PROMISSORY NOTE

 

US $61,500

Maturity: August 5, 2012

 

FOR VALUE RECEIVED, SAGA ENERGY, INC., a Florida corporation, having its principal office at 1509 East Chapman Ave, Orange, CA 92866, (“Maker”) promise to pay to the order of Blue Sky Energy and Power, Inc., a Delaware corporation (“Holder”/”Payee”) the sum of Sixty One Thousand and Five Hundred United States Dollars (US $61,500), together with an interest at a rate 7% per month.

 

The effective date for the purpose of the calculation of the interest will be August 5, 2011. The entire principal, along with any accrued unpaid interest shall be fully and immediately payable on the Maturity Date. The note is not secured by the issuer’s assets. Should the parties wish to extend the terms of the loan then such extension will be made with a written amendment by the parties and at the negotiated interest rate for the extension period.

 

This note shall take effect as a sealed instrument and be enforced in accordance with the laws of the State of California.

 

 

 

US $10,000

Maturity: August 16, 2012

 

FOR VALUE RECEIVED, SAGA ENERGY, INC., a Florida corporation, having its principal office at 1509 East Chapman Ave, Orange, CA 92866, (“Maker”) promise to pay to the order of Blue Sky Langsa, Ltd., a Mauritius corporation (“Holder”/”Payee”) the sum of Ten Thousand United States Dollars (US $10,000), together with an interest at a rate 7% per month.

 

The effective date for the purpose of the calculation of the interest will be August 16, 2011. The entire principal, along with any accrued unpaid interest shall be fully and immediately payable on the Maturity Date. The note is not secured by the issuer’s assets. Should the parties wish to extend the terms of the loan then such extension will be made with a written amendment by the parties and at the negotiated interest rate for the extension period.

 

This note shall take effect as a sealed instrument and be enforced in accordance with the laws of the State of California.

 

 

 

US $500

Maturity: On Demand

 

 

FOR VALUE RECEIVED, SAGA ENERGY, INC., a Florida corporation, having its principal office at 1509 East Chapman Ave, Orange, CA 92866, (“Maker”) promise to pay to the order of Blue Sky Energy and Power, Inc., a Delaware corporation (“Holder”/”Payee”) the sum of Five Hundred United States Dollars (US $500), together with an interest at a rate 7% per month.

 

The effective date for the purpose of the calculation of the interest will be September 14, 2011. The entire principal, along with any accrued unpaid interest shall be fully and immediately payable on demand by Holder. The note is not secured by the issuer’s assets. Should the parties wish to extend the terms of the loan then such extension will be made with a written amendment by the parties and at the negotiated interest rate for the extension period.

 

This note shall take effect as a sealed instrument and be enforced in accordance with the laws of the State of California.

 

 

 

US $5,000

Maturity: October 3, 2012

 

FOR VALUE RECEIVED, SAGA ENERGY, INC., a Florida corporation, having its principal office at 1509 East Chapman Ave, Orange, CA 92866, (“Maker”) promise to pay to the order of Blue Sky Energy and Power, Inc., a Delaware corporation (“Holder”/”Payee”) the sum of Five Thousand United States Dollars (US $5,000), together with an interest at a rate 7% per month.

 

The effective date for the purpose of the calculation of the interest will be October 3, 2011. The entire principal, along with any accrued unpaid interest shall be fully and immediately payable on October 3, 2012. The note is not secured by the issuer’s assets. Should the parties wish to extend the terms of the loan then such extension will be made with a written amendment by the parties and at the negotiated interest rate for the extension period.

 

This note shall take effect as a sealed instrument and be enforced in accordance with the laws of the State of California.

 

 

 

US $22,126.49

Maturity: On Demand

 

FOR VALUE RECEIVED, SAGA ENERGY, INC., a Florida corporation, having its principal office at 1509 East Chapman Ave, Orange, CA 92866, (“Maker”) promise to pay to the order of Ilyas Chaudhary, an individual (“Holder”/”Payee”) the sum of Twenty Two Thousand, One Hundred and Twenty Six United States Dollars and Forty Nine Cents (US $22,126.49), together with an interest at a rate 7% per month.

 

The effective date for the purpose of the calculation of the interest will be October 3, 2011. The entire principal, along with any accrued unpaid interest shall be fully and immediately payable on demand. The note is not secured by the issuer’s assets. Should the parties wish to extend the terms of the loan then such extension will be made with a written amendment by the parties and at the negotiated interest rate for the extension period.

 

This note shall take effect as a sealed instrument and be enforced in accordance with the laws of the State of California.

 

 

 

US $173,000

Maturity: October 28, 2012

 

FOR VALUE RECEIVED, SAGA ENERGY, INC., a Florida corporation, having its principal office at 1509 East Chapman Ave, Orange, CA 92866, (“Maker”) promise to pay to the order of Blue Sky Energy and Power, Inc., a Delaware corporation (“Holder”/”Payee”) the sum of One Hundred and Seventy Three Thousand United States Dollars (US $173,000), together with an interest at a rate 7% per month.

 

The effective date for the purpose of the calculation of the interest will be October 28, 2011. The entire principal, along with any accrued unpaid interest shall be fully and immediately payable on the Maturity Date. The note is not secured by the issuer’s assets. Should the parties wish to extend the terms of the loan then such extension will be made with a written amendment by the parties and at the negotiated interest rate for the extension period.

 

This note shall take effect as a sealed instrument and be enforced in accordance with the laws of the State of California.

 

 

 

US $1,000

Maturity: November 2, 2012

 

FOR VALUE RECEIVED, SAGA ENERGY, INC., a Florida corporation, having its principal office at 1509 East Chapman Ave, Orange, CA 92866, (“Maker”) promise to pay to the order of Blue Sky Energy and Power, Inc., a Delaware corporation (“Holder”/”Payee”) the sum of One Thousand United States Dollars (US $1,000), together with an interest at a rate 7% per month.

 

The effective date for the purpose of the calculation of the interest will be November 2, 2011. The entire principal, along with any accrued unpaid interest shall be fully and immediately payable on the Maturity Date. The note is not secured by the issuer’s assets. Should the parties wish to extend the terms of the loan then such extension will be made with a written amendment by the parties and at the negotiated interest rate for the extension period.

 

This note shall take effect as a sealed instrument and be enforced in accordance with the laws of the State of California.