Reef Oil & Gas Income & Development Fund III LP Watch

from 8-K 2 pages December 2, 2015 California Land Department Resources Corporation 111 West Ocean Blvd., Suite 800 Long Beach. Ca 90802 W. Shane Jones Reef Oil & Gas Companies 1901 N. Central Expressway, Suite 300 Richardson. Tx 75080 Re: Offer to Purchase Oil. Gas and Mineral Interest Wilmington Oil Field, Long Beach Unit - Reef’ Partners Income & Dev II - Reef Income & Development III Dear Mr. Jones, Pursuant to Your Discussions With Bob Grundstorm Our Vp of Planning and New Ventures, I Am Writing to You on Behalf of California Resources Long Beach, Inc. (“Crc”). Crc Is the Operator of Certain Portions of the Wilmington Oil Field in Los Angeles County, California. This Letter Constitutes Crc’s Offer to Purchase the Interests in the Oil, Gas and Minerals and Your Unit Participation in the Long Beach Unit of Reef Partners Income & Dev II Reef and Reef Income & Development III (Collectively, “Reef”). Crc’s Offer Is for the Sum of S 1,000,000.00 for Reef’s 0.186253% Interest in the Long Beach Unit. This Offer Is Subject to Verification of Reef’s Ownership Interest And. if Needed, Obtaining a Release of Any Mortgage, Lien or Other Encumbrance on the Interest and Any Title Curative We May Determine Is Appropriate to Insure That Reef Has Clear Title to the Interest. This Offer Shall Remain Open for Seven (7) Clays From the Date of This Letter After Which Time It Will Become Null and Void. Crc Has the Approvals, Funding and Resources Available to Complete This Acquisition on or Before December 31”, 2015 and Is Committed to Working Diligently to Execute This Transaction in a Timely Manner. if This Is Acceptable, Please Sign and Return the Attached Acceptance of Offer to Purchase Form. Crc Will Provide Our Form Quitclaim Deed for Your Review at That Time. Respectfully, Cambria Rivard Land Negotiator California Resources Long Beach. Inc

from 8-K 78 pages Purchase and Sale Agreement

from 8-K 52 pages Material contract

from 8-K 5 pages Material contract

from 8-K 3 pages Promissory Note

from 8-K 15 pages Security Agreement (General) by Reef Oil & Gas Income and Development Fund III, L.P. in Favor of Texas Capital Bank, N.A. June 30, 2010

from 8-K 37 pages Assignment, Conveyance and Bill of Sale

from 8-K 63 pages Agreement

from 8-K 3 pages Reference Is Made to That Certain Purchase and Sale Agreement Dated December 18, 2009 and Effective as of December 1, 2009 by and Between Rcwi, L.P. (“Buyer”) and Azalea Properties, Ltd. (“Seller”) Providing for the Purchase by Buyer of Certain Assets of Seller (The “Psa”). All Capitalized Terms Used Herein and Not Otherwise Defined Shall Have the Meanings Set Forth in the Purchase Agreement

from 8-K 11 pages Mr. H. Walt Dunagin Executive Vice President Reef Oil & Gas Partners, L.P. Reef Exploration, L.P. 1901 North Central Expressway, Suite 300 Richardson, Texas 75080 Re: Post Closing Properties/Title Defect Notice Dear Walt

from 8-K 7 pages Reference Is Made to That Certain Purchase and Sale Agreement Dated December 18, 2009 and Effective as of December 1, 2009 by and Between Rcwi, L.P. (“Buyer”) and Azalea Properties, Ltd. (“Seller”) Providing for the Purchase by Buyer of Certain Assets of Seller (The “Psa”). All Capitalized Terms Used Herein and Not Otherwise Defined Shall Have the Meanings Set Forth in the Psa. This Letter Agreement (“Letter”) Shall Set Forth the Understanding of Buyer and Seller With Regard to the Proven Undeveloped (“Pud’s”) Opportunities. by Their Execution Hereof, Buyer and Seller Agree as Follows: 1. Pursuant to Section 2.02(a) of the Psa, the Purchase Price to Be Paid by Buyer to Seller at Closing Shall Be Adjusted Upward by the Amount of $966,897.00, Representing the Allocated Value of the Pud’s for Which Seller Has Provided Supporting Documentation as of the Closing Date

from 8-K 27 pages Purchase and Sale Agreement

from 8-K 40 pages Purchase and Sale Agreement

from 10-12G 22 pages Casinghead Gas Contract Slaughter Plant Cochran, Hockley and Terry Counties, Texas Casinghead Gas Contract

from 10-12G 4 pages Consulting Agreement

from 10-12G 6 pages Crude Oil Contract

from 10-12G 7 pages Assignment

from 10-12G 105 pages Purchase and Sale Agreement

from 10-12G 39 pages Material contract

from 10-12G 49 pages Material contract