Promissory Note between Richfield Oil & Gas Company and MacKov Investments Limited (November 2012)
Richfield Oil & Gas Company has borrowed a total of $65,000 from MacKov Investments Limited, with the loan provided in two installments in November 2012. The loan carries an interest rate of 10% per year, with interest payments due quarterly. The full amount is repayable on demand by MacKov. This agreement is related to the sale of MacKov’s overriding royalty interest to two trusts. Both parties have signed to confirm the terms.
Exhibit 10.36
PROMISSORY NOTE
| DATE OF NOTE #5: | November 16, 2012 & |
November 28, 2012
| PRINCIPLE AMOUNT: | $42,500 & |
$22,500 totaling
$65,000
| INTEREST RATE: | Ten percent (10.0%) per annum |
| HOLDER: | MacKov Investments Limited (“MacKov”) |
| MAKER: | Richfield Oil & Gas Company (“Richfield”) |
| DUE DATE: | On demand |
In conjunction with sale of MacKov’s Overriding Royalty Interest (“ORRI”) to Wendell Y.M. Lew Revocable Living Trust and the D. Mack Irrevocable Trust for proceeds of $42,500 on November 16, 2012 and $22,500 on November 28, 2012, respectively, MacKov provided a on demand loan to Richfield totaling $65,000 bearing interest at a rate of Ten percent (10.0%) per annum with the interest paid quarterly.
IN WITNESS WHEREOF, the Parties have set their hands, as of the date first above written.
| HOLDER: | MAKER: | |||
| MacKov Investments Limited | RICHFIELD OIL & GAS COMPANY | |||
| By: | /s/ Glenn G. MacNeil | By: | /s/ Michael A. Cederstrom | |
| Glenn G. MacNeil, | Michael A. Cederstrom, General Counsel and | |||
| President of MacKov Investments Limited | Corporate Secretary | |||
