Give me more for this agreement: DEVELOPMENT AGREEMENT
THIS DEVELOPMENT AGREEMENT ("Agreement"), made and entered into effective as of January 1, 2007 (the "Effective Date"), by and between BP AMERICA PRODUCTION COMPANY ("BP"), a Delaware corporation, with an office at 501 Westlake Park Boulevard, Houston, Texas 77079, and TRUE NORTH ENERGY CORP. ("Company"), a Nevada corporation, with an office at 1200 Smith Street, 16th Floor, Houston, Texas 77002 (individually, a "Party" and collectively, the "Parties").
WITNESSETH:
WHEREAS, BP owns those certain oil, gas and mineral leases set forth in Exhibit "A" (the "Leases") covering the Contract Area; and
WHEREAS, subject to the terms, provisions and conditions set forth below, Company will pay a disproportionate 11.67% of the Drilling Costs for the BP America Production Company - A. Major Heirs No. 1 well (the "Initial Well") to be drilled at the location shown on the plat attached as Exhibit "C", and in return BP will assign to Company an 8.75% interest in the Initial Well and the BP Interests, all as further provided in this Agreement.