FIRECREEK PETROLEUM, INC.
EXHIBIT 10.30
FIRECREEK PETROLEUM, INC.
17 March 2006
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Professor Rusbek
Bisultanov |
Xxxxxx X. Xxxxxxxxx |
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Re: |
Business Relationship |
Gentlemen:
It is agreed that from and after this date, The Sahara Group, Inc. (“Sahara Group”) will participate with Firecreek Petroleum, Inc. (“Firecreek”) in the projects (the “Current Projects”) identified below on the basis stated below; however, Sahara Group will cease to be involved in any other projects, unless agreed to in writing by all parties of this Agreement. The basis of the participation of Sahara Group with Firecreek will be as follows:
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1. |
Firecreek will not pay any future expenses of Sahara Group, including fees or salary to Rusbek Bisultanov, unless specifically agreed to in writing by Firecreek prior to such expenses being incurred. |
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2. |
Sahara Group will receive 10% of whatever ownership or net profits or other compensation that Firecreek is entitled to receive from any of the Current Projects. |
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3. |
It is understood that Firecreek has the option, but no obligation, to complete the Current Projects. |
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4. |
Firecreek agrees that neither it nor any affiliate, parent, subsidiary or business partner will directly or indirectly circumvent Sahara Group with respect to the Current Projects. |
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The “Current Projects” are: the Sakhalinsk and Bugrevatovskoye production acquisitions in Ukraine, the Kamenskoye and Kamenkovsky acquisition and development projects in Kazakhstan and the Minneftegazstroi projects in Russia |
The parties agree to work together in good faith to ensure successful completion of the Current Projects (subject to Firecreek’s right to elect not to proceed with one or more of the Current Projects). In light of this EGPI Firecreek, Inc. wishes to have a formal strategic meeting with Dr. Bisultanov and the respective Boards in London as soon as appropriate.
It is further agreed that at the funding of the special purpose vehicle being created to support the Kazakhstan projects, all outstanding obligations of Firecreek, including but not limited to those due Professor Rusbek Bisultanov, Xxxx X. Xxxxxx and Xxxxxx X. Xxxxxxx, will be paid in full.
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FIRECREEK PETROLEUM, INC. |
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THE SAHARA GROUP |
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By: |
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By: |
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Xxxx X. Xxxxxx, President |
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Rusbek Bisultanov, Chairman |
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By: |
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Xxxxxx X. Xxxxxxxxx, President |
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Telephone: (000) 000-0000 • Fax: (000) 000-0000 • Web Address: xxx.xxxxxxxxx.xx
