Exhibit 10.1
Modification of Partnership Purchase Agreement
By and Among
Natural Resource Group Gathering, LLC
And
New Frontier Energy, Inc.
This instrument is intended to modify the agreement between the above parties
dated December 26, 2007 and is to be effective as of December 24, 2008.
WHEREAS the New Frontier Energy, Inc. (hereinafter "NFE") entered into a
purchase agreement with Natural Resource Group Gathering, LLC's
(hereinafter "NRGG") purchasing NRGG's general partnership interest in
Xxxxxx Dome Gathering, LLLP (hereinafter "SDG") for a purchase of price
of $1,075,000, of which $268,750 was paid by NFE at closing and
executed a promissory note in the amount of $806,250.00 bearing 2.5%
interest maturing on December 31, 2008. On August 5, 2008 NFE made an
installment payment on the note in the amount of $213,877.14 consisting
of principal in the amount of $201,562.50 and interest of $12,314.64 to
that date.
WHEREAS the parties desire to extend the promissory note for one year under
the same terms and conditions with NFE making a payment on December 24,
2008 of $207,443.71 comprised of $201,562.50 and accrued interest to
December 24, 2008 in the amount of $5,881.21.
IN WITNESS WHEREOF, NFE and NRGG have caused this modification to the
Promissory Note and Partnership Interest Purchase Agreement dated
December 26, 2007 to be executed under seal by its duly authorized
officers or members as of December 24, 2008.
NEW FRONTIER ENERGY, INC. Natural resource Group Gathering, LLC
By: /s/ Xxx Xxxxx /s/ Xxxx X. Xxxxx
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Xxx Xxxxx Xxxx X. Xxxxx
Chief Financial Officer Managing Member
