PETRO RIVER OIL CORP
Exhibit 10.3
PETRO RIVER OIL CORP
00 0XX
XXXXXX, 00XX XX
XXX XXXX, Xxx Xxxx 00000
December 17, 2018
Petro Exploration Funding, LLC
00 0xx
Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Xxxx Xxxxx
Re:
Interest Extension
Dear Xxxx:
Reference is hereby made to (i) that certain Securities Purchase
Agreement (the “SPA”), dated as of June 13, 2017, entered into
by and among Petro River Oil Corp (the “Company”),
Spyglass Energy Group, LLC (“Spyglass”) and Petro
Exploration Funding, LLC (“Petro Funding”), and (ii)
that certain Secured Promissory Note in the principal amount of
$2,000,000 dated June 15, 2017 (the “Promissory Note”).
Capitalized terms used but not otherwise defined herein shall have
the meaning ascribed to such terms in the SPA or the Promissory
Note.
Petro Funding hereby is willing to extend the due date of the first
interest payment as set forth in Section 2.2(b) of the Promissory
Note (as modified on May 17, 2018) from December 31, 2018 to March
31, 2019.
Please execute this letter below to acknowledge and agree to the
interest payment extension.
Very truly yours,
By:
/s/
Xxxxxxx
Xxxxxxx
Name: Xxxxxxx
Xxxxxxx
Title:
President
ACCEPTED AND AGREED
PETRO EXPLORATION FUNDING, LLC
By: /s/ Xxxx
Xxxxx
Xxxx Xxxxx, Managing
Member
