Oiltek, Inc.
Exhibit
10(xi)
0000
Xxxxxxxxxx Xxxxxx, Xxxxx 000
Minneapolis,
MN 55439
September
10, 2008
Avalon
Oil & Gas
0000
Xxxxxxxxxx, Xxxxx 000
Minneapolis,
MN 55439
Gentleman:
Reference is made to the Convertible
Notes (the “Notes”) dated various dates between Avalon Oil & Gas (the
“Payee”) and Oiltek, Inc. (the “Payor”) in the aggregate amount of
$77,400. This will confirm our agreement to amend the terms and
conditions of the Notes as follows:
|
3.
|
Article
“2” of each of the Notes is amended to provide the that principal balance
of the Notes, together with any unpaid and accrued interest thereon, shall
be due and payable in full on December 31, 2010 (the “Maturity Date”),
unless earlier (A) accelerated and payable with the terms of the Note (B)
converted in accordance with the provisions of Article “3” of the
Notes.
|
If the
forgoing reflects your understanding of our agreement, please acknowledge by
signing below.
Very
truly yours,
By: /s/ Xxxx
Xxxxxxx
Xxxx
Xxxxxxx, President
Acknowledge
and Agreed
/s/ Xxxx
Xxxxxxxxx
Xxxx
Xxxxxxxxx, President
Avalon
Oil & Gas
