EXHIBIT 10.15
LETTER AMENDING LEASE OPTION AND ACQUISITION AGREEMENT BETWEEN
DOLPHIN ENERGY CORPORATION AND QUANECO, L.L.C. DATED
SEPTEMBER 22, 2003
DOLPHIN ENERGY CORPORTION
0000 XXXXXXXX XXX XXXXX, XXXXX 0000
XXXXX, XXXXXXX 00000
September 22, 2003
Xxxx Xxxxx, Managing Member
Quaneco, L.L.C.
00000 Xxxxxxx Xxxx, Xxxxx 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 a
second time to reflect the current intentions of the parties.
Accordingly, in further consideration of the mutual premises and covenants of
the Agreement and of these proposed amendments thereto, the Agreement is hereby
amended as follows:
1) Section 2.(a) of the Agreement is deleted in its entirely and the
following substituted in place thereof:
(a) On before September 23, 2003, Dolphin will pay Quaneco
the sum of $450,000.
2) Section 4.(a) of the Agreement is deleted in its entirely and the
following substituted in place thereof:
(a) On or before January 15, 2004, Dolphin will pay Quaneco
the sum of $600,000. Quaneco may elect rather than to
receive such payment on January 15, 2004 to have this
payment treated as consideration for certain securities
being offered by Galaxy Energy Corporation, the parent of
Dolphin ("Galaxy") and consisting of a 7% Secured
Convertible Debenture and Warrants to purchase the Common
Stock of Galaxy. The securities offered and Galaxy are
described in documents supplied to Quaneco, and Quaneco
may elect to participate in the offering by signing and
returning the appropriate instruments as provided therein
prior to the Closing of the offering on September 23,
2003. In which case, Quaneco
will receive $600,000 of the securities offered, and
Dolphin will be relieved of the obligation to pay Quaneco
$600,000 on January 15, 2004.
3) Other than as amended hereby, the Agreement, as previously amended,
will continue in full force and effect.
If you agree to the foregoing, please so indicate by signing and returning one
copy hereof to the undersigned.
Very truly yours,
Dolphin Energy Corporation
By:
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AGREED
Quaneco, L.L.C.
By:
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Title:
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Date:
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