Amendment and Extension to Purchase and Option Agreement between TR Energy, Inc. and Armada Oil, Inc. (Bear Creek & Overland Trail Prospects, Carbon County, Wyoming)
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 confirms it will pay $736,000 to TR for the unit acreage, with the first installment of $250,000 due by April 15, 2013. All other terms from the original and prior amended agreements remain unchanged. This amendment is effective as of March 5, 2013.
EXHIBIT 10.1
March 5, 2013
Armada Oil Inc.
10777 Westheimer Rd.,
Suite 1100
Houston, TX 77042
Attn: Jim Cerna
RE: Amendment and Extension Purchase and Option Agreement Bear Creek Prospect & Overland Trail Prospect Carbon County, Wyoming
Dear Mr. Cerna:
Whereas in a Letter Agreement dated February 7, 2012 and amended September 25, 2012, and again amended January 10, 2013, 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 and all amendments need to be amended once again;
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 first installment of $250,000 as described on or before April 15, 2013.
All other terms of the original and amended agreements remain in place.
Regards,
W.L. Sudderth
Vice President of TR Energy, Inc.
Accepted this 5th day of March, 2013.
ARMADA OIL INC.
James J Cerna Jr.
CEO
