FOURTH EXTENSION AGREEMENT
THIS FOURTH EXTENSION AGREEMENT is made and entered into effective
September 5, 2003, by and between Pioneer Oil, LLC, a Montana limited liability
company, of Billings, Montana ("Pioneer") and Dolphin Energy Corporation, of
Miami, Florida ("Dolphin").
WITNESSETH, that:
WHEREAS, Pioneer and Dolphin entered into that certain Lease
Acquisition and Drilling Agreement dated September 30, 2002 (the "Lease
Acquisition and Drilling Agreement"); and
WHEREAS, by Letter Agreement agreed to and accepted January 4, 2003,
the parties agreed to amend Articles III-B and C and Article V-A of the Lease
Acquisition and Drilling Agreement; and
WHEREAS, by Letter Agreement agreed to and accepted January 30, 2003,
the parties agreed to amend Article III, Article IV-B, Article IV-C and Article
V-A of the parties' Lease Acquisition and Drilling Agreement; and
WHEREAS, by Agreement made and entered into effective April 21, 2003,
the entered into a Third Extension Agreement; and
WHEREAS, the parties now wish to enter into this Fourth Extension
Agreement.
NOW, THEREFORE, in consideration of the premises and for adequate
consideration, and for the mutual promises and covenants undertaken herein, it
is agreed as follows:
1. Dolphin's obligations under Paragraph IV-A and V-A under the
Lease Acquisition and Drilling Agreement are hereby extended
to October 1, 2003, subject, however, to the other terms and
conditions of the prior Agreements between the parties.
2. Time shall be of the essence of all obligations and
undertakings of the parties pursuant to the Lease Acquisition
and Drilling Agreement and all amendments thereto.
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3. This Fourth Extension Agreement shall be signed by the parties
in counterpart and exchanged via facsimile transmission.
DATED this 5th day of September, 2003.
Dolphin Energy Corporation
By: /s/ XXXX XXXXXX
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Authorized Officer
Pioneer Oil, LLC
By: /s/
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Authorized Member
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