CHAPARRAL RESOURCES, INC.
October 11, 2000
Xx. Xxxxxx Xxxxx
Capco Resources Ltd.
000 0xx Xxxxxx XX
Xxxxx 0000
Xxxxxxx, Xxxxxxx
Xxxxxx X0X0X0 403-9000
Re: Purchase of Common Stock
Dear Xxxxxx:
This letter hereby amends that certain letter agreement, dated September
21, 2000, between Chaparral Resources, Inc. (the "Company") and Capco Resources
Ltd. ("Capco") relating to the acquisition of 1,612,903 shares of common stock,
par value $.0001 per share (the "Shares"), of the Company for an aggregate
purchase price of $3.0 million. Capitalized terms not otherwise defined herein
shall have the meaning set forth in the Letter Agreement. The Parties agree that
Section 1(a) of the Letter Agreement is deleted in its entirety and replaced
with the following:
"Capco agrees to purchase the Shares on the earlier of (a)
October 30, 2000 or (b) consummation of the transactions contemplated
pursuant to Section 3 of that certain Agreement and Release, dated
August 25, 2000, by and among Greka Energy Corp. ("Greka"), Xxxxxxx X.
Xxxxxx, Capco, Capco Energy, Inc. and Xxxxx Xxxxxxxxx by delivery to
Chaparral the sum of $3.0 million, in cash, by wire transfer of
immediately available funds."
The Letter Agreement, as amended hereby, constitutes the entire agreement
between the Parties and supersede all prior oral or written agreements,
understandings, representations and warranties, and courses of conduct and
dealing between the Parties on the subject matter hereof.
The Parties acknowledge and agree that except for the above-referenced
amendment to Section 1(a) of the Letter Agreement all of the provisions of the
Letter Agreement and the Pledge Agreement, dated as of September 21, 2000,
between the Company and Capco will remain in full force and effect.
This letter may be executed in one or more counterparts, each of which will
be deemed to be an original copy of this letter and all of which, when taken
together, will be deemed to constitute one and the same agreement.
If you are in agreement with the foregoing, please sign and return one copy
of this letter, which thereupon will constitute our agreement with respect to
its subject matter.
Very truly yours,
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
Treasurer
Duly acknowledged and agreed this 11th day of October 2000.
CAPCO RESOURCES LTD.
/s/ Xxxx X. Xxxx (for) Xxxxxx Xxxxx
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Xxxxxx Xxxxx
