Termination Agreement for ORRI Payment Deferral Side Letter between Tri-Valley Entities and George T. Gamble 1991 Trust
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Summary
Tri-Valley Corporation and Tri-Valley Oil & Gas Co. have agreed with the George T. Gamble 1991 Trust to terminate a previous side letter that deferred payment of accrued overriding royalties. This termination is effective retroactively as of April 3, 2012, making the side letter null and void from the start. The agreement confirms that no obligations remain under the deferral arrangement.
EX-10.7 10 a50267699ex10_7.htm EXHIBIT 10.7 Unassociated Document
Exhibit 10.7
May 1, 2012
George T. Gamble 1991 Trust
c/o G. Thomas Gamble, Trustee
P.O. Box 128
Oakville, CA 94562
Re: Termination of ORRI Payment Deferral Side Letter
Dear Tom:
On behalf of Tri-Valley Corporation, a Delaware corporation (“Tri-Valley”), and Tri-Valley Oil & Gas Co., a California corporation (“TVOG”), we hereby acknowledge, confirm and agree that the side letter regarding payment deferral of accrued overriding royalties, dated April 3, 2012, by and among Tri-Valley, TVOG and the George T. Gamble 1991 Trust, is hereby terminated in its entirety effective as of April 3, 2012, and rendered null and void ab initio.
| Sincerely, | ||
| Tri-Valley Oil & Gas Co. | ||
| By: /s/ Maston N. Cunningham | ||
| Maston N. Cunningham, President | ||
| and Chief Executive Officer | ||
| Tri-Valley Corporation | ||
| By: /s/ Maston N. Cunningham | ||
| Maston N. Cunningham, President | ||
| and Chief Executive Officer | ||
