FIRST AMENDMENT TO OPTION AGREEMENT
EXHIBIT 10.30
FIRST AMENDMENT TO OPTION AGREEMENT
This First Amendment (this “First Amendment”) to the Option Agreement (as defined below), is made and entered into on September 15, 2020, to be effective on August 13, 2020 (the “Effective Date”), by TORCHLIGHT ENERGY, INC., a Texas corporation, and TORCHLIGHT XXXXX, LLC, a Texas limited liability company, whose mailing address is 0000 X. Xxxxx Xxxx #0000, Xxxxx, XX 00000 and email address is xxxx@xxxxxxxxxxxxxxxx.xxx (collectively “Torchlight”), XXXXXXXXX XXXXX PARTNERS, LP, a Texas limited partnership whose mailing address is X.X. Xxx 0000, Xxxxxxx, XX 00000 and email address is xxx@xxxxxxxxxxx.xxx (“Xxxxxxxxx”), and XxXxxx Petroleum Corporation, a Texas Corporation, whose mailing address is 000 X. Xxxxx Xxx. Xxx. 000, Xxxxxxx, XX 00000 and email address is xxxxxxxxxx@xxx.xxx (“MPC”) collectively the “Parties”.
RECITALS:
A. The Parties entered into that certain Option Agreement, dated August 13, 2020.
B. The undersigned, which constitute all of the Parties to the Option Agreement, desire to amend the Option Agreement.
AGREEMENT:
NOW, THEREFORE, in consideration of the mutual agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned hereby agree to amend the Option Agreement as follows, effective as of the Effective Date:
1. Xxxxxxxxx will pay to Torchlight $1,000.00 at the time this First Amendment is executed and delivered as further consideration of the Options.
2. Section II of the Option Agreement is hereby deleted in its entirety and replaced with the following:
II - Option Period
The time during which Xxxxxxxxx may exercise the Options shall be from the Effective Date through and including February 3, 2021, unless extended under the terms of this Option Agreement (the “Option Period”). The Option Period may be extended to the earlier of (1) May 31, 2021 or (2) the Final Maturity Date (as defined below) of the notes set forth in Exhibit A attached hereto (the “Notes”), if Xxxxxxxxx: (a) has satisfied it obligations regarding the Well; (b) no later than February 3, 2021, delivers notice of intent to conduct operations sufficient to satisfy the Northern Drilling Obligations; and (c) on before February 17, 2021 conducts operations sufficient to satisfy the Northern Drilling Obligations. The “Final Maturity Date” shall be defined as the date upon which the first of the Notes becomes due and payable.
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3. Except as amended by this First Amendment, the Option Agreement shall remain in full force and effect, and each of the undersigned hereby restates and reaffirms all of the terms and provisions of the Option Agreement.
4. This First Amendment may be executed in any number of counterparts (including by facsimile or other reliable electronic means), each of which shall be considered an original.
[Signature pages follow.]
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The First Amendment to the Option Agreement has been executed as of the Effective Date set forth above.
| TORCHLIGHT ENERGY, INC. | ||
| X: | /s/ Xxxx X. Xxxx | |
| Name: | Xxxx X. Xxxx | |
| Title: | CEO | |
| STATE OF TEXAS | § |
| § | |
| COUNTY OF COLLIN | § |
BEFORE ME, the undersigned authority, on this day personally appeared Xxxx X. Xxxx, who being duly sworn, upon oath, says that he is authorized to execute this agreement; and he acknowledged to me that he executed the same for the purposes and considerations therein expressed, and in the capacity stated herein. SUBSCRIBED AND SWORN TO before me by the said Chief Executive Officer on this the 21st day of September, to certify which witness my hand and seal of office.
| /s/ Xxxx Xxxxxxx | ||
| Notary Public | ||
| In and For Said County and State | ||
| TORCHLIGHT XXXXX, LLC | ||
| X: | /s/ Xxxx X. Xxxx | |
| Name: | Xxxx X. Xxxx | |
| Title: | CEO | |
| STATE OF TEXAS | § |
| § | |
| COUNTY OF COLLIN | § |
BEFORE ME, the undersigned authority, on this day personally appeared Xxxx X. Xxxx, who being duly sworn, upon oath, says that he is authorized to execute this agreement; and he acknowledged to me that he executed the same for the purposes and considerations therein expressed, and in the capacity stated herein. SUBSCRIBED AND SWORN TO before me by the said Manager on this the ___ day of September, to certify which witness my hand and seal of office.
| Notary Public | |
| In and For Said County and State |
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| XXXXXXXXX XXXXX PARTNERS, LP | ||
| X: | /s/ Xxxxxxx XxXxxx, Xx. | |
| Xxxxxxx Xxxxx XxXxxx, Xx., CEO of Xxxxxxxxx Xxxxx Management, LLC, its General Partner | ||
| STATE OF TEXAS | § |
| § | |
| COUNTY OF MIDLAND | § |
BEFORE ME, the undersigned authority, on this day personally appeared Xxxxxxx Xxxxx XxXxxx, Xx., who being duly sworn, upon oath, says that he is authorized to execute this agreement; and he acknowledged to me that he executed the same for the purposes and considerations therein expressed, and in the capacity stated herein. SUBSCRIBED AND SWORN TO before me by the said CEO on this the _18th_ day of September 2020, to certify which witness my hand and seal of office.
| /s/ Xxx Xxxxxx | ||
| Notary Public | ||
| In and For Said County and State | ||
| XXXXXX PETROLEUM CORPORATION | ||
| X: | /s/ Xxxx XxXxxx | |
| Name: | Xxxx XxXxxx | |
| Title: | President | |
| STATE OF TEXAS | § |
| § | |
| COUNTY OF MIDLAND | § |
BEFORE ME, the undersigned authority, on this day personally appeared Xxxx XxXxxx, who being duly sworn, upon oath, says that he is authorized to execute this agreement; and he acknowledged to me that he executed the same for the purposes and considerations therein expressed, and in the capacity stated herein. SUBSCRIBED AND SWORN TO before me by the said President on this the 18th day of September 2020, to certify which witness my hand and seal of office.
| /s/ Xxx Xxxxxx | |
| Notary Public | |
| In and For Said County and State |
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