American Standard Energy Corp. - FORM 8-K - EX-10.1

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8-K - 8-K - American Standard Energy Corp.	v204748_8k.htm

AGREEMENT FOR THE PURCHASE OF PARTIAL LEASEHOLDS

This Agreement for the Purchase of Partial Leaseholds ("Agreement") made and effective this December 1st, 2010, by and between Geronimo Holding Corporation ("Seller") and American Standard Energy, Corp. ("Buyer").

Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, certain mineral rights leaseholds held on properties as described in EXHIBIT A: Summarized Well names below;

· Kandiyohi 2-20H	· Allie 31X-24
· Lisa Diane 15-22H	· Clearwater 010-03H
· RS-Brady-157-91-2223H-1	· Cvancara 20-17 #1H
· Burke 17-23H	· Harriet #1-22H
· Burke 27-7H	· Kjorstad 5300 24-22H
· Clearwater 100-19H	· Wolberg 21-18H
· Lazy DE #24-7H	· Orf #1-20H
· Lazy DE #34-7H	· Mosser #11-27TFH
· Ward 11X-23	· Clearwater 8-0506
· Trulson 11-14H	· Clearwater 102-0506H
· Kerbaugh 31X-04	· Sidonia 17-1324H
· Van Hook 7-23H	· Lansing 1-25H
· Knoshaug 14-11 #1H	· Hodenfield 15-23H

NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties hereto agree as follows:

1. Sale.

Seller agrees to sell, transfer and convey to Buyer, and Buyer agrees to purchase the aforementioned partial leaseholds/Wells (the "Property"): See EXHIBIT A.

2. Price.

Buyer shall pay Seller for the Property the sum of FIVE HUNDRED THOUSAND DOLLARS ($500,000) cash and ONE MILLION TWO HUNDRED THOUSAND (1,200,000) shares of American Standard Energy Corp. stock (OTCBB: ASEN).

3. Transfer of Title.

Title to and ownership of all rights to the Property shall pass from Seller to Buyer upon close of escrow date within two weeks of the date of this Agreement.

4. Representations and Warranties of Seller.

(a) Seller warrants that the title to the Property shall be of marketable title free of undisclosed liens, mortgages, leases, or other rights in the Property.

(b) Authority; Capacity to Sell. The Seller has all requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action on the part of the Seller, and constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by: (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the enforcement of creditors' rights generally; and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

(c) No Violation of Law or Agreement. The execution, delivery and performance by Seller of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the certificate of incorporation, by-laws or other organizational documents of Seller; (b) conflict with or result in a violation or breach of any provision of any Law or governmental order applicable to Seller; (c) require the consent, notice or other action by any person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any contract to which the Seller is a party or by which the Seller is bound or to which any of their respective properties and assets are subject or any permit affecting the properties, assets or business of the Seller; or (d) result in the creation or imposition of any encumbrance on any properties or assets of the Company. No consent, approval, permit, governmental order, declaration or filing with, or notice to, any governmental authority is required by or with respect to the Seller in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. For purposes hereof, “Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law of any Governmental Authority.

(d) Consents. All consents, approvals or authorizations of, or registrations, filings or declarations with, any governmental authority or any other person, if any, required in connection with the execution, delivery and performance by the Sellers of this Agreement or the transactions contemplated hereby have been or at the closing of this Agreement will have been obtained by the Seller and will be in full force and effect.

(e) Full Disclosure. No representation or warranty by Seller in this Agreement or any certificate or other document furnished or to be furnished to Buyer pursuant to this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading.

(f) Contingencies. Seller shall provide completed Title Report to Buyer. Sales price shall be adjusted accordingly should the results of the Title Report indicate anything contrary to this Agreement.

