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Document Preview Agreement for Purchase and Sale |
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Title: |
Agreement for Purchase and Sale |
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Entities: |
Bank One, NA; Evergreen Resources, Inc.; Fleet National Bank; Nasdaq Stock Market Inc.; Winstead Sechrest & Minick; Womble Carlyle Sandridge & Rice PLLC; Apache Canyon Gas, L.L.C.; Evergreen Resources Inc. |
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Date: |
2000 |
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Size: |
Preview shows 6KB of 275KB total |
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Price: |
$82 |
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ID: |
#145263 |
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AGREEMENT FOR PURCHASE AND SALE
dated September 19, 2000
by and between
APACHE CANYON GAS, L.L.C.,
a Delaware limited liability company
as Seller
and
EVERGREEN RESOURCES, INC.
a Colorado corporation
as Buyer
EXECUTION VERSION
{PAGE}
AGREEMENT FOR PURCHASE AND SALE
THIS AGREEMENT dated as of the 19th day of September, 2000, between Apache
Canyon Gas, L.L.C., a Delaware limited liability company ("Seller"), and
Evergreen Resources, Inc., a Colorado corporation (herein referred to as
"Buyer").
W I T N E S S E T H:
WHEREAS, Seller owns certain real estate oil and gas leasehold and mineral
interests and related equipment situated in the State of Colorado, all of which
it holds in connection with its business of petroleum exploration and
production; and
WHEREAS, Seller desires to sell and Buyer desires to acquire these
interests and related assets on the terms and conditions hereinafter provided;
NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, the parties hereby agree as follows:
ARTICLE I
DEFINITIONS
The following terms, as used herein, shall have the following meanings:
1.1 "Agreement" means this Agreement for Purchase and Sale between Seller
and Buyer.
1.2 "Assets" means the following described assets and properties (except
to the extent constituting Excluded Assets):
(a) "Real Property Assets" which consist of the following:
(1) the Subject Interests;
(2) the Lands;
(3) the Incidental Rights;
(4) the Claims; and
(5) all Hydrocarbons produced from or attributable to the
Subject Interests with respect to all periods subsequent to
the Effective Time, together with all proceeds from or of
such Hydrocarbons.
1
{PAGE}
1.3 "Assumed Obligations" means (i) all liabilities and obligations of
Seller with respect to the Claims, (ii) all liabilities and obligations of
Seller arising or accruing under or with respect to the Assets from and after
the Effective Time, (iii) all liabilities and obligations of Seller, whether
accrued or not, with respect to plugging and abandoning any wells, removing
structures and facilities and the restoration of the surface pertaining to the
Assets, (iv) a pro-rata share of Property Taxes with respect to the Assets for
the Tax Period in which Closing occurs and all Transfer Taxes, (v) all
liabilities and obligations of Seller arising or accruing under or with respect
to the Material Contracts from and after the Effective Time, (vi) all
liabilities and obligations under the Basic Documents from and after the
Effective Time except to the extent that a particular obligation is otherwise
expressly retained by Seller hereunder, and (vii) all other liabilities and
obligations assumed by Buyer under this Agreement, including but not limited to
liabilities and obligations assumed by Buyer under Article XIII.
1.4 "Basic Documents" means all Material Contracts, agreements, and other
legally binding rights and obligations to which the Assets may be subject, or
that may relate to the Assets including, without limitation, leases, assignments
in the chain of title, overriding royalty assignments, farmout and farmin
agreements, option agreements, pooling and unitization agreements, operating
agreements. production sales and marketing agreements, processing agreements,
transportation agreements, production purchasing agreements, permits, licenses
and orders.
1.5 "Buyer's Credits" is defined in Section 3.2.
1.6 "Claims" means all obligations and benefits with respect to gas
production, pipeline, transportation or processing imbalances, all of which are
to be assumed or received by Buyer pursuant to this Agreement.
1.7 "Closing" is defined in Section 10.1.
1.8 "Closing Date" is defined in Section 10.1.
1.9 "Conveyance" mean the Assignment, Bill of Sale and Conveyance of the
Real Property Assets a form of which is set out in EXHIBIT C.
1.10 "Defensible Title" means such title to a Subject Interest that,
subject to and except for Permitted Encumbrances, (a) entitles Seller to receive
not less than the net revenue interest of Seller for the well or unit as set
forth in EXHIBIT A of all Hydrocarbons produced, saved and marketed from or
attributable to such well or unit and (b) obligates Seller to bear the costs and
expenses relating to the maintenance, development and operation of such well or
unit in an amount not greater than the working interest of Seller for such well
or unit as set forth in EXHIBIT A (unless Seller's net revenue interest therein
is proportionately increased) it being understood that the existence of
Permitted Encumbrances affecting any Asset shall not form the basis for a claim
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