Addendum to SETTLEMENT AGREEMENT
Exhibit 10.27
Addendum to
This Addendum to Settlement Agreement ("Agreement") is made and entered into effective as of May 17, 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 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 modify and amend the Settlement Agreement dated effective as of March 31, 2011 (the "Settlement Agreement"), as follows:
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1.
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Oil Sales: Balance Due. All oil sales from the subject leases prior to April 30, 2011, shall belong to XXXXXXX. All oil sales after April 30, 2011 shale belong to XXXXXX, and the net proceeds less operating expenses from such sales shall be applied to the balance of the Equalizing Payment in the amount of $26,400 due to XXXXXXX under paragraph 6 of the Settlement Agreement. XXXXXXX shall send an accounting of all oil sales and credits to XXXXXX. The due date of such payment, after such credits are applied, shall be extended to June 25, 2011.
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2.
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No Other Changes. Except as modified hereby, the Settlement Agreement shall remain unchanged and in full force and effect.
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M.I.C. Inc.
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Xxxxxx Petroleum, Inc.
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/s/ Xxx 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 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 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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