March 29, 2006
March 29, 2006
Xxxxxx Properties, Inc.
Trust Company Complex
Ajeltake Road
Ajeltake Island,
Majuro, Xxxxxxxx Islands MH96960
RE: Extension of Deadline to Drill North Xxxxxx Field Prospect, Acadia Parish, Louisiana
Ladies and Gentlemen:
Reference is made to the letter agreement dated April 22, 2005 (the "Original Agreement"), by and between Ignis Petroleum Corporation ("Ignis") and Xxxxxx Properties, Inc. ("Xxxxxx"), pertaining to the North Xxxxxx Field Prospect, Acadia Parish, Louisiana, as amended by the letter agreement dated September 30, 2005, by and among Ignis, Ignis Petroleum Group, Inc. ("IPG") and Xxxxxx (the Original Agreement as amended thereby, shall be referred to herein as the "Agreement"). All capitalized terms used but not defined herein shall have the meanings given such terms in the Agreement and the Joint Operating Agreement ("JOA") attached as Exhibit D to the Agreement.
For good and adequate consideration previously exchanged between the parties, the receipt and sufficiency of which is hereby acknowledged and confessed, the parties agree that Section 4 of the Agreement is hereby amended to read in its entirety as follows:
"In the event that Xxxxx does not commence actual drilling operations on the first well on or before December 31, 2006, Ignis shall, without notice from Xxxxxx, deliver assignments of the interests acquired by Ignis hereunder to Argyle Energy, Inc., whereupon this Agreement shall terminate and be of no further force or effect."
Except as amended hereby, the Agreement shall remain unchanged and in full force and effect.
Please indicate your acceptance of the terms of this letter agreement by signing a counterpart of this letter agreement in the space provided therefore below.
Very truly yours,
IGNIS PETROLEUM COPORATION
By: /s/ Xxxxxx Xxxxxxxx
Xxxxxxx Xxxxxxxxx,
President, Secretary and Treasurer
AGREED TO AND ACCEPTED
this the 30th day of March, 2006.
Xxxxxx Properties, Inc.
By: /s/ Xxxxx Xxxxxx
Xxxxx Xxxxxx,
CEO/Director
