Amendment and Extension to Purchase and Option Agreement between TR Energy, Inc. and Armada Oil, Inc. (Bear Creek & Overland Trail Prospects)
TR Energy, Inc. and Armada Oil, Inc. have agreed to amend their previous Purchase and Option Agreement regarding certain lands in Carbon County, Wyoming. Armada will pay TR a total of $736,000 for the unit acreage in three installments, with specific due dates in early 2013. All verified outstanding expenses will be paid upon the close of a merger. All other terms from the original and amended agreements remain unchanged.
EXHIBIT 10.1
January 10, 2013
Armada Oil Inc.
10777 Westheimer Rd. Suite 1100
Houston, TX 77042
| Attn: David Moss & Jim Cerna |
| RE: | Amendment and Extension Purchase and Option Agreement Carbon County, Wyoming |
Dear Mr. Moss and Mr. Cerna:
Whereas in a Letter Agreement dated February 7, 2012 and amended September 25, 2012, TR Energy, Inc. (TR), and Armada Oil, Inc. (Armada) did enter into a Purchase and Option Agreement covering certain lands in Carbon County, Wyoming; and whereas, both TR and Armada agree that certain terms of the original agreement need to be amended;
Now, therefore, both TR and Armada agree to the following terms:
1. Armada acknowledges that it has executed the option to pay the $736,000 to TR for the Unit acreage. The Unit acreage shall remain as described in the original agreement. Armada shall pay the $736,000 to TR in three installments, as follows:
(a) The first installment of $250,000 is due and payable on or before February 28, 2013
(b) The second installment of $243,000 is due and payable on or before April 30, 2013
(c) The third and final installment of $243,000 is due and payable on or before May 1,
2013
All outstanding verified expenses will be paid in full upon merger close. All other terms of the original and amended agreement remain in place.
Regards,
W.L. Sudderth
Vice President of TR Energy, Inc.
Accepted this l0th day of January, 2013.
ARMADA OIL INC.
James J Cerna Jr.
CEO
