Exhibit 10.3
Agreed terms document under the joint venture shareholders' agreement dated 14th
October 2005 among Baltic Petroleum (E&P) Limited, Siberian Energy Group Inc.
and Zauralneftegaz Limited
DEED OF RELEASE
THIS DEED OF RELEASE is made by deed on the 9th day of November 2005.
BETWEEN:
SIBERIAN ENERGY GROUP INC., a corporation incorporated under the laws of the
State of Nevada, United States and whose principal place of business is at 000
Xxxxxxx Xxxxxx, 0xx xxxxx, Xxx Xxxx, XX 00000 ("SEG"); and
BALTIC PETROLEUM LIMITED, a company incorporated in England and Wales under
company number 05303991 and whose registered office is at 00x Xxxxxxx Xxxxxx,
Xxxxxx, X0X 0XX, Xxxxxx Xxxxxxx ("BP").
WHEREAS:
BP has agreed to release SEG from all its obligations to BP under the guarantee
(the "GUARANTEE") dated 28 April 2005 made between SEG and BP pursuant to which
SEG guaranteed the obligations of OOO Zauralneftegaz ("ZNG") under a loan
agreement dated 28 April 2005.
NOW THIS DEED WITNESSES as follows:
1. BP hereby irrevocably releases and discharges SEG from all obligations under
the Guarantee.
2. This Deed shall be governed by and construed in accordance with English Law.
IN WITNESS of which this Deed has been duly executed by BP on the date stated at
the beginning.
EXECUTED AS A DEED by
BALTIC PETROLEUM LIMITED
acting by two Directors/
a Director and the Secretary:
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)
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Director /s/ Xxxxx Xxxxxxx Xxxxxxx
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Name Xxxxx Xxxxxxx Xxxxxxx
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Director/Secretary /s/ Xxxxx Xxxx Xxxxx Xxxxxxxxx
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Name Xxxxx Xxxx Xxxxx Xxxxxxxxx
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Acknowledged for and on behalf of
SIBERIAN ENERGY GROUP, INC.
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)
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Authorised Representative /s/ Xxxxx Xxxxxx CEO
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Name Xxxxx Xxxxxx
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