DOLPHIN ENERGY CORPORATION
0000 XXXXXXXX XXX XXXXX, XXXXX 0000
XXXXX, XX 00000
September 2, 2003
Quaneco, L.L.C.
C/o Quantum Energy, L.L.C.
00000 Xxxxxxx Xxxx, #000
Xxxxxxxxxx Xxxxx, XX 00000
RE: "LEASE OPTION AND ACQUISITION AGREEMENT" DATED AUGUST 5, 2003"
Dear Sirs:
Following discussions among representatives of our respective companies, it was
agreed that the above referenced agreement (the "Agreement") would be amended to
reflect the current intentions of the parties.
The purpose of this letter is to set forth and reduce to writing our common
understanding of those amendments.
Accordingly, in further consideration of the mutual premises and covenants of
that Agreement and of those proposed amendments thereto, we understand the
amendments to be:
1) Section 2.(a) of the Agreement is deleted in its entirety and the
following substituted in place thereof:
a) On or before September 22, 2003, Dolphin will pay Quaneco
the sum of $450,000.00.
2) Section 2.(b) of the Agreement is deleted in its entirety and the
following substituted in place thereof:
b) On or before September 29, 2003, Dolphin will pay Quaneco
the sum of $650,000.00
3) Section 4.(a) of the Agreement is deleted in its entirety and the
following substituted in place thereof:
a) On or before January 15, 2004, Dolphin will pay Quaneco the
sum of $525,000.
4) Other than as amended hereby, the Agreement will continue in full
force and effect as originally agreed.
If the foregoing correctly states your understanding of the agreed amendments,
please so indicate by signing and returning one copy hereof to the undersigned.
Very truly yours,
Dolphin Energy Corporation
By: /s/ XXXX XXXXXX
-------------------------------------
Xxxx X. Xxxxxx, President
AGREED
Quaneco Energy, L.L.C.
By: /s/
--------------------------------
Title: MANAGING MEMBER
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Date: 9/2/03
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