) CONFIDENTIAL TREATMENT HAS BEEN REQUESTED BY RESACA EXPLOITATION, INC. FOR CERTAIN PORTIONS OF THIS DOCUMENT. CONFIDENTIAL PORTIONS HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS ARE INDICATED IN THIS AGREEMENT WITH “*****”.