EXHIBIT 10.7
North American Geophysical
00 Xxxxxxxxxx Xxxx
Xxxxxx, Xxxxxxx
AMENDMENT TO AGREEMENT DATED APRIL 15, 1998
On April 15, 1998 North American Geophysical, Inc. ("North American") and
Redbank Petroleum, Inc. ("Redbank") entered into a contract (the "Contract").
Both parties have agreed with the execution of this amendment to modify, amend
and clarify the original Contract to grant Redbank, its successors, assigns
and/or any subsidiary it owns or may own, a non-exclusive, worldwide,
perpetual, royalty free license and the right to use any and all technology
(the "Technology") developed under the Contract. North American agrees to
provide training to Redbank and/or its assigns to use the technology in the
field as may be required by Redbank and/or its assigns. The Technology was
developed by North American who by this amendment and the original Contract
retains the ownership to the Technology and the rights to continue developing
said Technology. North American agrees to grant Redbank and/or its assigns
the right to use any and all future developments to the Technology in exchange
for payments North American deems necessary, if any, for such development.
Any charges billed by North American will be reasonable and customary for the
time and expenses required for such development.
North American further agrees to process any and all data Redbank and/or its
assigns may gather while using the Technology for a reasonable fee that in no
case will exceed fees charged by North American for the same or similar work
to its other customers. In addition, North American agrees that should it
cease processing the data for any reason or sell either the Technology,
company or the rights to the Technology, whether by merger or license to
another party or any other form of sale, it will provide any and all software
necessary to process the data to Redbank and/or its assigns along with the
documentation and techniques required for Redbank and/or its assigns to
process the data themselves.
Accepted: Accepted:
/s/ X.X. Xxxxxx /s/ Xxxxx X. Xxxxxx
_______________________ March 1, 1999 _____________________ Xxxxx 0, 0000
X.X. Xxxxxx, Director Xxxxx Xxxxxx, President
North American Geophysical, Inc. Redbank Petroleum, Inc.
