Debt Settlement and Conversion Agreement between Nexgen Petroleum Corp. and Sek Toh Tan

Contract Categories: Business Operations › Settlement Agreements
Summary

Nexgen Petroleum Corp. and Sek Toh Tan have agreed to settle a $400,000 debt owed by the company to Mr. Tan. Instead of cash repayment, the debt will be converted into 2,352,941 shares of Nexgen Petroleum Corp. common stock at a price of $0.17 per share. Both parties have signed the agreement, which is effective as of September 7, 2010, with a deadline for acceptance by September 14, 2010.

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EX-10.1 2 v197251_ex10-1.htm
10 – 209 Pandan Valley
Singapore


September 7, 2010

Nexgen Petroleum Corp.
2808 Cowan Circle
Las Vegas, NV  89107

Attention: Mr. Hsien Loong Wong, CEO

Dear Sir:

Re:
Settlement and Conversion of US$400,000 debt owing from Nexgen Petroleum Corp. to Sek Toh Tan

I hereby agree to the settlement of the US$400,000 debt owed to me from Nexgen Petroleum Cop. (the “Company”) in exchange for the conversion of such debt into 2,352,941 shares of common stock of the Company at a conversion price of $0.17 per share.

If the foregoing is satisfactory, please indicate your agreement by executing a copy of this letter where indicated below and returning an originally signed copy to the undersigned on or before September 14, 2010.

I appreciate your prompt response and action in settling the above matter.

Yours truly,

         
/s/ Sek Toh Tan
    
 
  
SEK TOH TAN
    
 
  


The above terms and conditions are acknowledged and agreed to this 7th day of September, 2010.


NEXGEN PETROLEUM CORP.
per:

         
/s/ Hsien Loong Wong
    
 
  
(Authorized Signatory)