NATION ENERGY INC.
Suite F - 0000 Xxxx 00xx Xxxxxx
Xxxxxxxxx XX X0X 0X0 Xxxxxx
February 12, 2016
TO:
Paltar Petroleum Limited
Xxxxx 00
00 Xxxxxx Xxxxx
Xxxxxx XXX Xxxxxxxxx 0000
Attention:
Xx. Xxxx X. Xxxxxx
Dear Sirs:
RE:
Amendment to Option Agreement
By this letter, effective as of February 12, 2016, Nation Energy Inc. (“Nation”) and Paltar Petroleum Limited (“Paltar”) amend their Option Agreement dated August 30, 2015 (the “Agreement”), principally to allow for the payment by Nation of the Purchase Price in shares of common stock of Nation. Capitalized terms not specifically defined in this Amendment to Option Agreement (the “Amendment”) shall have the meaning accorded them in the Agreement.
Nation and Paltar amend the Agreement as follows:
1.
Section 2 of the Agreement is hereby amended and restated in its entirety as follows:
2.
Purchase Price. If, following the FATA Approval Date, if any, Nation chooses to exercise the Option pursuant to Section 5, the purchase price for all of the Assets to be paid at the Closing (the “Purchase Price”) shall be 300,000,000 shares of common stock of Nation (exclusive of GST (as defined below)), with such shares to be “restricted securities” pursuant to the rules and regulations of the United States Securities and Exchange Commission.
No changes or amendments other than those expressly set forth above are being made in the Agreement. Nation and Paltar confirm and ratify the validity and current effectiveness of the Agreement, as amended by this Amendment.
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If the foregoing correctly sets out our agreed amendments, please execute this letter in the space provided.
PALTAR PETROLEUM LIMITED
By:
/s/ Xxxxx X. Xxxxxx
By:
/s/ Xxxxxx Xxxxxxxxx
Name:
Xxxxx X. Xxxxxx
Name: Xxxxxx Xxxxxxxxx
Title:
Chairman
Title: Director
By:
/s/ Xxxx Xxxxxx
Name: Xxxx Xxxxxx
Title: Secretary
