First Amendment to Acquisition and Consulting Agreement between MAB Resources LLC and PetroHunter Energy Corporation

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Summary

This amendment updates the original Acquisition and Consulting Agreement between MAB Resources LLC and PetroHunter Energy Corporation. It changes certain terms about royalty interests, share issuance, and property interests, specifically excluding Montana and Utah properties from the agreement. PetroHunter agrees to issue additional shares to MAB and execute a promissory note as further consideration. Some schedules and sections of the original agreement are deleted or modified, and the agreement is retroactively terminated for Montana and Utah properties. All other terms of the original agreement remain in effect.

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EX-10.1 2 exh10-1_agmt.htm EXHIBIT 10-1 AGMT exh10-1_agmt.htm
 
 
 
 
 
 
 
 
 
 
EXHIBIT 10.1
 
FIRST AMENDMENT TO ACQUISITION AND CONSULTING AGREEMENT
BETWEEN MAB RESOURCES LLC AND PETROHUNTER ENERGY CORPORATION
DATED OCTOBER 18, 2007
 
 
 

 
 
 
 
FIRST AMENDMENT TO
ACQUISITION AND CONSULTING AGREEMENT


THIS FIRST AMENDMENT (“First Amendment”) is made this 18th day of October, 2007, by and between MAB Resources LLC (“MAB”) and PetroHunter Energy Corporation (“PetroHunter”), and is an amendment to that certain Acquisition and Consulting Agreement between MAB and PetroHunter, dated effective January 1, 2007 (the “Original Agreement”).
 
The Parties agree as follows:
 
1.           Section 3.2(a) of the Original Agreement is hereby amended to provide that the Reserved ORRI: “(a) will not apply to or burden the any lease within the states of Montana or Utah, and will not apply to burden any lease within the area known as the Piceance II properties (as defined in the applicable Underlying Agreement) in any respect, effective October 1, 2007”.
 
2.           Section 3.3 of the Original Agreement is hereby deleted in its entirety, effective January 1, 2007, and replaced with the following:
 
“3.3       PetroHunter Shares.  In addition to being subject to the Reserved ORRI, PetroHunter shall issue and deliver to MAB the following shares and shall execute the Promissory Note described in Section 3.5, as further consideration for MAB’s assignment and relinquishment of the MAB Working Interest: Within thirty days after Closing, PetroHunter shall issue to MAB fifty million (50,000,000) shares of its common stock, valued as of the close of trading on December 29, 2006, which is $1.62 (US) per share.  No later than November 15, 2007, PetroHunter shall also issue to MAB twenty-five million (25,000,000) additional shares of its common stock.”
 
3.           Schedules 1 and 2 under the Original Agreement, as well as any references to “Schedule 1” or “Schedule 2”, shall be deleted in their entirety.
 
4.           The Original Agreement shall be terminated, effective retroactively to January 1, 2007, with respect to MAB’s rights, interests and obligations and with respect to all of PetroHunter’s (including its subsidiaries and affiliates) rights, interests and obligations pertaining in any manner to oil and gas property interests in the states of Montana and Utah.
 
5.           Article 5 of the Original Agreement is hereby deleted in its entirety, effective October 1, 2007, except for Section 5.3(f), which shall remain in effect.
 
6.           The defined terms in the Original Agreement shall apply to this First Amendment.
 
7.           Except as expressly stated herein, the Original Agreement shall remain in full force and effect.
 
 
 
 
 
IN WITNESS WHEREOF, the Parties have executed this First Amendment as of the date first stated above.
 

MAB RESOURCES LLC


By:   /s/ Marc A. Bruner___________________
      Marc A. Bruner, President



PETROHUNTER ENERGY CORPORATION


By:     /s/ David E. Brody                                      
Title:     Vice President and General Counsel