Provide a continuation for this: This AGREEMENT regarding development of water well(s) in the Capitan Reef Aquifer Formation (the "AGREEMENT") is entered into by the City of Fort Stockton, Texas, a Texas Type A-General Law city ("COFS") and STW Resources Holding Corp., a Nevada corporation ("STW"), effective as of the last date of signature on the signature pages below. STW and COFS are sometimes individually referred to as a "Party" and collectively referred to as the "Parties."
WHEREAS, the City of Fort Stockton, Texas ("COFS") owns the surface and groundwater rights to several areas of the Capitan Reef Aquifer Formation; and
WHEREAS, COFS has an existing Capitan Reef Aquifer ("CRA") water well located at Section 112 on COFS property, which is currently drilled to an approximate depth of 3,500 feet (the "Existing CRA Well"), and also owns property at Section 71; and
WHEREAS, STW desires to attempt to deepen the Existing CRA Well in order to make it a producing water well and/or drill an alternate well(s) at its own expense, and to lease CRA groundwater rights from Sections 112 and 71 of COFS property; and WHEREAS, STW and COFS desire to work together for the development of a CRA water supply project within the area that will serve to meet the future needs of COFS and the municipal and industrial needs within the region.
THE PARTIES HEREBY AGREE AS FOLLOWS: