AGREEMENT
Exhibit 10(m)
AGREEMENT
This is an agreement between Xxxxxx X. Xxxxxxx, Xx. (Xxxxxxx) and Coastal Caribbean Oils and Minerals, Ltd. (CCO).
| 1. | Xxxxxxx agrees to pay $130,000 of operational costs to complete the Federal 1-19A Well in Valley County, Montana, and agrees to pay $30,000 to CCO by Tuesday, October 12, 2011. |
| 2. | Xxxxxxx will pay the $130,000 costs on site and will provide to CCO copies of the invoices and checks for this work. If the total of these invoices is less than $130,000 Xxxxxxx will pay the difference to CCO. If the total of these costs for the operational costs to complete the Federal 1-19A Well exceed the allocated $130,000, Xxxxxxx will pay the vendors. |
| 3. | The well is operated by CPC and it will be operated as such during this completion procedure. CCO will file a sundry notice with the BLM as soon as possible. |
| 4. | Xxxxxxx will have the option to advance $25,000 to pay the rentals on November 1, 2011. |
| 5. | Xxxxxxx will have a second option to advance $815,000 on or before January 31, 2012. |
| 6. | CCO will deliver Rule 144 common stock to Xxxxxxx in exchange for the above cash payments, with the price of the stock of $.036/share for all of the payments of cash to CCO or on its behalf. Thus, |
| A. | The initial payment of $160,000 would yield 4,444,444 shares of common stock. In the event of an overrun of the $130,000 allocated for the operational costs to complete the Federal 1-19A Well, the number of shares of common stock shall be increased at the same rate per share. |
| B. | The payment of the option on the $25,000 for November 1, 2011 would yield 694,444 shares of common stock. |
| C. | The payment of the option on the $815,000 for January 31, 2012 would yield 22,638,888 shares of common stock. |
| D. | The total common shares if all options are exercised would be 27,807,776 which is below the authorized number of shares remaining. |
| 7. | Xxxxxxx will earn no interest in the Federal 1-19A Well, apart from his ownership interest in CCO shares that he now owns or which he will earn by his investment under this Agreement. |
| /s/ Xxxxxx X. Xxxxxxx, Xx. |
/s/ Xxxxxxx X. Xxxx | |||
| Xxxxxx X. Xxxxxxx, Xx. | Xxxxxxx X. Xxxx, President | |||
| Coastal Caribbean Oils and Minerals, Ltd. |
