PURCHASE AND SALE AGREEMENT BY AND AMONG PACIFIC ASIA PETROLEUM, INC. CAMAC ENERGY HOLDINGS LIMITED CAMAC INTERNATIONAL (NIGERIA) LIMITED AND ALLIED ENERGY PLC Dated: November 18, 2009Purchase and Sale Agreement • November 23rd, 2009 • Pacific Asia Petroleum Inc • Drilling oil & gas wells • New York
THIS PURCHASE AND SALE AGREEMENT, dated as of November 18, 2009 (this “Agreement”), by and among PACIFIC ASIA PETROLEUM, INC., a corporation incorporated in the State of Delaware, USA (“PAPI” and together with the new entity to be formed by PAPI pursuant to Section 7.12 hereof (“PAPI Newco”), the “PAPI Parties”); CAMAC ENERGY HOLDINGS LIMITED, a Cayman Islands company (“CEHL”); CAMAC INTERNATIONAL (NIGERIA) LIMITED, a company incorporated in the Federal Republic of Nigeria (“CINL”) and a wholly-owned subsidiary of CEHL; and ALLIED ENERGY PLC (formerly, Allied Energy Resources Nigeria Limited, a company incorporated in the Federal Republic of Nigeria and a wholly-owned subsidiary of CEHL (“Allied,” and together with CEHL, and CINL, the “CAMAC Parties”). Each of the Parties to this Agreement is individually referred to herein as a “Party” and collectively as the “Parties.” Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed to them in Anne
