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THIS AGREEMENT made on the ____ day of __________________, 2017, by and between
WITNESSETH: That Sellers hereby agree to sell and Purchaser hereby agrees to buy,
upon the terms and conditions hereinafter set forth, that certain real properties and/or mineral
interest thereon, sometimes hereinafter referred to as subject tract(s), more particularly described
SEE EXHIBIT A
1. Purchase Price. Sellers hereby agree to sell and Purchaser hereby agrees to purchase
said mineral tract for and in consideration of the sum of EIGHT THOUSAND TWO
HUNDRED FIFTY Dollars ($8,250.00) per net mineral acre determined at the sole discretion of
the buyer to be owned by the Seller and able to be conveyed. The total payment if the full
following conditions:
(a) Upon the execution of this Mineral Purchase Contract, Purchaser shall pay
(b) Buyer shall deposit $50,000.00 hand money with Stephen J. O'Brien, Esq., to
be deposited into escrow/IOLTA account pending the Closing. The Purchaser shall receive credit
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for the $50,000.00 hand money at Closing towards the total final purchase and transfer.
(c) At closing as hereinafter defined, Purchaser shall pay to Seller the total sum of
2. Closing shall occur within 45 days of the execution date of this contract or
shortly after the completion of all due diligence. Purchaser shall take possession of the mineral
3. Seller, during the time period pending closing, shall continue to pay the taxes upon
the mineral tract(s), if applicable, and shall not make any conveyances affecting said mineral
tract(s).
4. Adjustments of Purchase Price. The purchase price shall be adjusted at closing based
on allocated purchase prices to reflect the inability of the Seller to convey any properties and/or to
reflect the actual amount of conveyed minerals (in acres) subject to title research and mineral
13. Purchaser Costs and Seller Costs. Purchaser will pay for an examination of the real
property and mineral title to said tract(s) and all costs in connection with title insurance and any
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recording fees for the Deed or other documents. Seller will pay for preparation of the Deed, and
recording of releases of liens. The parties shall split the cost of Real Estate Transfer Tax Stamps
14. Seller Quality of Title. Seller will, upon tender of the unpaid balance of the purchase
price, convey said mineral tract(s) to Purchaser by apt and General Warranty Deed, subject to the
approval of Purchaser legal counsel, conveying good and marketable fee simple title to said
oil/gas ownership, with covenants of general warranty, free from liens and encumbrances other
15. Royalty Payments/Interests and Other Revenues. All royalty payments and all other
revenues associated with the mineral interests received by the Seller prior to the Closing Date
shall be retained by Seller. Any royalty payments or other revenues associated with the mineral
interests received by Seller for any period after the Closing Date shall be forwarded to the
Purchaser.
16. Default. Should Seller be unable or fail to convey good and marketable fee simple
title upon the terms set out in this Agreement for any mineral tract described herein (Title issue
Properties), Purchaser may at its option cancel this Agreement with respect to such Title issue
Properties, in writing, and any sums paid by Purchaser and allocated to such Title issue Properties
shall be returned to Purchaser or Purchaser may proceed with such remedies as the law affords for
breach of this Agreement, which may include specific performance of the obligations outlined in
the Agreement. Should Purchaser default, Sellers sole remedy shall be to retain the earnest money
as liquidated damages. Purchaser's decision to forgo purchase of the net acreage confirmed via
title search shall result in forefiture of the earnest and hand money as liquidated damages to Seller.
It is expressly understood that if, title research indicates less than fifty percent (50%) ownership
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of the purported mineral acres, as identified above, the earnest money paid by purchaser, shall be
refunded in full.
17. No Brokers. Purchaser have/has not dealt with any broker or real estate agent in
Purchasers. Him means him, her, it or they, and his means his, hers, its or theirs, as the case may
19. Modification. This is the entire agreement between the parties hereto and any
modification or amendment hereto shall be in writing and signed by all parties hereto.
20. Successors and Assigns. This Agreement is binding upon the parties hereto, their
heirs, administrators, executors, successors and assigns. Buyers rights under this contract are
21. Mineral Abstract and Clean Title. This agreement is dependent upon the review of
title/ownership of the mineral/oil/gas interests and the complete transfer of said interests. Seller
Seller:
_____________________________________________________________
Seller Date
Purchaser:
_____________________________________________________________
Purchaser Date
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