Promissory Note between Doral Energy Corp. and Green Shoe Investments Ltd. dated April 29, 2009
Doral Energy Corp. has agreed to repay Green Shoe Investments Ltd. $87,000 plus 5% annual interest by May 1, 2011. The note allows the lender to transfer or assign the debt, and Doral waives certain rights to notice and protest. Payment must be made to the current holder of the note if it is transferred. The agreement is signed by Doral Energy Corp.'s authorized representative.
SCHEDULE “A”
FORM OF PROMISSORY NOTE
PROMISSORY NOTE
| EXECUTED BY: | DORAL ENERGY CORP. (the "Borrower") |
| IN FAVOR OF: | GREEN SHOE INVESTMENTS LTD (the "Lender") |
| PRINCIPAL AMOUNT: | $87,000 (U.S.) |
| DUE DATE: | May 1, 2011 |
FOR VALUE RECEIVED the Borrower hereby promises to pay to or to the order of the Lender on or before May 1, 2011, the principal sum of $87,000 (U.S.), together with interest thereon at the rate of 5% per annum, calculated and compounded annually, both before and after maturity from the date hereof.
The Borrower waives presentment, demand, notice, protest and notice of dishonour and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Promissory Note.
The Borrower agrees this Promissory Note may be negotiated, assigned, discounted, or pledged by the Lender and in every case payment will be made to the holder of this Promissory Note instead of the Lender upon notice being given by the holder to the undersigned, and no holder of this Promissory Note will be affected by the state of accounts between the undersigned and the Lender or by any equities existing between the undersigned and the Lender and will be deemed to be a holder in due course and for the value of the Promissory Note held by him.
DATED at Midland, TX this 29th day of April, 2009.
DORAL ENERGY CORP.
by its authorized signatory:
________________________________
Everett Willard Gray, II