5. Representations and Warranties of Buyer.

(a) Authority; Capacity to Purchase. Buyer is duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization and has all requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action on the part of the Buyer, and constitutes a legal, valid and binding obligation of such Buyer, enforceable against the Buyer in accordance with its terms, except as such enforceability may be limited by: (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the enforcement of creditors' rights generally; and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

(b) No Conflicts’ Consents. The execution, delivery and performance by Buyer of this Agreement and the consummation of the transactions contemplated hereby, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the certificate of incorporation, by-laws or other organizational documents of Buyer; (b) conflict with or result in a violation or breach of any provision of any Law or governmental order applicable to Buyer; or (c) require the consent, notice or other action by any person under any contract to which Buyer is a party. No consent, approval, permit, governmental order, declaration or filing with, or notice to, any governmental authority is required by or with respect to Buyer in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

6. Limitation of Liability.

In no event shall Seller be liable for any special, indirect, incidental or consequential damages arising out of or connected with this Agreement or the Property, regardless of whether a claim is based on contract, tort, strict liability or otherwise, nor shall Buyer's damages exceed the amount of the purchase price of the Property.

7. Notices.

Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given to the appropriate party by personal delivery or by certified mail, postage prepaid, or recognized overnight delivery services.

If to Seller:

Geronimo Holding Corporation

P.O. Box 804

Midland, TX 79702

If to Buyer:

American Standard Energy, Corp.

60 East Rio Salado Parkway

Suite 900

Tempe, AZ 85281

8. Governing Law.

This Agreement shall be construed and enforced in accordance with the laws of the state of Nevada.

9. Final Agreement.

This Agreement terminates and supersedes all prior understandings or agreements on the subject matter hereof. This Agreement may be modified only by a further writing that is duly executed by both parties.

10. Severability.

If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included.

11. Headings.

Headings used in this Agreement are provided for convenience only and shall not be used to construe meaning or intent.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written.

Geronimo Holding Corporation			American Standard Energy, Corp.

By:	/s/Randall Capps	By:	/s/Scott Feldhacker
Randall Capps			Scott Feldhacker
President			Chief Executive Officer

