Second Addendum to SETTLEMENT AGREEMENT
Exhibit 10.28
Second Addendum to
This Second Addendum to Settlement Agreement (“Agreement”) is made and entered into effective as of July 7, 2011, by and between Xxx X. Xxxxxxx, Bloomfield LLC, and M.I.C. Inc, hereinafter collectively "XXXXXXX"), and Xxxxxx Energy Group, Inc. (“HEG”), Xxxxxx Operating, Inc. (“HOPIN”) and Richfield Oil & Gas Company (formerly Xxxxxx Petroleum, Inc.) (Hereinafter collectively “XXXXXX”). XXXXXXX and XXXXXX are referred to as the "the Parties," and any one of the Parties is sometimes referred to as a "Party".
The Parties agree to further modify and amend the Settlement Agreement dated effective as of March 31, 2011, as amended May 17, 2011 (the "Settlement Agreement"), as follows:
1. Balance Due; Assignment of Lease. XXXXXX owes $19,700 as the balance of the Equalizing Payment to XXXXXXX under paragraph 6 of the Settlement Agreement, after adjustments for oil sales and operating cots, etc. XXXXXXX hereby agrees to assign the Xxxxx Xxxxxxxxxx and Xxxxxx X. Xxxxxxxxxx, Xxx Xxxxxxxxxx, Xxxxxxx and Xxx Xxxxxxxxxx, and the Xxxxx Xxxxxxx and Xxxx Xxxxxxx oil & gas leases to XXXXXX (Richfield) in exchange for a purchase price of $20,800. Thus, a total of $40,500 shall be payable by XXXXXX to XXXXXXX as follows: (a) $7,000 shall be wired to XXXXXXX on Friday, July 8, 2011; and (b) the balance of $33,500 shall be wired to XXXXXXX on or before August 25, 2011.
2. No Other Changes. Except as modified hereby, the Settlement Agreement shall remain unchanged and in full force and effect.
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Richfield Oil & Gas Company
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M.I.C. Inc.
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Xxxxxx Petroleum, Inc.
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/s/ Xxx X. Xxxxxxx
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/s/ J. Xxxxx Xxxxx
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By Xxx X. Xxxxxxx, President
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By J. Xxxxx Xxxxx, President/CEO
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Xxx X. Xxxxxxx, Individually
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Xxxxxx Energy Group, Inc.
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/s/ Xxx X. Xxxxxxx
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/s/ Xxxxxxx X. Xxxxxx
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By Xxx X. Xxxxxxx
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By Xxxxxxx X. Xxxxxx, President
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Bloomfield, LLC
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Xxxxxx Operating, Inc.
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/s/ Xxx X. Xxxxxxx
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/s/ Xxxxxxx X. Xxxxxx
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By Xxx X. Xxxxxxx, Manager
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By Xxxxxxx X. Xxxxxx, President
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