VQ » Topics » 1.29. Excluded Assets

This excerpt taken from the VQ 8-K filed Nov 9, 2006.
1.29.       “Excluded Assets” shall mean the following:

(a)           an overriding royalty interest from the Exercise Effective Time in production from the Assets equal to an undivided two percent of eight-eighths (2% of 8/8ths), which overriding royalty interest shall be reserved by Optionor.  Said reserved overriding royalty interest shall be free of (i) any and all costs and expenses associated with the exploration, production or operation of wells producing the Assets, and (ii) post production costs associated with removing CO2 from the production stream,  and shall be paid in the same manner as provided for with respect to lessors.  In the event Optionor exercises its option to receive the Reversionary Interest set forth in Section

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