THIS ASSUMPTION AGREEMENT is dated April 15, 2005. AMONG:

EXHIBIT 10.3
ASSUMPTION OF DEBT

THIS ASSUMPTION AGREEMENT is dated April 15, 2005.

AMONG:

XXXXXXXXX INTERNATIONAL CORPORATION, a company incorporated pursuant to the laws of the State of Nevada, having an office address at Xxxxx 000, 000 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0

(“Xxxxxxxxx”)

AND:

PATCH INTERNATIONAL INC., a company incorporated pursuant to the laws of the State of Nevada, having an office address at Xxxxx 0000, 000 Xxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0

(“Patch”)

AND:

GRAND SLAM RADIO INC., a company incorporated pursuant to the laws of British Columbia, having an office address at Xxxxx 0000, 000 Xxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0

(“Grand Slam”)

WHEREAS:

X. Xxxxxxxxx is indebted to Grand Slam in the amount of CAD$6,089.29 (the “Debt”) and Patch has agreed to assume the Debt in partial consideration of the relinquishment of certain interests in oil and gas properties by Xxxxxxxxx to Patch, as detailed below; and

B. Grand Slam has agreed to accept Patch as debtor in the place of Xxxxxxxxx.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the parties hereto covenant and agree as follows:

- 2 -

Assumption of Debt

1. Patch hereby absolutely and unconditionally assumes and accepts responsibility for the payment of the Debt and agrees to indemnify and hold harmless Xxxxxxxxx in respect thereof.

Acceptance of Patch

2. Grand Slam hereby absolutely and unconditionally accepts Patch as debtor in substitution for Xxxxxxxxx and releases Xxxxxxxxx from any and all liability in respect of the Debt.

Conveyance

3. Xxxxxxxxx hereby conveys any and all of its interests in the Kerrobert oil field located in Saskatchewan, Canada and all of its interests in the Manahuilla Creek oil field in Goliad County, Texas, previously acquired from Patch, back to Patch.

Enurement

4. This Assignment will enure to the benefit of and be binding upon the parties and their respective successors and permitted assigns.

Governing Law

5. This Assignment will be governed by and construed in accordance with the laws of the Province of British Columbia.

Counterparts

6. This Assignment may be executed by the parties in separate counterparts and by facsimile, each of which when so executed and delivered shall be an original, but all counterparts shall together constitute one and the same instrument.

IN WITNESS WHEREOF this Assignment has been duly executed by the parties on the date first mentioned above.

XXXXXXXXX INTERNATIONAL			PATCH INTERNATIONAL INC.
CORPORATION
			Per:	/s/ Xxxxx Xxxxxxx
Per:	/s/ Xxxxx Xxxxxx			Authorized Signatory
	Authorized Signatory

 

GRAND SLAM RADIO INC.
Per:	/s/ Xxxxx Xxxxxxx
	Authorized Signatory