Contract
Exhibit
10.8
Letter
Agreement between Altus Explorations, Inc. and CodeAmerica Investments LLC
dated
November 9, 2005 reference Altus’ “carried” working interest in Oakcrest
Prospect, ▇▇▇▇▇▇▇ County, Texas.
CodeAmerica
Investments, LLC
▇▇▇▇
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇ - ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Telephone:
▇▇▇-▇▇▇-▇▇▇▇
Fax:
▇▇▇-▇▇▇-▇▇▇▇
On
July
6, 2004, CodeAmerica Investments, LLC (“CodeAmerica”) and Altus Explorations,
Inc. (“Altus”) entered into a Letter of Intent for Altus to acquire from
CodeAmerica its interests in certain ▇▇▇▇▇▇ formation oil and gas leases
associated with acreage located in ▇▇▇▇▇▇▇ County, Texas. A definitive purchase
and sale agreement between CodeAmerica and Altus was never consummated, nor
did
Altus remit the required purchase price payment of $210,250 to CodeAmerica.
CodeAmerica
is proceeding with the development of the ▇▇▇▇▇▇ formation associated with
the
oil and gas leases covered in the original Letter of Intent. During the year
2004, Altus incurred certain front end development and evaluation costs in
its
review of the prospective oil and gas lease acreage. This Letter Agreement
when
executed by the undersigned Parties will set forth the Terms and Conditions,
and
the mutual understanding and agreement between Parties associated with Altus’
economic interest in the development of the applicable leasehold acreage.
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1.
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Subject
Deveopment:
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▇.
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▇▇▇▇▇▇▇▇
Lease - The
drilling and development of the initial four ▇▇▇▇▇ in the ▇▇▇▇▇▇
formation
676+
acres located in the A. Edgar Survey 93, and the ▇. ▇▇▇▇▇▇ Survey,
Abstract 9 in ▇▇▇▇▇▇▇ County,
Texas.
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2.
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Carried
Working Interest:
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CodeAmerica
grants to Altus a 2.0% (two-percent) Carried Working Interest in the drilling,
development and completion of the initial four (4) ▇▇▇▇▇▇ formation ▇▇▇▇▇
drilled on the ▇▇▇▇▇▇▇▇ lease. Upon the completion of drilling a ▇▇▇▇▇▇
formation well, Altus acknowledges and agrees that it will be responsible for
its proportionate share of all operating costs and capital expenditures
requirements.
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3.
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Net
Revenue Interest:
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The
four
▇▇▇▇▇ and acreage are subject to various mineral lease owner and overriding
royalty burdens totalling 23.75%. Altus’ net revenue interest associated with
its 2% Carried Working Interest will total 1.525% of revenues derived from
the
sale of oil and natural gas production, from the initial four ▇▇▇▇▇ developed
on
the ▇▇▇▇▇▇▇▇ Lease.
Accepted
and agreed to the 9th
day of
November, 2005.
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/
s
/ Wm. ▇▇▇▇▇▇ ▇▇▇
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/
s
/ ▇▇▇▇▇▇ Nastat
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CodeAmerica
Investments, LLC
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Altus
Explorations, Inc.
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▇.
▇▇▇▇▇▇. ▇▇▇, Chairman and CEO
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▇▇▇▇▇▇
Nastat, President
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