EXHIBIT 10.14
PACIFIC ENERGY
February 15, 2007
SWEPI LP
000 Xxxxx Xxxxx Xxxxxxx
Xxxxxxx, Xxxxx 00000
Attention: Xx. Xxxxxxx Xxxxxxx
Onshore Land
Wolverine Gas and Oil Corporation
Xxxxxxx X. Xxxxxx, Vice President - Land
One Riverfront Plaza - 00 Xxxxxx XX
Xxxxx Xxxxxx, Xxxxxxxx 00000-0000
Re: Second Amendment to Participation Agreement
Modification of Definitions of Earning Depth and Performance
Green River Basin, Wyoming
Contract #: C-WY-035-050100
Gentlemen:
We hereby propose the Second Amendment to that certain Participation
Agreement dated August 30, 2005 by and between SWEPI LP ("Shell"), Wolverine Gas
and Oil Corporation ("Wolverine"), and Pacific Energy Resources Limited
("Pacific") for the Pacific Creek Prospect, located in the Green River Basin,
Wyoming. This Second Amendment will modify and amend certain definitions in the
Participation Agreement as follows:
First Well: Pacific Palidin #15-18 "Earning Depth" shall mean
a minimum vertical depth of thirteen thousand eight hundred fifty
(13,850) feet beneath the surface.
Second Well: Ranger-1 "Earning Depth" shall mean minimum true
vertical depth of 16,500 feet or a depth sufficient to penetrate the
base of the Xxxxx Formation, whichever is deeper.
"Performance," "Performing," or "Performed" shall mean Pacific
shall have, pursuant to the terms and conditions of the JOA and this
Agreement: (i) made the Seismic Payment upon execution of this
Agreement; and (ii) funded the drilling, testing and completion of the
Test Xxxxx to the Earning Depth as revised herein.
Except as otherwise provided in this Second Amendment, all other terms
and conditions of the Participation Agreement, as amended by the First Amendment
dated October 31, 2006, shall remain in full force and effect.
If you concur with this proposed Amendment, please sign and return one
copy of this letter to the above address. If you have any questions or comments,
please call me at (000) 000-0000.
Sincerely,
/s/ Xxxxxx Xxxxx
Xxxxxx Xxxxx
President
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Agreed to and accepted this 16th day of Feb., 2007
SWEPI LP
By: /S/ X. X. XXXXXXX
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Title: Attorney-in-Fact
Wolverine Gas and Oil Corporation
By: /S/ XXXXXXX X. XXXXXX, VICE PRESIDENT
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Xxxxxxx X. Xxxxxx
Title: Vice President
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