lexaria corp., a company incorporated under the laws of the state of nevada, having a business office at # 950 - 1130 west pender, vancouver, british columbia, canada v6e 4a4 ( the “ assignor, ” or, “ lexaria ” ) emerald atlantic, llc, a business in the state of texas with a business address at 11714 spriggs way, houston, tx, 77024 ( the “ assignee ” ) a. the assignor and the assignee are in the business of natural resources exploration and development ; b. lexaria has entered into a farmout, option and participation letter agreement dated december 21, 2005 ( the “ head agreement ” ), a copy of which is attached as exhibit i hereto, with griffin & griffin exploration l. l. c. ( “ griffin ” ) with respect to the following property : ( 1 ) belmont lake field, wilkinson county, mississippi, section 41 - t2n - r4w c. lexaria currently has the right to earn : ( 1 ) a perpetual 42 % ( gross ) working interest and 27. 30369 % ( net ) revenue interest in the belmont lake well to be drilled and known as pp f - 12 - 7 ( the “ well interests ” ). d. on or about september 25, 2013, the assignor received an authorization for expenditure agreement ( the “ afe ” ) with griffin, a copy of which is attached as exhibit ii hereto, to participate in the drilling and completion of the pp f - 12 - 7 well by paying a 42 % share of the $ 794, 995 expected costs of drilling and completing of the pp f - 12 - 7 well as per the afe ; and e. the assignee wishes to purchase from the assignor and the assignor wishes to sell to the assignee a pro rata interest of 29. 03 % of 30 % of the well interests ( or 3. 658065 % gross working interest and 2. 378064 % net revenue interests in the pp f - 12 - 7 well ) ( the “ pro rata interest ” ) : and the assignee wishes to purchase from the assignor and the assignor may sell to the assignee well interests of up to 5. 947087 % gross working interests and 3. 86613 % net revenue interests in the pp f - 12 - 7 well ) ( the “ bonus interest ” ), ( the