EXHIBIT A

	Well Name	Status	NDIC File #		Location		Target Frm.	AFE Amt.		Spud Dt.	Comp. Dt.	Last Mo. Oil		Cum. Oil		Oil IP		Last Mo. Gas		Cum Gas		Spacing		XOG WI			NRI		Net Acres		Operator
1	Kandiyohi 2-20H	Producing		18554		20-159-90	Bakken	$	4,890,705.00	1/21/2010			3422		16281								640		1.71875	%		0.78000		11.00001	EOG Resources
2	Lisa Diane #15-22H	Producing		18723		15-156-96	Bakken	$	6,347,000.00	4/11/2010			4963		24610		608		8231		14567		1280		0.17578	%		0.75000		2.25003	Murex Petr.
3	RS-Brady-157-91-2223H-1	Producing		17497		22-157-91	Bakken	$	6,192,879.67	9/17/2008	11/6/2008		1539		60108		194		0		30618		1280		0.66707	%		0.81000		8.53847	Hess Corporation
4	Burke 17-23H	Producing		17949		23-155-90	Bakken	$	5,197,900.00	2/22/2009	7/17/2009		1001		20967		80		287		5425		640		7.99805	%		0.76000		51.18750	EOG Resources
5	Burke 27-7H	Producing		18164		7-155-90	Bakken	$	4,802,787.00	9/9/2009	11/21/2009		6458		84219		676		2851		32265		640		2.25457	%		0.78000		14.42922	EOG Resources
6	Clearwater 100-19H	Producing		18329		19-157-90	Bakken	$	4,935,075.00	11/1/2009	1/12/2010		2830		36626		249		1197		14925		640		0.23597	%		0.82000		1.51019	EOG Resources
7	Lazy DE #24-7H	Producing		17797		7-146-93	Bakken	$	5,756,180.00	5/23/2009	7/31/2009		3636		47316		499	2075			22005		1280		4.19761	%		0.77000		53.72941	Marathon
8	Lazy DE #34-7H	Producing		18382		7-146-93	Bakken	$	5,204,480.00	2/18/2010	6/9/2010		1356		11348		267		210		3154		1280		4.19759	%		0.77000		53.72910	Marathon
9	Ward 11X-23	Producing		18510		23-154-95	Bakken	$	5,856,000.00	1/30/2010	4/19/2010		10020		71324		1462		62		204		1280		1.32540	%		0.78000		16.96513	XTO Energy Inc.
10	Trulson 11-14H	Producing		18528		11-156-90	Bakken	$	6,032,000.00	3/20/2010	5/31/2010		10491		55313		1274		4750		20650		1280		0.02930	%		0.79000		0.37500	Hunt Oil Company
11	Kerbaugh 31X-04	Producing		18667		4-155-96	Three Forks	$	5,404,000.00	3/12/2010	5/14/2010		4168		29205		642		7849		45143		1280		1.56210	%		0.75000		19.99493	XTO Energy Inc.
12	Van Hook 7-23H	Producing		18504		23-152-91	Bakken	$	4,242,360.00	3/10/2010			22109		129475				11867		48679		640		1.07344	%		0.74000		6.87000	EOG Resources
13	Allie 31X-24	Producing		18494		24-155-95	Bakken	$	5,518,000.00	3/21/2010	5/21/2010		4314		27094				5824		23419		1280		1.35228	%		0.75000		17.30916	XTO Energy Inc.
14	Clearwater 010-03H	Producing		17786		3-157-90				4/19/2010			10047		27845								640		1.04056	%		0.78000		6.65959	EOG Resources
15	Cvancara 20-17 #1H	Drilling		19513		20-155-92	Bakken	$	7,732,500.00	9/20/2010													1280		0.44271	%		0.78000		5.66670	Brigham Oil and Gas
16	Harriet #1-22H	Completing		18904		22-160-96	Bakken	$	5,225,760.00	9/24/2010													1280		0.25391	%		0.78000		3.25000	Continental Resources
17	Kjorstad 5300 24-22H	Completing		19030		22-153-100	Bakken	$	7,148,450.00	7/24/2010													1280		0.41250	%		0.78000		5.28000	Oasis Petroleum
18	Wolberg 21-18H	Completing		19088		18-141-95	Bakken	$	7,139,145.00	7/9/2010													1280		0.78106	%		0.78000		9.99750	Anschutz Exploration Corp.
19	Orf #1-20H	Completing		19161		17-146-98	Bakken	$	5,678,000.00	8/1/2010													1280		0.58594	%		0.78000		7.50000	Continental Resources
20	Mosser #11-27TFH	Completing		19084		27-145-104	Three Forks	$	7,425,500.00	8/20/2010													1280		1.56250	%		0.78000		20.00000	Whiting Petroleum
21	Clearwater 8-0506	Completing		18539		5-157-90	Bakken	$	7,302,000.00	9/16/2010													1280		0.52421	%		0.78000		6.70984	EOG Resources
22	Clearwater 102-0506H	Producing		19336		5-157-90	Three Forks	$	7,302,000.00	8/23/2010				3138 (11 days)									1280		0.52421	%		0.78000		6.70984	EOG Resources
23	Sidonia 17-1324H	Completing		18479		24-158-90	Bakken	$	6,799,400.00	8/15/2010													1280		1.87500	%		0.78000		24.00000	EOG Resources
24	Lansing 1-25H	Completing		19126		25-152-99	Bakken	$	5,917,000.00	6/16/2010													1280		0.46094	%		0.78000		5.90000	Continental Resources
25	Hodenfield 15-23H	Completing		19318		23-157-98	Bakken	$	8,432,152.00	8/20/2010													1280		0.31250	%		0.78000		4.00000	American Oil and Gas
26	Knoshaug 14-11 #1H	Completing		19406		14-154-100	Bakken	$	7,800,000.00	9/17/2010													1280		0.29605	%		0.78000		3.78948	Brigham Oil and Gas
																														367.35110

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