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20. By Assignment effective July 3, 1996; recorded December 20, 2004 at Reception No.
<br />3245428, Creek Cattle Co. assigned to the Trustees of Tlie Spool Trusts all right, title and interest
<br />in and to Oil and Gas Lease No. I above.
<br />21. By Assignment dated effective May 1, 2006, recorded June 1, 2006 at Reception No.
<br />3392753, Ray A. Snead, Jr. Bonne Rhea Craig and 3oseph R McCartt, Trustees of the Spool Trusts
<br />assigned to Spool Holding, L.L.C., all right, title and interest in and to Oil and Gas Lease I~ro. 1
<br />above, subject to the rights of Aceite Energy Corporation, under the Farmout Agreements set forth
<br />in Exhibit B attached thereto. This Assignment was amended by instrument recorded at Reception
<br />i\TO. 3451609. See Amendment for additional information.
<br />22. By Assignment dated January 1, 2007, recorded February 23, 2007 at Reception No.
<br />3457342, Aceite Energy Corporation assigned to Petroleum Development Corporation all riglrt, title
<br />and interest in and to Oil anal Gas Lease No. 1 above. Assignor reserves an overriding royalty
<br />interest in an amount equal to the difference between 20°lo and the amount of the total royalty,
<br />overriding royalty and similar burdens. It is the intent of the parties that Assignor deliver to
<br />Assignee a net revenue interest of 80.00% in the Lease on an 818ths or gross basis, and. on alease-by-
<br />lease basis. This Assignment is subject to Purchase and Sale Agreement dated February 12, 2007.
<br />ASSIGNMENTS OF OVERRIDII~IG ROYALTY INTEREST
<br />1. By Assignment dated effective May 1, 200b, recorded June 1, 2006 at Reception No.
<br />3392753, Ray A. Snead., 3r. Bonne Rhea Craig and Joseph R. McCartt, Trustees of the Spool Trusts
<br />assigned to Spool Holding, L.L.C., all right, title and interest in and to Oil and Gas Lease No. 1.
<br />above, subject to the rights of Aceite Energy Corporation, as Farmee under the Farmout Agreements
<br />set forth in Exhibit B attached thereto and incorporated therein by reference. This Assignment was
<br />amended at Reception No. 3451609. See Amendment for additional information.
<br />2. By Assignment of Overriding Royalty Interest dated February 22, 2007, effective January 1,
<br />2007 at 7:00 a.m. Mountain Time, recorded April 12, 2007 at Receptionl~ra. 346$614, Aceite Energy
<br />Corporation assigned to MSJC Holdings, LLC, a Colorado limited liability company, an overriding
<br />royalty interest of 2.25% of all oil, gas and other hydrocarbons produced, saved and marketed from
<br />Oil and Gas Lease No. 1 above (being the overriding royalty interest reserved by Assignor in
<br />Assignment to PDC recorded at Reception No. 3457342, less 0.25% to be assigned sitnultan.eously
<br />to Dean A. Rogers). This Assignment is subject Purchase and Sale Agreement dated February 12,
<br />2007, by and between Assignor and Assignee.
<br />3. By Assignment of Overriding Royalty Interest dated February 22, 2007, effective January 1,
<br />2007 at 7:00 a.m. Mountain Time, recorded Apri116, 2007 at Reception No. 3469030, Aceite Energy
<br />Corporation assigned to Dean A. Rogers, an oven-iding royalty interest of 0.25°l0 of all oil, gas and
<br />other hydrocarbons produced; saved. and marketed from Oil and Gas Lease l~TO. 1 above. This
<br />AssigYUnent is subject Purchase and Sale Agreement dated February 12, 2007, effective January I,
<br />2007, by and bettiveen Aceite and PDC, and. accordingly, shall not burden any existing ~vells covered
<br />under the said Agreement as of the effective dated thereof.
<br />°tt is drstinctty understood and agreed as evidenced by gout'
<br />1 D ~CCRp+-anee of this Gpinion thai Pexaieum Deveiapmett$
<br />Cr?rpcratjon and its suhsidiari~;s are ;n na ~vay iiab'~e to a`"ry
<br />is°r`on~ fi~ of corpar2ti~~n r~,, -'~r+y ias` or inconvenie;tt~
<br />f nr , a=ir- ~cx~ ar nn this opinion "
<br />,;^.;i;:~::j~i7~~ byha tisf
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