EXHIBIT 10.2
[PETROGEN LOGO APPEARS HERE]
November 15th, 2003
Petrogen Corp. (PTGC)
0000-0000 XX Xxxxxxx,
Xxxxxxx Xxxxx 00000
Attention: Xxx X. Xxxxxxxx Executive V.P. Geology, Director
Dear Xx. Xxxxxxxx,
Re: PTGC and Petrogen International Ltd. (PIL), (THE "PARTIES") DRILLING AND
OPERATING AGREEMENT
This letter confirms, that effective immediately, the Drilling and Operating
Agreement (the "Agreement") entered into between PTGC and PIL on November 15'`,
2002 is terminated between the Parties.
The termination of the Agreement as noted includes cancellation and reversion of
any and all bonus payments and carried interests between the Companies as at the
effective date of this termination letter, including the 10% bonus payment and
the 10% carried interest of which PIL retained as exclusive operator under the
terms of the Agreement.
Furthermore, PIL has agreed to assign to PTGC all of its rights, title and
interest in and to any agreements entered into between third parties and PIL,
those agreements of which specifically include the preliminary Farm-in agreement
made between Xxxxx Fee Properties, Inc. and PIL. However, in the event the PTGC
files for bankruptcy, becomes insolvent and/or is placed into receivership, or,
is unable to perform its duties and obligations under the Farm-In Agreement,
such right, title and interest in and to the Farm-hi Agreement as assigned to
PTGC by PIL shall revert back to PIL immediately.
By signing this termination agreement, both PTGC and PIL agree that no
consideration of the foregoing has been or will be paid by either of the Parties
to the other.
Agreed to this 2e day of November, 2003
/s/ XXXXX X. XXXXXXXX /s/ XXX X. XXXXXXXX
__________________________________ ____________________________________
Xxxxx X. Xxxxxxxx - President, CEO Xxx X. Xxxxxxxx - Exec. V.P. Geology
Petrogen International Ltd Director - Petrogen Corp
Greenway Plaza, 0000 X.X. Xxxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxx, 00000
Tel: 000-000-0000/Fax: 000-000-0000/Toll Free: 0-000-000-0000/
Email: xxxx@xxxxxxxx.xxx
Website: xxx.xxxxxxxx.xxx
