Exhibit 10.3
AMENDMENT TO THE
OPERATING AGREEMENT
OF
MAVERICK BASIN EXPLORATION, LLC
DATED JUNE 23, 2004
July 28, 2004
AMENDMENT TO THE
OPERATING AGREEMENT OF
MAVERICK BASIN EXPLORATION, LLC
THIS AMENDMENT to the Operating Agreement of MAVERICK BASIN
EXPLORATION, LLC, a Delaware Limited Liability Company, ("Operating Agreement")
is entered into and shall be effective this 28th day of July, 2004, among South
Oil, Inc. ("South Oil") (the "Withdrawing Class A Member") Touchstone Resources
USA, Inc. ("Touchstone") (the "Class B Member"), PHT Gas, LLC ("PHT") (the
"Class C Member") and Maverick Oil and Gas, Inc. ("Maverick") (the "Additional
Class A Member") (collectively the "Members").
W I T N E S S E T H:
WHEREAS, pursuant to an Interest Purchase between South Oil and
Maverick of even date herewith, South Oil has assigned its Class A Membership
Interest in the Company to Maverick, a copy of which is attached to this
Amendment.
NOW, THEREFORE, intending to be legally bound, the Members hereby
approve the amendment to the Operating Agreement to admit Maverick as the
Additional Class A Member. The Ownership interest of Maverick Basin Exploration
LLC shall be amended to reflect those percentages listed on Exhibit A, attached.
WITHDRAWING CLASS A MEMBER
SOUTH OIL, INC.
By: /s/ Xxxx X. Xxxx
--------------------------------
Xxxx X. Xxxx, President
ADDITIONAL CLASS A MEMBER
MAVERICK OIL AND GAS, INC.
By: /s/ Xxxxxxx Xxxxxxx
--------------------------------
Xxxxxxx Xxxxxxx, President
[Signatures Continued on Following Page]
CLASS B MEMBER
TOUCHSTONE RESOURCES USA, INC.
By: /s/ Xxxxxxx X. Xxxxxxxxxx
--------------------------------
Xxxxxxx X. Xxxxxxxxxx, President
CLASS C MEMBER
PHT GAS, LCC
By: RMS ADVISORS, INC., Manager
By: /s/ Xxxxxx X. Xxxxx
--------------------------------
Xxxxxx X. Xxxxx, President
