exhibit 10. 3 assignment of operating rights interest that, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned, cgm, lp, a delaware limited partnership, whose address is 3050 post oak boulevard, suite 850, houston, texas, 77056 ( the “ assignor ” ), the present owner and holder of a certain operating rights interest ( as defined below ) in and to the hereinafter identified oil and gas lease, does hereby grant, bargain, sell, assign and convey unto contango operators, inc., a delaware corporation, whose address is 3700 buffalo speedway, suite 960, houston, texas, 77098 ( the “ assignee ” ), subject to the terms and conditions hereinafter set forth, an undivided 3. 72722 % operating rights interest in and to the following identified oil and gas lease limited to the depths described ( the “ lease ” ), including, without limitation, any and all wells, caissons, platforms, pipelines, facilities, equipment and related assets appurtenant to such lease together with all oil, gas and / or condensate produced therefrom ( collectively, the “ assigned interests ” ) : oil and gas lease of submerged lands under the outer continental shelf lands act, bearing serial number ocs - g 23851, effective july 1, 2002, by and between the united states of america, as lessor, and union oil company of california, as lessee, covering that portion of block 10, eugene island area, ocs leasing map, louisiana map no. 4, seaward of the 1975 supreme court decree line specifically described in said lease, containing approximately 2, 302. 65 acres, limited in depth from the surface of the earth down to 100 ’ below the stratigraphic equivalent of 15, 593 ’ tvd as seen in the log for eugene island area, block 10 # 1 well ( api 17 - 709 - 41450 - 00 ). the term “ operating rights interest ”, as used herein, shall mean the right to drill for, produce, remove, own and dispose of oil, gas and / or condensate that may be found on and produced from the lease. to have and to hold the assigned interests unto assignee and its successors and assigns forever, together with all rights and privileges appurtenant thereto. assign