From: Xxxx X. Xxxxx
To: Xx. Xxxxxxx X Xxxxx
Vice President
Partners in Exploration, L.L.C
0000 Xxxxxxxxx Xxxx
Date: July 28, 1999
Subject: Agreement letter relating to exploration in blocks 20 & 42 and
other areas of Mutual Interest in the Republic of Yemen.
Reference: PARTNERS IN EXPLORATION, L.L.C./XXXXX INTERNATIONAL OIL & GAS,
INC. Confidentially Agreement date July 20, 1999.
AGREEMENT
Whereas, PARTNERS IN EXPLORATION, L.L.C. hereafter referred to as PIE and party
of the first part and XXXXX INTERNATIONAL OIL & GAS, INC. hereafter referred to
as XXXXX and party of the second part desire to form an alliance whereby PIE and
XXXXX will pursue an exploration program for Block 20 & Block 42 located in the
Republic of Yemen.
Whereas, XXX and XXXXX both bring certain critical expertise to the alliance
that is required for such an exploration venture to be successful. For the
contribution of each party which is identified as Technical Expertise /
Geophysical Data / Prospects / Yemen relationships from PIE and Financial / Data
/ Yemen relationships from XXXXX both parties agree the venture will be an equal
(50/50) ownership for each party.
Whereas, it is agreed XXXXX will provide or cause to be provided the finances
for the subject exploration venture and PIE will provide the technical data that
is presently in its possession related to the exploration program.
Whereas, it is agreed the PIE/XXXXX consortium will operate the exploration
program and will be known as OPERATORS of the subject exploration concession.
In addition, it is further agreed that upon the successful funding of the
subject exploration program that PIE and XXXXX will mutually develop other
exploration concessions in the Republic of Yemen within the consortium subject
to both agreeing to proceed. If one party does not desire to proceed the other
party will have the right to proceed independently of the other in pursuance of
any such hypothetical exploration concessions.
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In addition, once the funding for the subject exploration concessions is
committed a definitive agreement between the parties will be excuted subject to
terms and conditions being agreeable to all parties.
Agreed To: Agreed To:
/S/ Xxxx X. Xxxxx /S/ Xxxxxxx X. Xxxxx
----------------------------------- -------------------------------------
Xxxx X. Xxxxx, CEO, Chairman Xxxxxxx X. Xxxxx, Vice President
Xxxxx International Oil & Gas, Inc. Partners in Exploration, LLC
July 29, 1999 July 29, 1999
----------------------------------- -------------------------------------
Date Date
/S/ Xxxxx Xxxxxxx /S/ X. Xxxxxxx Xxxxxxxx
----------------------------------- -------------------------------------
Xxxxx Xxxxxxx, CFO X. Xxxxxxx Xxxxxxxx President
Xxxxx International Oil & Gas, Inc. Partners in Exploration, LLC
July 29, 1999 July 29, 1999
----------------------------------- -------------------------------------
Date Date
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