Second Amendment to Participation Agreement among SWEPI LP, Wolverine Gas and Oil Corporation, and Pacific Energy Resources Limited (Green River Basin, Wyoming)
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Summary
This Second Amendment updates the Participation Agreement dated August 30, 2005, between SWEPI LP, Wolverine Gas and Oil Corporation, and Pacific Energy Resources Limited for the Pacific Creek Prospect in Wyoming. The amendment revises the definitions of "Earning Depth" for two specific wells and clarifies the requirements for "Performance" under the agreement. All other terms of the original agreement, as previously amended, remain unchanged. The amendment is effective upon signature by all parties.
EX-10.14 64 per_s1-ex1014.txt EXHIBIT 10.14 PACIFIC ENERGY February 15, 2007 SWEPI LP 200 North Dairy Ashford Houston, Texas 77079 Attention: Mr. Spencer Cearley Onshore Land Wolverine Gas and Oil Corporation Richard D. Moritz, Vice President - Land One Riverfront Plaza - 55 Campau NW Grand Rapids, Michigan ###-###-#### Re: Second Amendment to Participation Agreement Modification of Definitions of Earning Depth and Performance Green River Basin, Wyoming Contract #: C-WY-035-050100 Gentlemen: We hereby propose the Second Amendment to that certain Participation Agreement dated August 30, 2005 by and between SWEPI LP ("Shell"), Wolverine Gas and Oil Corporation ("Wolverine"), and Pacific Energy Resources Limited ("Pacific") for the Pacific Creek Prospect, located in the Green River Basin, Wyoming. This Second Amendment will modify and amend certain definitions in the Participation Agreement as follows: First Well: Pacific Palidin #15-18 "Earning Depth" shall mean a minimum vertical depth of thirteen thousand eight hundred fifty (13,850) feet beneath the surface. Second Well: Ranger-1 "Earning Depth" shall mean minimum true vertical depth of 16,500 feet or a depth sufficient to penetrate the base of the Blair Formation, whichever is deeper. "Performance," "Performing," or "Performed" shall mean Pacific shall have, pursuant to the terms and conditions of the JOA and this Agreement: (i) made the Seismic Payment upon execution of this Agreement; and (ii) funded the drilling, testing and completion of the Test Wells to the Earning Depth as revised herein. Except as otherwise provided in this Second Amendment, all other terms and conditions of the Participation Agreement, as amended by the First Amendment dated October 31, 2006, shall remain in full force and effect. If you concur with this proposed Amendment, please sign and return one copy of this letter to the above address. If you have any questions or comments, please call me at ###-###-####. Sincerely, /s/ Darren Katic Darren Katic President -2- Agreed to and accepted this 16th day of Feb., 2007 SWEPI LP By: /S/ B. D. GRIFFIN ---------------------------------------- Title: Attorney-in-Fact Wolverine Gas and Oil Corporation By: /S/ RICHARD D. MORITZ, VICE PRESIDENT ---------------------------------------- Richard D. Moritz Title: Vice President -3-
