LETTER AGREEMENT
Saratoga Holdings I, Inc. (SHI) a Texas Corporation, by this agreement
agrees to pay the sum of $5,000 per month to Saratoga Resources, Inc. (SRI) a
Texas Corporation. SRI Agrees to cover office overhead for SHI including
secretarial salaries, office space, telephone service, office equipment and
office supplies necessary for the day to day operations of SHI.
The term of the agreement is for a period of 24 months commencing
January 1, 2001 and terminating on January 1, 2003.
Any and all obligations that have accrued at the termination of the
agreement shall bear interest at the rate of 10% per annum.
SRI agrees to defer any and all payment under this agreement until such
time as SHI has the financial resources to fulfill its obligation under this
agreement.
Sincerely,
Xxxxxx X. Xxxxx
President of Saratoga Resources, Inc.
Agreed and Accepted
Xxxxxx X. Xxxxx
CEO, Chairman of Saratoga Holdings I, Inc.
