Exhibit 10.19
Agreed terms document under the joint venture shareholders' agreement dated [ ]
October 2005 among Baltic Petroleum (E&P) Limited, Siberian Energy Group
Inc. and Zauralneftegaz Limited
Waiver Letter
To:
Siberian Energy Group Inc.
000 Xxxxxxx Xxxxxx
0xx Xxxxx
Xxx Xxxx
XX 00000
Xxxxxx Xxxxxx
Zauralneftegaz Limited
c/o Gilchrist Solicitors
00x Xxxxxxx Xxxxxx
Xxxxxx X0X 0XX
Xxxxxx Xxxxxxx
Date: October [ ], 2005
Dear Sirs
SIBERIAN ENERGY GROUP INC.
I am writing this letter in connection with the proposed joint venture agreement
between Baltic Petroleum (E&P) Limited ("BP"), Siberian Energy Group Inc.
("SEG") and Zauralneftegaz Limited ("ZNG LTD") dated 14 October, 2005 relating
to OOO Zauralneftegaz ("ZNG"). I acknowledge that delivery of this waiver
letter is a condition precedent to completion of such agreement and that the
terms hereof may only be varied or amended with the consent of both SEG and
ZNG Ltd.
I hereby confirm that, other than those claims against SEG which are listed in
the Schedule hereto (the "CLAIMS") and which has been settled as of October 26,
2005 by acceptance of SEG's shares, [ ] has no actual, contingent
or prospective claim outstanding of any nature against SEG, ZNG or any of their
respective directors, officers and employees or any of them in respect of any
cause, matter or thing whatever. However, to the extent that any such claim
(other than the Claims) exists or may exist, [ ] Inc. irrevocably
waives such claim and releases SEG, ZNG and/or their respective directors,
officers and employees, as the case may be, from any liability in respect of
such claim.
I hereby confirm that [ ] shall not seek to exercise any rights against
SEG in relation to the Claims until such time as SEG shall have sufficient
profits available to discharge the Claims.
EXECUTED by
/s/ [signature]
The Schedule
Description of Claim Amount ($)
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