Promissory Note and Warrant Agreement between GeoPetro Resources Company and Stuart J. Doshi
GeoPetro Resources Company agrees to repay Stuart J. Doshi $100,000 on demand, with 10% annual interest starting March 20, 2012, payable quarterly or upon early repayment. In addition, GeoPetro will issue 20,000 warrants to Doshi or his designees, allowing them to buy company stock at $0.50 per share for three years. The agreement is signed by company officers.
EXHIBIT 10.34
PROMISSORY NOTE
| Amount: $100,000 |
| Date: March 20, 2012 |
For value received, the undersigned, GeoPetro Resources Company (“Payor”), hereby promises to pay on demand to Stuart J. Doshi (“Holder”) the principal sum of One Hundred Thousand ($100,000.00) with interest from March 20, 2012 at a rate of ten percent (10%) per annum, payable quarterly, or upon repayment of the loan in the event that the loan is repaid earlier. Additionally, the Company will issue 20,000 warrants to purchase 20,000 shares of GeoPetro Resources Company’s common stock to the Holder or his designee(s) at an exercise price of $0.50 per share, good for three (3) years.
| Signed by: |
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| GeoPetro Resources Company |
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| /s/ David V. Creel |
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| David V. Creel |
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| Vice President |
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| /s/ Dale W. Dvoracek |
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| Dale W. Dvoracek |
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| Controller |
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