EXHIBIT 10.17
July 15, 2004
Sent Via Facsimile (000) 000-0000
X.X. Xxxxxxx Investment, L.L.C. 00000 Xxxxxxx Xxxx, Xxxxx 000
Xxxxxxx, Xxxxx 00000
Attn: Xx. Xxxx X. Xxxxx
Re: Option Agreement for the Purchase of Oil & Gas Leases
Dated Xxxxx 0, 0000
Xxxxxxxxx:
Reference is made to that certain "Option Agreement for the Purchase of Oil and
Gas Leases" dated March 5, 2004, hereinafter referred to as the "Agreement",
between X.X. Xxxxxxx Investment, L.L.C. (herein referred to as "Addison"),
GulfWest Energy Inc. ("herein referred to as GulfWest"), and Setex Oil and Gas
Company ("herein referred to as "Setex"). Pursuant to the Agreement, Addison
granted GulfWest the option to acquire certain oil and gas leases and xxxxx
located in the Iola Field, Xxxxxx County, Texas.
This letter agreement sets forth the mutual agreement of Addison and GulfWest to
extend until April 1, 2005, the expiration of the Option Term set forth in
Article II of the Agreement. The Option Term may be further extended by mutual
agreement of the parties.
Except as herein expressly provided, the Agreement shall be otherwise unaffected
by this letter agreement and shall remain in full force and effect.
Sincerely,
/S/ XXXXXX X. XXXXXXX
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Xxxxxx X. Xxxxxxx
President
Agreed to and acknowledged this 15th day of July 2004.
X.X. Xxxxxxx Investment, L.L.C.
/S/ XXXX X. XXXXX
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Xxxx X. Xxxxx
President
