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COMMENT Iv'O. 3
<br />The captioned lands, the subject Oil and Gas Lease and PDC's interest therein is subject to
<br />the terms and conditions contained in the numerous assignments in the chain of title, and various
<br />agreements and amendments thereto, In particular, your attention is directed to the following
<br />agreements:
<br />Farmout Agreement dated October 1, 1986, by and between The Spool Trusts and
<br />Aceite Energy Corporation, as amended by Agreements dated January 14, 1987,
<br />November 17,1987, June 8,1988; December 12,1988, September 13,1989, June 14,
<br />1990, September 11, 1990, September 9, 1991, September 27, 1991; and, by
<br />Amendment and Agreement effective. February 15, 1992.
<br />Purchase and Sale Agreement dated February 12, 2007, by and between Aceite
<br />Energy Corporation and PDC.
<br />REQUIREMENT NO. 3
<br />PDC should satisfy itself that all the terms and conditions necessary to maintain its interest
<br />in the captioned lands and the subject Oil and Gas Lease have been satisfied, and that the said
<br />interest is not subject to any right of first refusal, reassignment or reversion obligation existing under
<br />the aforesaid Agreements.
<br />CONL'v~NT I~zO.4
<br />There appears of record at Book 866, Reception No. 1788066, Boundary Line Agreement
<br />dated February 22, 1979, by and between Union Pacific Land Resources Corporation; L. F. Ranch
<br />Co.; Two E Ranches, Inc.; Amoco Production Company; and, Adolph Coors Company, pursuant to
<br />which the parties agreed that the fence running north-south along the approximate boundary between
<br />Sections 25 and 26, T3N, R64~rJ, is not the true boundary between the said sections, and that the true
<br />boundary is a line more particularly described in such-Agreement.
<br />The above Agreement reflects that the SW/4 of Section 25 contains 159.E 12 acres, and that
<br />the SE/4 of said Section contains 1 ~ 9.620 acres, far a total of 3 i 9.132 acres. However, the Bureau
<br />of Land Management, Public Land Survey System, examined via the Internet, reflects that the
<br />captioned lands contain 320.00 acres. For purposes of this Opinion, 1 have relied on the BLM
<br />records and all interests were calculated accordingly.
<br />REOtJIREMENT N0.4
<br />Nane, advisory only.
<br />Ott is distinctly understood and agreed as e~~denced by your
<br />aCCeMt3nce of this opinion that Peiroieum development
<br />17 ~G.rpordtion and its su>;sidiaries ara .n t`o way liable to any
<br />;,w,~;~„1, fitri~ of corporation ;or arty lass or inconveniency
<br />,,,:;.;:;.::,;.::, ~~3 by tha use of or reliance upon this opinion "
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