Amendment No. 2 to Second Amended and Restated Promissory Note between Canadian Forest Oil Ltd. and Forest Oil Corporation
Canadian Forest Oil Ltd. and Forest Oil Corporation have agreed to amend their existing promissory note. Effective June 15, 2010, the maximum principal amount that Canadian Forest Oil Ltd. may owe to Forest Oil Corporation under the note is increased from $250 million to $500 million. All other terms of the promissory note remain unchanged and are reaffirmed by both parties.
Exhibit 10.11
Amendment No. 2 to
Second Amended and Restated Promissory Note
of
Canadian Forest Oil Ltd.
WHEREAS, Canadian Forest Oil Ltd. (the Corporation) previously has executed and delivered a Second Amended and Restated Promissory Note (the Promissory Note), payable to Forest Oil Corporation, as the Holder (Forest), in the maximum principal amount of US$200,000,000;
WHEREAS, effective as of May 13, 2010, the Corporation and Forest agreed to amend the Promissory Note to increase the maximum principal amount thereof to US$250,000,000; and
WHEREAS, the Corporation and Forest have agreed to again amend the Promissory Note to increase the maximum principal amount thereof to US$500,000,000.
NOW, THEREFORE, the Promissory Note shall be amended as follows:
1. Effective as of June 15, 2010, all references to the aggregate principal amount that may be outstanding under the Promissory Note shall be increased to $500,000,000.
2. The Promissory Note, as amended hereby, is ratified and reaffirmed in all respects.
IN WITNESS WHEREOF, the Corporation has hereunto set its hand effective for all purposes.
| CANADIAN FOREST OIL LTD. | |
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| By: | /s/ David M. Anderson |
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| David M. Anderson |
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| President |
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