Modification of Partnership Interest Purchase Agreement and Promissory Note between Natural Resource Group Gathering, LLC and New Frontier Energy, Inc.

Summary

This agreement modifies the original purchase agreement dated December 26, 2007, between New Frontier Energy, Inc. (NFE) and Natural Resource Group Gathering, LLC (NRGG), regarding NFE's purchase of NRGG's general partnership interest in Slater Dome Gathering, LLLP. The modification extends the maturity of a promissory note for one year under the same terms, with NFE making a payment of $207,443.71 on December 24, 2008. All other terms of the original agreement remain unchanged.

EX-10.1 2 nfe_8k-ex10x1.txt EXHIBIT 10.1 Exhibit 10.1 Modification of Partnership Purchase Agreement By and Among Natural Resource Group Gathering, LLC And New Frontier Energy, Inc. This instrument is intended to modify the agreement between the above parties dated December 26, 2007 and is to be effective as of December 24, 2008. WHEREAS the New Frontier Energy, Inc. (hereinafter "NFE") entered into a purchase agreement with Natural Resource Group Gathering, LLC's (hereinafter "NRGG") purchasing NRGG's general partnership interest in Slater Dome Gathering, LLLP (hereinafter "SDG") for a purchase of price of $1,075,000, of which $268,750 was paid by NFE at closing and executed a promissory note in the amount of $806,250.00 bearing 2.5% interest maturing on December 31, 2008. On August 5, 2008 NFE made an installment payment on the note in the amount of $213,877.14 consisting of principal in the amount of $201,562.50 and interest of $12,314.64 to that date. WHEREAS the parties desire to extend the promissory note for one year under the same terms and conditions with NFE making a payment on December 24, 2008 of $207,443.71 comprised of $201,562.50 and accrued interest to December 24, 2008 in the amount of $5,881.21. IN WITNESS WHEREOF, NFE and NRGG have caused this modification to the Promissory Note and Partnership Interest Purchase Agreement dated December 26, 2007 to be executed under seal by its duly authorized officers or members as of December 24, 2008. NEW FRONTIER ENERGY, INC. Natural resource Group Gathering, LLC By: /s/ Les Bates /s/ Paul G. Laird ----------------------- ------------------------------------- Les Bates Paul G. Laird Chief Financial Officer Managing Member