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EXHIBIT 10.1
AMENDMENT NO. 1
TO
PURCHASE AND SALE AGREEMENT
THIS AMENDMENT NO. 1 TO PURCHASE AND SALE AGREEMENT (this "Amendment")
dated September 25, 2000, is made by and between III Exploration Company, an
Idaho corporation ("Seller"), and Petroglyph Energy, Inc., a Delaware
corporation ("Buyer").
WITNESSETH:
WHEREAS, pursuant to that certain Purchase and Sale Agreement dated
December 28, 1999 by and between Seller and Buyer, as supplemented by that
certain letter agreement dated February 18, 2000 (collectively, the
"Agreement"), Seller sold, assigned and conveyed to Buyer, and Buyer purchased
and accepted, certain oil and gas properties and related assets located in the
States of Utah, Colorado and Wyoming;
WHEREAS, Seller and Buyer desire to amend the Agreement to accurately
reflect the oil and gas properties actually conveyed to Buyer; and
WHEREAS, Seller and Buyer deem it in their mutual best interests to
execute and deliver this Amendment.
NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual covenants and agreements contained herein, Seller and Buyer do hereby
agree as follows:
1. Amendment to Property Exhibits. Exhibit II to the Agreement is amended
and restated in its entirety as set forth on Exhibit II to this
Amendment.
2. Purchase Price Adjustment. In consideration for the amendment of
Exhibit II to the Agreement, Seller shall pay to Buyer the sum of
$402,909.85 in immediately available funds by wire transfer to a bank
account designated by Buyer.
3. Defined Terms. Capitalized terms used in this Amendment and not
otherwise defined shall have the respective meanings assigned to such
terms in the Agreement.
4. Counterparts. This Amendment may be executed in counterparts, all of
which are identical and all of which constitute one and the same
instrument. It shall not be necessary for Buyer and Seller to sign the
same counterpart.
5. No Further Modification. Except as expressly modified hereby, all of
the representations, warranties, terms, covenants, conditions and other
provisions of the Agreement shall remain in full force and effect in
accordance with their respective terms.
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IN WITNESS WHEREOF, this Agreement is executed by the parties hereto on
the date set forth above.
SELLER:
III EXPLORATION COMPANY
By: /s/ William C. Glynn
---------------------
William C. Glynn
President
BUYER:
PETROGLYPH ENERGY, INC.
By: /s/ Robert C. Murdock
---------------------
Robert C. Murdock
President
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EXHIBIT II
<TABLE>
<CAPTION>
WELL NAME STATE OPERATOR
--------- ----- --------
<S> <C> <C> <C>
1 Wilkin Ridge 13-23 ? Chandler
2 E. Hunter Mesa 3-11 CO Chandler
3 Antelope Draw #2-17-4C UT Chandler
4 Antelope Draw #3-17-3C UT Chandler
5 Desert Springs 16-19-10-1 UT Chandler
6 Desert Springs 3-29-10-18 UT Chandler
7 Desert Springs Fed 20-1 UT Chandler
8 E Coyote Fed 14-4-8-25 UT Chandler
9 Fed 14-4 UT Chandler
10 Flu Knolls Fed 23-3 UT Chandler
11 Glen Bench 2-36 UT Chandler
12 Glen Bench 8-19 UT Chandler
13 Glen Bench Federal #13-20 UT Chandler
14 Glen Bench Federal #31-20 UT Chandler
15 Glen Bench Federal #31-30 UT Chandler
16 Glen Bench State #6-16 UT Chandler
17 Glen Bench State 6-36-8-21 UT Chandler
18 Glen Bench State 8A-36-8-21 UT Chandler
19 Glen Bench Unit 11-16-8-22 UT Chandler
20 Glen Bench Unit 12-36 UT Chandler
21 Glen Bench Unit 15-19-8-22 UT Chandler
22 Sage Grouse Fed 6-14 UT Chandler
23 UTD Walton 26-03 UT Chandler
24 W. River Bend 16-17-10-1 UT Chandler
25 W. River Bend 3-12-10-15 UT Chandler
26 White River Unit 13-35-8-22 UT Chandler
27 White River Unit 15-35-8-22 UT Chandler
28 WRU #16-9 UT Chandler
</TABLE>
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<TABLE>
<CAPTION>
WELL NAME STATE OPERATOR
--------- ----- --------
<S> <C> <C> <C>
29 WRU #31-4 UT Chandler
30 WRU #43-16 UT Chandler
31 WRU #45-16 UT Chandler
32 Tribal 36-53 UT Coastal
33 Duncan Fed 33-09 UT Coastal/Conoco
34 Fed 35-05 UT Coastal/Conoco
35 Tribal 36-17 UT Coastal/Conoco
36 Stage Coach 14-34 UT Enron
37 Stage Coach 19-33 UT Enron
</TABLE>
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