PATCH ENERGY INC. Suite 600 595 Hornby Street Vancouver, B.C. V6C 1A4Patch Energy Inc • July 31st, 2003
The following are the terms and conditions upon which Patch Energy Inc. (the "Company") is prepared to contract with you to provide the services of David Stadnyk to the Company. By signing this letter agreement you accept the following terms and conditions:
PARTICIPATION AGREEMENTParticipation Agreement • July 31st, 2003 • Patch Energy Inc
Pursuant to the terms of a farmout and joint operating agreement dated May 1, 2002 (the "Farmout Agreement") between Patch, True Energy Inc. and Arsenal Energy Inc., Patch has earned a 12.5% interest (the "Interest") in the Farmout Lands (as defined in the Farmout Agreement);
PATCH ENERGY INC. Suite 600 595 Hornby Street Vancouver, B.C. V6C 1A4Patch Energy Inc • July 31st, 2003
The following are the terms and conditions upon which Patch Energy Inc. (the "Company") is prepared to contract with you to provide certain management services to the Company. By signing this letter agreement you accept the following terms and conditions:
PATCH ENERGY INC. Suite 600 595 Hornby Street Vancouver, B.C. V6C 1A4Patch Energy Inc • July 31st, 2003
Further to earlier communications with you, we confirm that Patch has now clarified the terms of its ongoing participation in the drilling of wells on the Farmout Lands (as that term is defined in the Participation Agreement). In this regard, it has now been confirmed that Patch's ability to continue to earn a 12.5% interest in any wells drilled on the Farmout Lands is contingent upon Patch paying 15.625% of the costs associated with such wells. Therefore, this letter will serve to confirm that, for good and valuation consideration, the receipt and sufficiency of which is acknowledged by you, it has been agreed to amend the terms of the Participation Agreement so that the reference to the "Costs" shall be to 2.5%, the costs associated with the Second Program (as that term is defined in the Participation Agreement).
FARMOUT AND JOINT OPERATING AGREEMENTFarmout and Joint Operating Agreement • July 31st, 2003 • Patch Energy Inc
TRUE ENERGY INC. a body corporate, having a place of business in the City of Calgary, in the Province of Alberta (hereinafter called "True");
PARTICIPATION AGREEMENTParticipation Agreement • July 31st, 2003 • Patch Energy Inc
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereto agree as follows:
PARTICIPATION AGREEMENTParticipation Agreement • July 31st, 2003 • Patch Energy Inc
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereto agree as follows:
PARTICIPATION AGREEMENTParticipation Agreement • July 31st, 2003 • Patch Energy Inc
Pursuant to the terms of a farmout and joint operating agreement dated May 1, 2002 (the "Farmout Agreement") between Patch, True Energy Inc. and Arsenal Capital Inc., Patch has earned a 12.5% interest (the "Interest") in the Farmout Lands (as defined in the Farmout Agreement) by incurring 15.625% of the costs (the "Initial Costs") associated with the Test Wells (as defined in the Farmout Agreement);
