CONVERTIBLE PROMISSORY NOTETrue North Energy CORP • April 5th, 2007 • Crude petroleum & natural gas • Texas
FOR VALUE RECEIVED, the undersigned, True North Energy Corporation, a Nevada corporation (the "Obligor"), hereby promises to pay to the order of EH&P Investments AG (the "Holder"), the principal sum of Five Hundred Thousand Dollars ($500,000) payable as set forth below. The Obligor also promises to pay to the order of the Holder interest on the principal amount hereof at a rate of 8% per annum, which interest shall be payable as set forth below. Interest shall be calculated on the basis of the year of 365 days and for the number of days actually elapsed. The payments of principal and interest hereunder shall be made in coin or currency of the United States of America which at the time of payment shall be legal tender therein for the payment of public and private debts.
March 20, 2007True North Energy CORP • April 5th, 2007 • Crude petroleum & natural gas
This letter constitutes a letter of intent regarding the terms and conditions under which True North Energy Corporation (“Buyer”) is willing to acquire all interests of Angel LLC, CN Energy LLC, Swanson Energy Company, LLC, Fuel Exploration, LLC and MHBR Energy, LLC (collectively “Sellers”) in the units described above (the “Units”) together with the workover rig (the “Rig”) owned by Rocky Mountain Rig LLC (“RMR”), a wholly owned subsidiary of Sellers.
