Exhibit 10.3
August 29, 2007
Polaris Holdings, Inc.
Suite 120, 0000 Xxxxxxxxxxxx Xxxxx
Xxxxxxx XX 00000
Xxxxxxxxx: Xxxxxx Xxxxxx
Xxxx Ingolf,
Re: Acquisition & Participation Agreement
Velocity Oil & Gas, Inc. (“Velocity”) and Polaris Holdings, Inc. (“Polaris”) executed the above referred Agreement on or about August 8, 2007.
| 1.The Closing Date was stipulated to be September 1, 2007 (Clause 4).
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| 2.[Deleted] The Seller was to prepare and submit to Buyer for its review the proposed form of assignment at least 5 days prior to the Closing Date (Clause 4, last sentence). [Deleted]
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"Will be prepared by Xxxx Xxxx Xxxxxx"
| 3.The Buyer was to conduct due diligence and satisfy itself with a review if the technical and commercial data (Clause 6). No data has been received by Velocity and hence couldn’t complete its due diligence by the date (5 days prior to Closing) prescribed.
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In view of the above facts I propose that we amend the Agreement and make the Closing Date October 1, 2007.
Please indicate your agreement by countersigning this letter.
Sincerely Yours,
/S/ Xxxxx X. Xxxxxx /S/ Xxxxxx Xxxxxx
Xxxxx X. Xxxxxx Xxxxxx Xxxxxx
Xxxxxxxxx and CEO Polaris Holdings, Inc.
