TERMINATION OF STOCK EXCHANGE AGREEMENT
Exhibit 10.1
THIS TERMINATION OF STOCK EXCHANGE AGREEMENT (this "Agreement") is made and entered into this 14th day of December 2015, by and among Amazing Energy Oil and Gas, Co., a Nevada corporation (hereinafter referred to as the "Company") and Xxx Xxxxxxx as the sole shareholder of Jilpetco, Inc., a Texas corporation, (hereinafter "Xxxxxxx"), on the following terms:
Premises
WHEREAS, on August 10, 2015, the foregoing parties entered into a Stock Exchange Agreement wherein the Company was to acquire 100% of Jilpetco, Inc.'s common stock from Xxx Xxxxxxx in consideration of the issuance 500,000 restricted shares of the Company's common stock to Xxxxxxx; and,
WHEREAS, because of the current economic conditions of the oil and gas industry in the United States, the parties have decided that it is not in their mutual best interests to conclude the aforementioned agreement and have decided to cancel and terminate the same.
Agreement
NOW THEREFORE, in consideration of the recitals set forth above and the mutual promises contained herein, it is agreed that the Stock Exchange Agreement entered into on the 10th day of August 2015 is hereby cancelled, terminated, and set aside for naught.
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COMPANY
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AMAZING ENERGY OIL AND GAS, CO.
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BY:
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XXXX XXXXXXX
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Xxxx Xxxxxxx, Chief Financial Officer
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JILPETCO, INC.
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XXX XXXXXXX
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Xxx Xxxxxxx, President, Owner
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XXX XXXXXXX
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Xxx Xxxxxxx, individually
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