Termination Letters for Field Operating and Oil & Gas Administration Services Agreements between Mission Resources Corporation and Torch Energy Services, Inc./Novistar, Inc.

Summary

Mission Resources Corporation is formally notifying Torch Energy Services, Inc. and Novistar, Inc. of its decision to terminate two separate service agreements, effective June 30, 2002. The letters provide the required advance notice as specified in the agreements. After the termination date, Mission Resources will have no further obligations under these agreements, and no termination fees are due. The parties acknowledge the professional relationship and confirm the end of services as of the specified date.

EX-10.2 4 dex102.txt LETTER OF TERMINATION FOR JUNE 30, 2002 Exhibit 10.2 [LOGO] MISSION RESOURCES Wednesday, January 30, 2002 Kent Rogers Vice President - Houston Operations Torch Energy Services 1221 Lamar Street, Suite 1600 Houston, TX 77010-3030 Kent: Pursuant to paragraph 1 in our Restated and Amended Field Operating Services Agreement, that was executed by you, on behalf of Torch Energy Services, Inc. (TES) and Joe Nicknish, on behalf of Mission Resources Corporation (MSSN) effective July 1, 2001, this letter will serve as formal 120 days notice of our intent to terminate the agreement. MSSN has enjoyed our relationship and appreciates the commitment that TES has demonstrated over the last several months. We expect that same level of commitment to continue through the termination date of our contract which is 06/30/2002. As our termination date approaches, MSSN will evaluate operational needs and respond accordingly. Should you have any questions, please advise. /s/ Stephen W. Turk Stephen W. Turk Operations Manager Mission Resources Corporation Cc Doughlas Manner Jon Clarkson Joe Nicknish Kent Williamson Dan Foley Byron Yeatman Ann Kaesermann * 1331 LAMAR, SUITE 1455 HOUSTON, TEXAS 77010-3039 TEL ###-###-#### FAX ###-###-#### WWW.MISSIONRESOURCESCORP.COM [LOGO] MISSION RESOURCES February 1, 2002 Mr. J. P. Bryan Torch Energy Advisors, Inc. 1221 Lamar, Suite 1600 Houston, Texas 77010 Dear J.P.: Pursuant to Section 1 of the Restated and Amended Oil and Gas Administration Services Agreement between Mission Resources Corporation and Novistar, Inc., Mission is electing to terminate such Agreement between Mission and Novistar. The termination date is June 30, 2002. As required in the Agreement, the termination date is at least 90 days from the date of notice. Since there will be no Base or Variable Fees remaining in this Agreement, calculated from the termination date, no termination fee is required. The termination of the Agreement will relieve Mission of any and all future obligations associated with the Agreement. We appreciate the very professional and efficient execution of the Agreement by Novistar over the past years. Sincerely, /s/ Jon Clarkson Jon Clarkson President Acknowledged and Agreed /s/ J.P. Bryan - -------------- J.P. Bryan * 1331 LAMAR, SUITE 1455 HOUSTON, TEXAS 77010-3039 TEL ###-###-#### FAX ###-###-#### WWW.MISSIONRESOURCESCORP.COM