EXHIBTI 10.4
ITEM 1, (6)
SETTLEMENT AGREEMENT AND MUTUTAL RELEASE OF ALL CLAIMS
BETWEEN
PHOENIX RESOURCES TECHNOLOGIES, INC. AND 710 CORPORATION,
HAH PETROLEUM, INC., AND TOP DRILLING CORPORATION
DATED AUGUST 13, 1996
SETTLEMENT AGREEMENT AND MUTUAL RELEASE OF ALL CLAIMS
-----------------------------------------------------
THIS SETTLEMENT AGREEMENT AND MUTUAL RELEASE OF ALL CLAIMS, made this 13th day
of August, 1996, by and between 710 CORPORATION, HAH PETROLEUM, INC and TOP
DRJLLING CORPORATION, hereinafter sometimes referred to as parties of the first
part; and PHOENIX RESOURCES TECHNOLOGIES, INC., formerly XXXXXX RESOURCES. INC
hereinafter sometimes referred to as parties of the second part.
RECITALS
1 The parties hereby agree that all Oil and Gas Leases, personal property.
equipment and real estate which were assigned by the parties of the first part
to the parties of the second part during the past five years shall be reassigned
by the parties of the second part to the parties of the first part
2 The parties have now resolved their differences and have agreed to settle and
compromise all matters in dispute between them on the terms and conditions as
set forth herein.
AGREEMENT AND MUTUAL RELEASE OF ALL CLAIMS
710 CORPORATION. HAM PETROLEUM. INC and TOP DRILLING CORPORATION. parties of the
first part, and PHOENIX RESOURCES TECHNOLOGIES, INC. formerly XXXXXX RESOURCES,
INC., parties of the second part jointly and severally, agree to be legally
bound hereby as follows;
1. The parties of the second part hereby release all claims, causes of
action, promissory notes, contracts and another evidence of debt or
liability in regard to any and all previous contracts between the parties
of the first part and the parties of the second part.
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2. For and in consideration as provided for hereinabove and of the mutual
promises exchanged herein, 710 CORPORATION, HAM PETROLEUM, INC and TOP DRILLING
CORPORATION and PHOENIX RESOURCES TECHNOLOGIES, INC., formerly XXXXXX RESOURCES,
INC., have released, acquitted and discharged, and by these presents do hereby
forever release, acquit and discharge, each, the other and the heirs, successors
and assigns of each and all other persons, firms or corporations whatsoever, of
and from any and all liability. claims. actions, causes of action, damages or
demands, of every kind and character, in any manner, from any activity which
occurred on or before the 13th day of August, 1996, whether arising directly or
indirectly from any transactions between 710 CORPORATION, HAH PETROLEUM. INC.
and TOP DRILLING CORPORATION, parties of the first part, and PHOENIX RESOURCES
TECHNOLOGIES, INC., formerly XXXXXX RESOURCES. INC. parties of the second part.
3. It is further expressly understood and agreed that this settlement is a
compromise of disputed claims and that the consideration given in exchange
therefore shall not in any way be construed as an admission of liability,
negligence or fault of any kind to the other, or to any person, firm or
corporation whatsoever, and that all such liability, negligence or fault is
hereby expressly denied.
4. This agreement shall be executed in multiple counterparts, each of which
shall be considered as an original.
5. This agreement shall be binding upon, and shall inure to the benefit of the
parties hereto, their heirs, successors and assigns.
WITNESSETH the execution hereof all as of the date and year hereinabove written.
710 CORPORATION
By /s/ Xxx X. Xxxxxx
--------------------
Its President
HAH PETROLEUM, INC.
By /s/ Xxxxx X. Xxxx
--------------------
Its President
2
TOP DRILLING CORPORATION
By /s/ Xxxx X. Xxxx
------------------------
Its President
PHOENIX RESOURCES TECHOLOGIES. INC.
Formerly XXXXXX RESOURCE, INC.
By /s/ Xxxxx X. Xxx
------------------------
Its President
STATE OF WEST VIRGINIA,
COUNTY OF XXXXXXX, TO-WIT
The foregoing instrument was acknowledged before me this 15th day of
August, 1996, by Xxx X. Xxxxxx President of 710 Corporation, on behalf of
said corporation.
My commission expires: February 6, 2001
/s/ Xxxxxxx X. Xxxxxxxxxx
-------------------------
Notary Public
(Seal)
STATE OF WEST VIRGINIA.
COUNTY OF XXXXXXX, TO-WIT
The foregoing instrument was acknowledged before me this 15th day of
August. 1996 by Xxxxx X. Xxxx, President of HAH Petroleum, Inc., on behalf
of said corporation.
My commission expires: May 21, 2006
/s/ Xxxx X. Xxxx
--------------------------
Notary Public
(Seal)
STATE OF WEST VIRGINIA,
COUNTY OF XXXXXXX. TO-WIT.
The foregoing instrument was acknowledged before me this 15th day of
August, 1996 by Xxxx X. Xxxx, President of Top Drilling Corporation, on
behalf of said corporation.
My commission expires: February 6, 2001
/s/ Xxxxxxx X. Xxxxxxxxx
---------------------------
Notary Public
(Seal)
3
STATE OF ARIZONA
COUNTY OF MARICOPA, TO-WIT
The foregoing instrument was acknowledged before me this 20th day of
August, 1996, by Xxxxx X. Xxx, President of Phoenix Resources Technologies,
Inc., formerly Xxxxxx Resources, Inc., on behalf of said corporation.
My commission expires May 17, 199
/s/ Xxx Xxxxxxxx
---------------------------
Notary Public
(Seal)
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